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 ...

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relaxlah
·2021-09-08
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- relaxlah:
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SamuelChoo
·2021-09-08
Oh
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jazinfinity
·2021-09-08
Bonds for the lose?
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- jazinfinity:
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Sriwonc
·2021-09-08
Like pls
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kkky
·2021-09-08
[笑哭]
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- lwkit:
  [开心]
  2021-09-09
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(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. 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