垃圾债券的价格还有多大上涨空间？_时事

垃圾债券的价格还有多大上涨空间？

Junk bonds started 2013 much like they finished 2012 -- on fire.

与2012年年底时一样，垃圾债券在2013年伊始的市场行情也堪称火爆。

In just three trading days this year, bonds of low-rated companies delivered returns of almost three-quarters of a percent, even as most other types of bonds lost value.

在今年以来的仅三个交易日内，投资低评级企业所发行债券的回报率就达到近0.75个百分点，而其他债券的价格在这几个交易日内大都是下跌的。

And junk bonds continued to clock new milestones: Average prices soared to their highest since 2004 and average yields, which decline as prices rise, dropped below 6% for the first time ever, according to Barclays PLC.

巴克莱集团(Barclays PLC)的数据显示，垃圾债券继续跨越了一系列新的里程碑：这类债券的平均价格飙升至2004年以来的最高水平，平均收益率则有史以来首次跌至6%以下。

But the rapid march is making fund managers and analysts wary. Prices are now so high -- averaging more than 105 cents on the dollar -- that there is little room for them to climb much further, some investors say. These are lofty prices for bonds that usually trade below 100 cents, reflecting the higher default risk for such companies.

但垃圾债券价格的迅速上涨正令基金经理和分析师们感到担忧。一些投资者说，垃圾债券的价格目前是如此之高，市场价格平均比票面价值高出5%以上，这令此类债券的价格已没有多少上涨空间。对于市场价格通常低于票面价值的垃圾债券来说，目前的市场价格已处于很高水平。通常而言，垃圾债券的市场价低于票面价值，以此反映出此类债券的发行企业有较高的债务违约风险。

【垃圾债券的价格还有多大上涨空间？】相关文章：