根据摩根大通银行（JPMorgan Chase & Co.）的数据，Skydance Corp.在9月30日发行高评级债券后，其债券遭遇抛售，导致新发行债务的表现落后于整体市场，幅度为新冠疫情以来最大。
The selloff in Skydance Corp.’s high-grade bonds following their Sept. 30 issuance resulted in new debt trailing the broader market by the most since the depths of the Covid-19 pandemic, according to JPMorgan Chase & Co.
截至10月8日，新发行债券的十日相对表现比该银行投资级指数低27个基点。
Ten-day relative performance of new issues was 27 basis points worse than those in the bank’s investment-grade index as of Oct. 8, strategists led by Nathaniel Rosenbaum wrote in a note dated Tuesday.
由Nathaniel Rosenbaum领导的投资策略师在周二的一份报告中指出，这是六年半以来最大的差距。
That’s the largest gap in six and a half years.
若排除Skydance的影响，新发行债券的表现则优于指数约4个基点。
Back out Skydance, and new issues outperformed by about four basis points, they added.
这些策略师表示，这种疲软“符合今年新发行债券表现更具不可预测性的整体趋势”。
The weakness “fits into a broader pattern of less-predictable new issue performance this year,” the strategists said.
因此，投资者需要“比以往更加谨慎地”考虑此类债券尽管市场利差收窄，但仍可能落后于其他高评级证券的情况。
As such, investors needs to consider “more carefully than in the past” such bonds potentially lagging other high-grade securities despite the market’s tight spreads.
该银行指出，Skydance引发的新债券疲软也解释了为何上周的发行量远低于承销商的预期，尽管资金流入强劲且利率波动性下降。
The Skydance-fueled weakness for new bonds helps explain why issuance last week was far below dealers’ expectations despite strong fund inflows and declining rate volatility, according to the bank.
鉴于2020年4月曾出现创纪录的债券发行量，且JULI指数中高评级债券的平均利差是目前的2.7倍，这些策略师表示：“与当时相比，上周的表现不佳要严重得多。”
Given April 2020 saw record bond issuance and average high-grade spreads in the JULI index were 2.7 times wider than now, the strategists said, “Last week’s underperformance is far worse by comparison.”