85% Of High Yield Bonds Have A Negative Real Yield_老虎社区_美港股上老虎

85% Of High Yield Bonds Have A Negative Real Yield

zerohedge2021-09-08

Ahead of the publication of his periodic long-term study which is coming out next week, Deutsche Bank's Jim Reid has shared some advance highlights including one remarkable chart. Using 25 years of ...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

kkky
·2021-09-08
[笑哭]
回复
3
举报
收起
- lwkit:
  [开心]
  2021-09-09
  回复
  举报
- lwkit:
  [开心]
  2021-09-18
  回复
  举报

热议股票

7x24

全部

关于我们·老虎社区守则·老虎社区账号管理规范·老虎社区服务协议·老虎社区隐私政策

公司名称：北京至简风宜信息技术有限公司

违法和不良信息投诉：010-5681-3562（工作时间9:30-18:30）

邮箱：service@laohu8.com

营业执照：91110105MA01A4U55R

ICP备：京ICP备18016422号

网安备：京公网安备11010502036490

关注我们

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/1189790306?lang=zh_CN&edition=full","thumbnail":"","is_english":true,"pubTime":"2021-09-08 20:50","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1189790306","market":"us","top_or_hot":-1,"title":"85% Of High Yield Bonds Have A Negative Real Yield","media":"zerohedge","content":"<div>\n<p>Ahead of the publication of his periodic long-term study which is coming out next week, Deutsche Bank's Jim Reid has shared some advance highlights including one remarkable chart.\nUsing 25 years of ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/85-high-yield-bonds-have-negative-real-yield\">网页链接</a>\n\n</div>\n","source":"lsy1583725640930","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>85% Of High Yield Bonds Have A Negative Real Yield</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n85% Of High Yield Bonds Have A Negative Real Yield\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-08 20:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/85-high-yield-bonds-have-negative-real-yield><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ahead of the publication of his periodic long-term study which is coming out next week, Deutsche Bank's Jim Reid has shared some advance highlights including one remarkable chart.\nUsing 25 years of ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/85-high-yield-bonds-have-negative-real-yield\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".DJI","symbol_name":"道琼斯","start_time":0,"source_url":"https://www.zerohedge.com/markets/85-high-yield-bonds-have-negative-real-yield","article_id":"1189790306","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1189790306","pubTimestamp":1631105439,"sourceInfo":{"source_id":"lsy1583725640930","name":"Zerohedge"},"weMediaInfo":null,"summary":"Ahead of the publication of his periodic long-term study which is coming out next week, Deutsche Ban","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"translate_title":"85%的高收益债券实际收益率为负","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9},"content_text":"Ahead of the publication of his periodic long-term study which is coming out next week, Deutsche Bank's Jim Reid has shared some advance highlights including one remarkable chart.\nUsing 25 years of data for the US high yield market, Reid finds that the annual real return over the last quarter of a century has been 4.48% p.a. (6.75% p.a. nominal). Well, not any more: the index currently sports a nominal yield of just 3.87% and with headline CPI at 5.4%, Reid says that we are seeing anegative gap of -1.53% between the two - around 6% below the long run excess real return.\"This pretty much ensures that historical returns are absolutely no template for the future\",according to the DB strategist.\nReid then shares the following chart showing that a \"stunning\" 85% of the US HY market has a yield below the current rate of inflation. While that proportion has been elevated for a few months now ever since the advent of the Fed's covid response policy,it had never been above 10%, and rarely been much above zero. In fact, at the end of last year it was less than 4%.\n\nWhile many expect CPI to start descending over the coming months, \"it will likely stay elevated for many quarters to come\" according to Reid, jeopardizing the Fed's \"transitory\" narrative. Yet even at 3%, CPI would still be above 35% of the US HY market by yield.\nAs Reid concludes, \"Financial repression has indeed stretched a long way down the credit curve and you have to take more and more risk to beat inflation these days. Indeed the current yield on US single-Bs is 4.3% and on CCCs 7.1%.\"","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":889950297,"gmtCreate":1631105777819,"gmtModify":1632884617866,"author":{"id":"4092887237696010","authorId":"4092887237696010","name":"kkky","avatar":"https://static.tigerbbs.com/b8604c29d7442727a23ba05258f20672","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"[笑哭]&nbsp;","listText":"[笑哭]&nbsp;","text":"[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889950297","repostId":1189790306,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5807202,"gmtCreate":1631194242745,"gmtModify":1634804305474,"authorId":4092055051460300,"author":{"id":4092055051460300,"authorId":4092055051460300,"name":"lwkit","avatar":"https://static.tigerbbs.com/4dd6de855fc9c846a83fca5cb37af47d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":889950297,"type":1,"supId":0,"prevId":0,"content":"[开心]","text":"[开心]","html":"[开心]"},{"id":5913182,"gmtCreate":1631954413991,"gmtModify":1634793188541,"authorId":4092055051460300,"author":{"id":4092055051460300,"authorId":4092055051460300,"name":"lwkit","avatar":"https://static.tigerbbs.com/4dd6de855fc9c846a83fca5cb37af47d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":889950297,"type":1,"supId":0,"prevId":0,"content":"[开心]","text":"[开心]","html":"[开心]"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":30,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}