每日新闻更新 - 评级机构也会上调评级 The Daily Update - Rating agencies also capable of upgrades

评级机构对长期债券发行人进行评级时也并不总是哀鸿一片,一个很好的例子就是最近上调了被NFA评为7星迪拜债券。

我们的投资组合最近新添了DP World的债券。DP World是全球第五大港口经营商,在全球进行多元化运营,由迪拜政府持有大部股份(80.5%),最近惠誉将其评级上调一档至BBB+,穆迪的评级是Baa2。惠誉指出,上调该公司的评级是因为其业绩稳健,现金流稳定,而且灵活的拓展计划使其保持低于惠誉调整杠杆水平阈值4.5x,目前为3.9x。

在我们持有的投资组合中,DP World 2037年到期票息为6.85%的债券表现卓越,哪怕在迪拜危机期间也是如此。我们在2009年底以50.25美元的价格将这支准主权债券纳入投资组合,2013年二月中旬以超过114.50美元的价格卖出,除资本升值之外,6.85%的票息也是不错的收益。目前该债券的价格比相同评级、久期为11.7年的债券高出100点。我们计算得出该支债券的预期回报率为11.44%,收益率为4.90%。

另外,上周穆迪将迪拜国际银行(DIB)的评级上调一档至A3,上调评级的原因包括该银行的资产质量得到改善,利润率提高,不良贷款相对较低。在强烈的情绪之下,该银行2022年到期票息为3.664%的债券收紧了几个基本点。

但该债券的价差仍比同等评级的其他债券高出70点,我们计算得出其预期回报率超出6%,收益率为3.10%,有大约3.4档信用缓冲,对A级债券来说这比较有吸引力。面对石油价格持续低迷的形势,DIB始终具有灵活张力,而由于其在迪拜银行系统中具有系统性重要席位,也持续获得了迪拜政府的支持。目前我们没有持有海合会成员国的银行债券,这是基于一年多年的谨慎战略决定。然而我们一直关注DIB的收益曲线,尤其是随着该银行的基本面持续改进,债券的低价格提供了比其他债券更有吸引力的风险调整预期收益。

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