滕同學(xué)
2023-08-23 15:36High-yield bonds & investment- grade bonds
When risk-free rates rise (economy is on a growth trend) they tend to generate smaller changes in corporate bond yields and have a more reduced effect on securities with high credit risk and large credit spreads—that is, bonds with comparatively large credit spreads have less sensitivity to interest
所屬：CFA Level III > Fixed-Income Portfolio Management 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Simon助教
2023-08-23 15:57
該回答已被題主采納
同學(xué)，下午好。這段話的意思其實(shí)就是high yield bond對利率變化不敏感。
因?yàn)閔igh yield bond=rf+credit spread。經(jīng)濟(jì)好，無風(fēng)險(xiǎn)利率增加，同時(shí)信用利差減少。經(jīng)濟(jì)不好，無風(fēng)險(xiǎn)利率減少，信用利差增加。rf和credit spread一增一減，可以抵消部分。所以高收益?zhèn)瘜曙L(fēng)險(xiǎn)敏感度不高
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