投资级债券

摩根士丹利（morganstanley）表示，投资级债券的超额回报率为0.6%优于美国股市的表现，也依然高于历史趋势。

Excess returns for investment grade bonds were 0.6 per cent more than US stocks and still better than historical trends , according to Morgan Stanley .

相比之下，投资级债券的回报率却为-0.15%。

By contrast , investment grade bonds have returned a negative 0.15 per cent .

然而，汤姆森金融（thomsonfinancial）的数据显示，全球投资级债券市场活动大幅减少，暗示这次市场动荡的影响正在扩散。

However , figures from Thomson Financial show a significant decline in activity in the global investment-grade market suggesting the impact of the market turmoil is spreading .

根据野村证券（Nomura）的数据，去年10月，亚洲投资级债券收益率曾触及3.35%的低点，当时10年期美国国债收益率为2.39%。

Asian investment-grade yields hit a low of 3.35 per cent in October , when 10-year US Treasury yields were at 2.39 per cent , according to Nomura .

尽管新兴市场投资级债券相对而言更加坚挺，但这是因为经济增长日益放缓、通胀减速（disinflation）和通缩的压力有所增大。

While emerging market investment-grade debt has held up better , it has done so because of slowing growth and more disinflationary and deflationary pressures .

一般而言，投资者乐于购买好的投资级债券。

Broadly speaking , investors are happy to buy good investment-grade credits .

如果债券属于非投资级债券，放款率就会低一些。

The advance rate would be lower if the securities were noninvestment grade .

除了披了件绿袍，这些债券和其它“普通”的投资级债券实在是没多大分别。

Greenness aside , such bonds are indistinguishable from any other investment-grade " plain vanilla " security .

最近几个月，美国散户投资者继续将资金投入政府和投资级债券基金。

In recent months , US retail investors have continued to put money into government and investment grade bond funds .

在这种局面的推动下，投资者开始买入投资级债券、高收益债券及新兴市场债券，作为对手中美国国债和英国国债的补充。

This has encouraged investors to buy investment grade , high yield and emerging market bonds to supplement their treasuries and gilts .

洛伦岑补充称：你必须将投资级债券市场与高收益及证券化市场区别开来。

Mr Lorenzen adds : You have to make the distinction between the investment-grade bond markets and the high-yield and securitisation markets .

美国投资级债券的违约保险成本从1月份的80个基点，飙升至188个基点的高位。

The cost of protecting US investment grade debt against default soared to a high of 188 basis points , from 80bp in January .

作为对帕尔伊批评的响应，政府中研究如何应用债券评级制度的人员改变了计算投资级债券表现的方法。

In response to his criticism , government researchers studying how to apply bond ratings changed their method for calculating the performance of investment-grade bonds .

在研究了20世纪20年代的情况之后，他发现投资级债券亏损的几率高得惊人，而且亏损还常常发生在评级的同一年。

Looking back into the1920s , he found that investment-grade bonds went bust with alarming frequency , often in the same year they were rated .

金融市场的问题已开始影响到优质企业债券，全球投资级债券的发行量跌至近几年来最低水平。

The problems in the financial markets are starting to affect high quality corporate debt too , with global issuance of investment-grade bonds falling to its lowest level for several years .

他们表示，经济的增长及企业盈利状况的改善，应该会令投资级债券和高收益债券市场受益，因为这会为降低企业违约率和改善企业业绩创造条件。

They said a growing economy and improving corporate earnings should benefit the investment grade and high yield bond markets as it should pave the way to lower company defaults and improved company performance .

股票及投资级债券市场不断走强，而那些信贷市场仍处于停滞状态或濒临绝境，这种背离使一些分析师产生了疑问：投资应该关注哪些市场呢？

This disconnect between strengthening equity and investment-grade bond markets and those credit arenas that remain dead or barely alive raises the question among some analysts over what markets investors should be focusing on .

几年前，债券投资者拥有自然的多元化，他们可以在种类繁多的固定收益产品中精挑细选，而如今新增的供应主要是美国国债和投资级债券。

A few years ago , bond investors had natural diversification and they could pick and choose among a smorgasbord of fixed-income products , where now net new supply is largely Treasuries and investment grade .

垃圾债券市场行情预示着，2013年全球经济形势向好：进入新年以来，美国高收益证券投资者获得的收益高于投资级债券的投资者。

The junk-bond market is sending a bullish signal for the global economy in 2013 , with investors in US high-yield securities earning higher returns so far this year than those who have bought investment-grade debt .

据信用违约互换（cds）指数来看，投资级企业债券的信誉度骤降至去年11月以来的最低水平。

Investment-grade corporate bonds have seen their creditworthiness fall sharply to their worst level since November , according to credit default swap indices .

国有的中海油（CNOOC）今年1月通过发行一只投资级美元债券融资20亿美元。

China National Offshore Oil Corp , the state-owned oil company , raised $ 2bn through an investment-grade dollar bond in January .

markit的数据显示，自5月份以来，除日本以外，亚洲50个投资级企业债券发行者的信用违约互换（cds）指数，几乎与欧洲的同类指数持平。

An index of CDs on 50 investment-grade Asian corporate borrowers outside Japan , tracked by Markit , has been practically flat to the equivalent European index since May .

但在英国、法国和国际性机构，投资级企业债券基金仍是最受欢迎的选择。LipperFMI对国际性机构的定义是，从单一国家吸收的资产少于整体资产规模五分之四的基金。

However , investment grade corporate bond funds remain the most popular option in the UK , France and the international segment , which Lipper FMI defines as funds that do not generate four-fifths of their assets from a single country .

过去数月，投资级企业债券市场的发行量也达到了创纪录水平。

The investment-grade corporate bond markets have also seen record levels of issuance in the past few months .

政府债务收益率保持在低位的时间越长，就越有可能增加投资级企业债券的息差压力。

The longer government yields remain low , the more likely spreads will compress on investment-grade corporate bonds .

今年8月是自1999年欧元问世以来，第一个没有以欧元计价的投资级企业债券发售的月份。

August was the first month with no euro-denominated , investment grade corporate bond sales since the currency was introduced in 1999 .

尽管中国有供大企业融资的投资级公司债券市场，但高收益率公司债券（即垃圾债券）将是一个新的资产类别。

While China has an investment-grade corporate bond market , where big companies raise funds , high-yield or junk bonds will be a new asset class .

投资级公司债券的息差处于1932年水平，当时正是购买信贷的极好时机，即使那时深陷大萧条。

Investment-grade corporate bond spreads are at levels last seen in 1932 , which happened to be an excellent point to buy credit – even though it was the middle of the Great Depression .

阿布林表示，标普500指数12.5倍的预期市盈率相当于7.9%的收益率，比投资级企业债券有竞争力。

Mr Ablin said the price earnings ratio for the S & P of 12.5 times on forward earnings translated into an earnings yield of 7.9 per cent . That compared favourably with yields on investment grade corporate bonds .

在拟定于9月份劳工节之后几周进行的数十桩新的投资级和垃圾债券发行中，大部分都已经被搁置了。

Of dozens of new investment-grade and junk-bond issues that had been scheduled for the weeks after labor day , most have been sidetracked .