While the debt can be more difficult to trade, and is often lower-rated, it can yield an average of 10%, Mr. Breazzano says. That creates a buying opportunity for investors willing to analyze smaller companies and buy for the long term, he says. Still, such investments can suffer sharp price drops when markets turn volatile. DDJ says it offers the strategy to investors who are willing to buy and hold.
布雷泽诺说,虽然这些债券会更加难以进行交易,并且其评级常常较低,但它们的平均收益率却能达到10%。他说,对于愿意分析规模较小的公司并出于长期投资目的购买垃圾债券的投资者来说,这类债券为他们创造了一个买进机会。不过当市场大幅波动时,这类债券的价格也会大幅下跌。DDJ Capital Management说,它会向愿意买进并持有的投资者提供投资策略。
Most fund managers are predicting returns of 6% to 9% this year, roughly in line with the interest rates, or coupons, junk bonds pay. That compares with forecasts for returns below 2% for investment-grade corporate bonds.
大多数基金经理都预测,垃圾债券今年的投资回报率将为6%至9%,与垃圾债券的票面利率大体相同。相比之下,投资级企业债券今年的投资回报率预计不到2%。
But coupon-like returns have been rare for junk bonds historically.
但历史上垃圾债券很少能够获得和票面利率差不多的回报率。
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