全球高收益率債券銷(xiāo)售今年創(chuàng)新高

Sales of dollar junk bonds have hit all-time high levels in 2009, as issuers rush to tap strong global investor demand after a year in which the asset class has produced record returns.

美元垃圾債券銷(xiāo)售在2009年達(dá)到歷史最高水平。在過(guò)去一年該資產(chǎn)類(lèi)別產(chǎn)生創(chuàng)紀(jì)錄的回報(bào)之后，債券發(fā)行人爭(zhēng)相利用全球投資者的強(qiáng)勁需求。

Total issuance so far this year of high-yield bonds, commonly known as junk, last week topped $144bn, passing the previous high of $143bn reached in 2006, according to Dealogic.

Dealogic的數(shù)據(jù)顯示，截至上周，高收益率債券（俗稱(chēng)垃圾債券）今年總發(fā)行量高達(dá)1440億美元，超過(guò)2006年1430億美元的前一歷史高點(diǎn)。

This marks a big reversal from last year, when investors shunned this corner of the credit markets.

這一現(xiàn)象與去年截然相反，當(dāng)時(shí)投資者紛紛避開(kāi)信貸市場(chǎng)的這個(gè)領(lǐng)域。

Returns on junk bonds this year are running at 56 per cent, according to a Merrill Lynch index, easily beating the previous record of a 39 per cent return in 1991.

美林證券(Merrill Lynch)的一個(gè)相關(guān)指數(shù)顯示，垃圾債券今年的回報(bào)率達(dá)到56%，輕松超過(guò)1991年39%的歷史紀(jì)錄。

The rally has taken many analysts and policymakers by surprise. Earlier in the year there was widespread concern that the sector would be ravaged by corporate defaults. Moody's Investors Service, for example, forecast that defaults would peak at 16.4 per cent among global companies with high-yield ratings.

垃圾債券的這番表現(xiàn)，令眾多分析師和決策者感到意外。今年初，各方曾普遍擔(dān)心該領(lǐng)域?qū)⒃獾狡髽I(yè)信貸違約的重創(chuàng)。比如，穆迪投資者服務(wù)(Moody's Investors Service)就預(yù)測(cè)說(shuō)，全球高收益率評(píng)級(jí)公司的違約率峰值將達(dá)到16.4%。

Since then, the default rate has risen, and in November it was running at 12.7 per cent, or 250 defaults.

自那以后違約率即開(kāi)始上升，到11月份已達(dá)12.7%，即250起違約案例。

However, Moody's now thinks that this global default rate has peaked and will fall sharply next year, to about 4 per cent. Other forecasters predict a similar path.

然而，穆迪現(xiàn)在認(rèn)為，該全球違約率已經(jīng)見(jiàn)頂，并會(huì)在明年大幅下降至4%左右。其它機(jī)構(gòu)也給出了類(lèi)似預(yù)測(cè)。

These projections, coupled with government support measures for the capital markets, have sparked a big rally in junk bond prices, with an associated fall in yields.

這些預(yù)測(cè)，加上政府對(duì)資本市場(chǎng)的支持措施，引發(fā)垃圾債券價(jià)格大幅上揚(yáng)，債券收益率相應(yīng)下降。