Junk bonds are typically volatile─often swinging wildly from one year to the next. Only once in the last 33 years have junk bonds delivered a total return within one percentage point of the coupon value at the start of the year, according to research by Bank of America BAC +1.25% .
垃圾债券往往有着很高的波动性,这一年和下一年之间常常出现剧烈的震荡。根据美国银行(Bank of America)的研究,过去33年,垃圾债券的总回报率与年初票面利率的差距只有一次是在一个百分点以内。
'Things often go either very well or badly for this market, making a 'coupon-clipping' experience a rare luxury indeed,' the bank's analysts wrote in a Dec. 26 report.
美银分析师在12月26日的报告中写道:垃圾债券的表现要么是非常好,要么是非常不好,所以回报率紧咬票面利率的情形难得一见。
The Bank of America analysts anticipate junk bonds will return about 7% this year, compared with a 10% annualized average of the past five years. That would still make high-yield debt an 'interesting proposition' for many investors, so long as they had tempered their expectations, the analysts said.
美银分析师预计今年垃圾债券回报率将达7%左右,低于过去五年来10%的平均年化回报率。分析师说,以这样的回报来看,只要投资者缓和一下预期,高收益债券对很多投资者来说仍是“有吸引力的。
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