Market Brief

The articles are produced in Chinese only.

Author

吳子青先生 (Andrew Ng)
經理

畢業於香港理工大學金融服務系,2008年完成財經分析師(CFA)考試,喜歡綜合基本因素與技術分析研究股票,並對衍生工具及IPO市場有獨到見解,現主力負責公司的高端客戶,提供度身訂造的投資服務
Phone:
22776655

債市投資價值重現

Friday, September 22, 2017 Views8298

對於債券的投資者來說, 早一兩年前並不是太好的投資時間, 大部份債券的價格搶到太高, 令最壞收益率(YTW)徧低. 那些收益率較高, 年期較長的債券, 更是買賣兩閒, 也極少新發行, 這是因為對雙方也顧慮風險因素:

 

對於發債機構來說, 美元的升值是一個不可不考慮的因素, 尤其是長期債券,  實在沒必要冒太高的匯率風險.


對於投資者來說, 他們關心的是美元的加息周期, 如果投資在年期太長的債券, 利息又大幅上升時, 就要面對債價下跌的風險.


所以, 在過去兩年間, 資金一直停留在年期較短的債券, 價格一直搶高, 收益率不斷下降.

 

到了今年以上情況有所轉變:


人民幣對美元的匯價有蹟象回穩, 因為中國始終是低檔工業品的出口大國, 如果人民幣再進一步下跌, 中國工業品的競爭力就會進一步提升, 大量的人民幣買盤也會出現.


至於美元的加息周期, 市場也越來越認為加息會是一個非常漫長的周期, 所以對債價的影響沒之前預期中大.

 

事實上, 今年不少機構也重新發行了年期比較長的債券, 回報逹到8%左右, 市場的反應也很熱烈, 投資者不妨從中研究一下有沒有合適的選擇.

 

注: 本人吳子青, 為證監會持牌人士, 截至本評論文章發表日止, 本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us