曾慶璘
曾慶璘
曾慶璘

美元短債風險低 避險首選

2016/01/22 08:41:27 網誌分類: 經濟
22 Jan
        今年投資環境相當波動,受到人民幣貶值及油價續跌的拖累,主要市場年初至今跌幅普遍達雙位數,資金又再流入債券市場避險,有利債券表現。投資者如有意買入債券以減低風險,美元投資級別短期債券的風險較低,較為可取。

        以現時環球經濟不穩、油價跌勢未止及美國通脹並未改善下,相信未來加息步伐相當緩慢及溫和,未必對美債構成重大影響,但由於利率風險已提高,因此仍以短期債券較為可取,因投資者可將短債到期贖回的金額再投資於利息較高的債券。

        此外,現時經濟環境不穩,需注意公司的營運風險,尤其是能源企業受累於油價大跌,令頁岩油企盈利大受打擊,推升行業整體債務違約風險,因此相關行業債券不宜沾手。而投資級別債券違約風險則較低,但當然票息亦相對低。

        在美元強勢下,外幣債券的匯率風險尤需關注,有機會受外幣貶值而抵消債券回報或出現虧損。因此,偏好低風險投資者,可考慮美元的投資級別短期債券,但到期收益率相對較低。

        AMTD尚乘資產管理有限公司主席

        曾慶璘

        
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2015/04/18

Thanks for sharing. Good health. Good luck.          We are deeply and dearly loved and cherished. Jesus, God himself, suffered and died for us to pay for our sins. (We rebelled against God in our past.) God loves us with a greatest love. He will soon c reate a new and better world and live a simple life, like a hermit. God's new world is near. Repent. Repent means changing our mind about the present world and live a simple life, like a hermit. Help your families and people you meet everyday within your means. Know God. Read the Gospel. Pray to him. He has helped me a lot. He can help you, too.