信用风险演化下如何投资境内高收益债券?

Strategies for Trading Domestic High-Yield Bonds

从实际交易的信用主体角度出发,高收益债券分为城投、产业、地产三类,对应不同的风险偏好和交易特征。本文总结当前市场主流交易策略类型,然后分别针对上述每类高收益债券市场进行分析。本文认为,国内高收益债市场发展刚起步,需要根据不同账户特征匹配不同的投资逻辑和交易策略。

High-yield bonds can generally be divided into three broad categories, with a focus on urban investment, industry and real estate. These correspond to different risk preferences and trading characteristics. This paper analyzes the high-yield bonds currently on the domestic market and summarizes the main types of trading strategies associated with them. The paper argues that the domestic high-yield bond market is in its early stages, and trading strategies should be matched to the characteristics of different investors.