美国高收益债券市场史上最贵？

在本周三《巴伦周刊》的文章中，美国高收益债券市场分析师Marty Fridson认为，基于以下几点，美国高收益债券市场已经是史上最贵： 1，根据ICE BofaML指数，美国高收益债券收益率相比“可比国债”的收益率仅为4.3%，2019年初为5.4%； 2，基于Fridson的判断，如果美联储没有宽松，美国高收益债券收益率相比“可比国债”的收益率的“fair value”应该是7.5%； 3，基于Fridson的判断，7.5%与4.3%的差异，是历史最高； 4，Fridson认为，即使美联储宽松，与历史相比，美国高收益债券价格依然贵，是最近2.5年的最贵。即使美联储宽松，美国高收益债券的收益率与“可比国债”的收益率也应该在6%。 本报告中的信息均来源于公开资料，我公司对这些信息的准确性及完整性不做任何保证，也不保证所包含的信息和建议不会发生任何变更。报告中的信息和意见仅供参考，并不构成对投资交易的推荐。我公司及其雇员对任何人使用本报告及其内容所引发的任何直接或间接损失概不负责。 本报告仅向特定客户传送，版权归上海嘉竹唐思金融信息服务有限公司所有。未获得上海嘉竹唐思金融信息服务有限公司事先书面授权，任何机构和个人均不得对本报告进行任何形式的发布、复制、引用或转载。 上海嘉竹唐思金融信息服务有限公司对于上述免责条款具有修改权和最终解释权。 The information contained in this report is derived from public information. We do not warrant the accuracy and completeness of such information, nor do we guarantee that the information and recommendations contained will never change. We have tried our best to be objective and fair about the content of this report. The opinions, conclusions and recommendations in the article do not constitute any bid or offer price for the target securities. Our company and the author are not responsible for any investment decision made by the investor. The Company possesses all copyrights of this report and reserves all rights related to this report. Unless otherwise indicated in writing, all the copyrights of all the materials herein belong to the Company. In the absence of any prior authorization by the Company in writing, no part of this report shall be copied, photocopied, replicated or redistributed to any other person in any form by any means, or be used in any other ways which will infringe upon the copyrights of the Company. No one shall have the right to redistribute the report at any circumstances without the prior consent of the Company. The company reserves all rights for final explanation.