at least 10 basis points的澳元债券居然这么好卖

os2

Kexim received more than A$1.7 billion ($1.1 billion) of orders when it priced A$700 million of bonds in a two-part deal Wednesday.

https://au.finance.yahoo.com/new ... sian-074836954.html

The A$700 million debt was split into a A$200 million tranche at a fixed annual coupon of 1.311% and a floating-rate note of A$500 million carrying a 1.07% yield over the benchmark three-month bank bill swap rate (BBSR). The floating rate is more than 10 basis points lower than KEXIM’s proposed rate.

http://www.koreaninvestors.com/?p=8313

pzh

英国负利率的债劵都能被抢，澳洲好歹是AAA信评还有利息

我叫老王Ha

pzh 发表于 2020-5-22 10:32
英国负利率的债劵都能被抢，澳洲好歹是AAA信评还有利息

买债券的到底是为了啥啊？还有买负利息的，不明白

pzh

我叫老王Ha 发表于 2020-5-22 11:18
买债券的到底是为了啥啊？还有买负利息的，不明白

我也不明白。那是有钱精英玩的。

liquidator

我叫老王Ha 发表于 2020-5-22 11:18
买债券的到底是为了啥啊？还有买负利息的，不明白

主要是资产配置和预期利息会负的更多。
一般个人就是有点存款也不会多，在欧洲的银行要在几十万以上的存款才开始执行负利率，所以一些政府在推无现金化社会，那时就个个是韭菜了。

liquidator

现在的交易已经大量的人工智能化了，有公式可以算利率变负会带来多少收益，所以即使常识告诉我们放到期肯定是赔的，但在周期中还是有很好的获利机会的。

isophisticate

1.虽然名义利率是非常低，甚至是负的，但如果预期通胀率也是负值（通缩），就会负负得正。
2.澳元升值预期很强
3.相对安全（相对股市和楼市）

os2

Buy bonds today that guarantee you will lose money because tomorrow the government may issue bonds that guarentee an even bigger loss and hence your loser bonds will now be worth something positive because they guarantee smaller loses than the new bonds.  Seriously?

https://www.marketwatch.com/stor ... ng-bonds-2019-08-21

os2

Bagholders
Investors who scoop up negative-yielding bonds are betting on the value of the securities to keep rising, in effect, wagering that there are other “bagholders.”
An auction for €4 billion euros of 10-year German government bonds TMUBMUSD10Y, 0.647% sold at a negative yield of 0.26%, but at a premium price of 102.6 cents to the euro. The benchmark bund is now trading at a price of a 106.9 cents to the euro, meaning that investors who scooped up debt at last month’s auction would have reaped a gain of around 4% from the price increase alone.

os2

Safe assets
Market participants say there are a few bolt-holes that are capable of weathering the deterioration of the U.S. economy and geopolitical tensions. When risk assets sell off, the issue of negative yields on government bonds may be overshadowed by their proven ability to rally during times of market distress.

os2

Cross-currency hedging
Negative yields don’t mean negative income for some.

Unlike European and Japanese investors, U.S. investors are often paid to hedge against fluctuations of foreign currencies because U.S. interest rates are much higher than in other developed markets like Europe and Japan.

It is why American fund managers can still earn money from holding a negative-yielding European government bond. Currency hedging can provide an additional 3% annualized return for U.S. investors buying euro-denominated debt

os2

Roll down
Another way investors can make money even in a backdrop of subzero interest rates is to take advantage of the yield curve’s slope, which still can be steep even for negative-yielding bond markets in Germany and Japan.

The yield curve represents the gap between shorter-term yields and longer-term yields, with a steep curve indicating a large difference.

For example, a trader might buy a negative-yielding 3-year bond and sell it after a year. Since debt prices move in the opposite direction of yields, the value of the 3-year bond should be higher than, say, a 2-year bond, all else being equal.

mianmianpig