每日新闻更新 —“画笔”国家的价值 The Daily Update – PAINTBRUSH values

早在2014年2月,我们就确定了属于(我们)斯特拉顿大街(Stratton Street)一星和二星排名类别而且其净外国负债超过 GDP 的50%的弱势国家群。我们姑且将这个小组称之为“画笔”(PAINTBRUSH)国家,因为它看起来比“Brtpahsiun”要好得多。这就是显示在我们的演示幻灯片上的国家群!这些国家是波兰、澳大利亚、印度尼西亚、新西兰、土耳其、巴西、罗马尼亚、乌克兰、南非和匈牙利。

总之,我们觉得,与您分享一下投资者如何在决策中因为考虑风险因素而从中受益很有意义。以下统计数据来自我们的相对价值模型。在我们的美元世界中,该模型会查看我们的债券范围,并针对某一评级和期限的债券计算出一个平均值。

比如说,目前一个5年期限的 A2 评级债券的“公允价值”价差比美国国债高74个基点。在这个例子中,当我们说一个债券以便宜3个级别(+3)的价格交易时,该债券就好像被评为 Baa2(即低了3个评级)进行交易的,而且有一个接近139个基点的价差。贵了两个级别(-2)意味着 Aa3 的评级,其价差接近49个基点。

让我们回到“画笔”国家。如果取平均值来看,该小组的交易接近公允价值,换句话说,在点差中没有额外的“缓冲”。如果我们看一下被评为1星或2星(希腊除外)的所有国家,这些数字将进入负值区域。

因此,从(净外国资产)的角度来看,这些国家不仅贫穷,而且若想推动它们发展也更加“昂贵”。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.