高風(fēng)險(xiǎn)的“信用違約互換”再次吸引投資者

Hedge funds are embracing an esoteric credit product widely blamed for exacerbating the financial crisis a decade ago, as low volatility and near record prices for corporate debt tempt them into riskier areas to seek higher returns.

對(duì)沖基金正投資一種被普遍指責(zé)在10年前加劇金融危機(jī)的復(fù)雜信用產(chǎn)品。低波動(dòng)性和接近紀(jì)錄水平的公司債價(jià)格促使他們進(jìn)軍更高風(fēng)險(xiǎn)領(lǐng)域，以尋求較高回報(bào)。

The market for “bespoke tranches” — bundles of credit default swaps that are tied to the risk of corporate defaults — has more than doubled in the first seven months of 2017.

2017年頭7個(gè)月，“定制分級(jí)”市場(chǎng)(bespoke tranches，與公司違約風(fēng)險(xiǎn)掛鉤的打包的信用違約互換(CDS))的規(guī)模翻了一番多。

Traders in this opaque, over-the-counter market estimate there has been issuance of $20bn to $30bn this year, compared to $15bn in the whole of 2016 and $10bn in 2015.

這個(gè)不透明的場(chǎng)外市場(chǎng)的交易員估計(jì)，今年的發(fā)行規(guī)模已達(dá)到200億至300億美元，而2016年和2015年的全年發(fā)行額分別為150億美元和100億美元。

High-profile investors including Apollo, Brigade Capital and Blue Mountain are among those who having been buying tranches with a maturity of two to three years.

阿波羅(Apollo)、Brigade Capital和Blue Mountain等知名投資者一直在購(gòu)買期限為2到3年的“定制分級(jí)”產(chǎn)品。

“Acceptance of the product is growing again,” said Bret Leas, global co-head of structured credit at Apollo.

阿波羅結(jié)構(gòu)信貸部門全球聯(lián)合主管布雷特•利斯(Bret Leas)表示：“這種產(chǎn)品正再次得到更多人的認(rèn)可。”

The surge in activity reflects the effort by investors to generate a higher rate of return during a period of historically low volatility in credit markets, compounded by low fixed rate yields.

交易活動(dòng)飆升反映出投資者在信貸市場(chǎng)波動(dòng)率處于歷史低位(同時(shí)較低的固定收入產(chǎn)品收益率令情況惡化)之際努力實(shí)現(xiàn)更高回報(bào)率。