尽管可能会有高回报,但一些投资者担心可能的回报也许无法同风险相匹配。
Some individual investors are borrowing heavily to buy these local-currency bonds, says Gary Dugan, chief investment officer for Asia and the Middle East at wealth manager Coutts & Co.
财富管理公司Coutts & Co.亚洲及中东首席投资长杜根(Gary Dugan)说,一些个人投资者为购买这些本币债券而大量举债。
If bond prices start to fall, the unwinding of these leveraged bets could have a snowball effect on the market. Mr. Dugan warns that Asian bond prices could weaken by 10% to 12% if the yield on the 10-year U.S. Treasury were to rise by 1 to 1.5 percentage point. Bond prices move inversely to yield.
如果债券价格开始下跌,这些杠杆率很高的投资者卖出持有的债券可能会在市场上产生滚雪球效应。杜根告诫说,如果10年期美国国债收益率上升1至1.5个百分点,那么亚洲债券价格可能会跌10%至12%。债券价格和收益率呈反向运动。
'If things were to crack, what tends to happen is that liquidity dries up. And it's going to dry up in local currency a lot quicker than dollar bonds,' Mr. Dugan says.
达根说,如果情况变糟,往往会发生流动性枯竭的情况,相比美元债券,本币债券流动性枯竭的速度要快得多。
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