欧洲债券市场动向

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发生了什么?

尽管欧洲央行在本月降息,但欧元区的经济表现仍然疲软,这促使更多投资者进入基本上没有回报的债券市场。


这意味着什么?

在经济发展减缓时期,债券被认为是比股票投资安全的资产。

公司需优先支付债券持有人,然后才轮到股票持有者,而大型的政府基本上不会对他们的债券违约,这使得债券成为无风险的投资产品。

而风险是欧洲的投资者急于规避的,德国周二公布的调查数据以及其他数据显示出欧元区最大的经济体正处于衰退中。

随着欧洲央行将在今年晚些时候重启债券购买计划,德国的政府债券可能会很快升至创纪录的高点(而其收益率也将创历史新低)。

与此同时,在美国市场的投资者正日益增加对“价值股”的投入,因为如果全球经济进一步减缓,“价值股”下跌的可能性更小。

为何我需要关注?

市场:德国人保持冷静并继续前行

德国商业和经济环境黯淡的前景并未阻止投资者在德国寻找新的机会。

软件公司TeamViewer近期高达60亿美元的IPO就受到数家大型机构的支持,这也是今年欧洲规模最大的首次公开募股。

这家软件公司的发行规模可与近期上市的美国公司Slack和Zoom相当,该公司目前的投资者希望能利用其他人对类似软件公司股票不断增长的兴趣获利。

英国债券市场:阿斯顿·马丁发行12%利率的公司债券

007詹姆斯·邦德(James Bond)最爱的豪华汽车制造商阿斯顿·马丁(AstonMartin)毫不值得同情,该公司原本以为投资者会在本周疯抢其发行的价值1.5亿美元公司债券,但是投资者比007的胃口还大,

阿斯顿·马丁在7月降低盈利预期并表示更愿意用现有债务再支付债券而不是现金,投资者要求阿斯顿·马丁将债券利率定为12%。

与这个利率对比的,英国政府债券现在的利率不足1%,12%的利率已经接近为信用卡债务支付的利率了。

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