|
|
此文章由 dlcat 原创或转贴，不代表本站立场和观点，版权归 oursteps.com.au 和作者 dlcat 所有！转贴必须注明作者、出处和本声明，并保持内容完整
huang003261 发表于 2020-4-18 19:16 
1。美联储上周已经宣布垃圾债券都会收。
2.减产协议，墨西哥的部分，美国帮忙减产。
3.美国几个大银行已 ...
Last Thursday, the Fed expanded the scope of its corporate debt lending facilities to buy BB-rated bonds to help companies that fell from investment grade to “junk,” or fallen angels. The worry was failing to extend aid to these cohort of businesses could create a cliff-edge effect, where borrowing costs for some of these larger borrowers like Ford could surge and tighten credit conditions.
Read: Fed’s souped-up lending programs extends aid to ‘junk’ bonds
Though the Fed’s corporate bond-buying program only got off the ground on March 23, the spread between BBB and BB bonds have nearly halved to more than 3 percentage points since they widened to around 5.50 percentage points in mid-March, based on indexes tracked by Bloomberg.
A narrower gap indicates investors are less wary of holding fallen angel bonds, reducing the usual surge in interest costs for companies downgraded to junk.
Still, the broader high-yield bond market isn’t seeing much relief from the central bank’s lending facilities.
The Fed can buy exchange-traded funds targeting a broader universe of junk debt beyond fallen angels, but the size of the facility makes it unlikely that the Fed will hold a significant chunk of U.S. sub-investment grade debt.
Moreover, the central bank’s guidelines for the lending program says the Fed will buy such ETFs only when their are gaps between their price fall far below the value of their underlying securities.
|
|
金融危机征文 - 看见的看不见的~~哦耶~~ (2008-11-1) ccj5124 
发表于 2020-4-18 17:15
