The biggest headwind facing investors is that 45% of their bonds now trade at prices above the level at which companies are permitted to buy, or 'call,' them back. Clearwire Corp.'s CLWR 0.00% 12% bond due 2015, for example, traded at 108 cents on the dollar Friday but can be called at 106 cents on the dollar as of Feb. 3, according to S&P Capital IQ. That would impose a 1.9% loss on buyers of the bond last week.
投资者面临的最大不利因素在于,目前45%垃圾债券的价格都高于公司有权赎回的价格。比如据S&P Capital IQ的数据,Clearwire Corp.票面利率12%、2015年到期的债券在上周五的价格是面值的108%,但该债券可以在2月3日及之前以106%的价格赎回。这将使上周买下这只债券的投资者蒙受1.9%的损失。
With borrowing rates at record lows, companies are raising new debt to call outstanding bonds. They bought back some $101 billion of bonds in 2012, a 16-year high and a 38% increase over 2011, according to research by J.P. Morgan Chase JPM +1.77% .
在借贷利率处于创纪录低水平的情况下,企业通过举借新债来赎回流通中的债券。据摩根大通(J.P. Morgan Chase)的研究,2012年企业赎回债券约1,010亿美元,创16年以来最高水平,较2011年增加38%。
'It is the reason there's very limited capacity for bond prices to push significantly higher,' said Oleg Melentyev, credit strategist at Bank of America.
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