贝莱德表示，当前企业债券收益率提供了一个更具韧性的回报来源，且不依赖于对利率下降或利差收窄的预期。
Inc. says current corporate bond yields offer a more resilient source of returns that doesn’t depend on expectations for falling interest rates or tighter spreads.
该公司在周三发布的季度固定收益展望报告中写道，现在可以构建一个收益率超过7%、久期不足三年、平均信用评级为A-的多元化固定收益投资组合。
It is now possible to build a diversified fixed-income portfolio yielding more than 7% with less than three years of duration and an average credit rating of A-, the firm wrote in its quarterly fixed-income outlook released on Wednesday.
在重燃的通胀压力以及美国和欧洲加息的背景下，收益率已升至三年前短暂出现过以及全球金融危机期间的水平。尽管借贷需求依然庞大，但投资级债务正为投资者提供一个难得的机会，以锁定异常高的收益。
Yields are at levels seen only briefly three years ago and during the global financial crisis amid renewed inflation pressures and interest-rate hikes in the US and Europe. While borrowing needs remain heavy, investment-grade debt is offering investors a rare chance to lock in unusually high income.
“这是一代人难遇的高收益率，”贝莱德欧洲、中东及非洲地区全球固定收益主管詹姆斯·特纳在接受采访时表示。“与2010年代和2020年代初相比，你可以在本应更安全的投资中获得高得多的回报，而过去要获得同样的收益率，不得不去风险更高的地方。”贝莱德表示，投资级信贷的机会包括公用事业、电信和能源领域的企业混合资本债券，这些板块的利差收窄幅度小于更广泛的市场。
“They’re generational high yields,” James Turner, BlackRock’s head of global fixed income for Europe, the Middle East and Africa, said in an interview. “You can get a much higher return in what should be a safer investment, compared with where one would have had to go for the same yield during the 2010s, early 2020s.”Opportunities in investment-grade credit include corporate hybrids in utilities, telecom and energy, where spreads have tightened less than in the broader market, BlackRock said.
一个需要关注的要点是信贷市场内部的离散度。贝莱德警告称，虽然当利差较宽时，广泛的市场敞口能完成大部分工作，但当前环境要求在地区、行业、评级甚至单个发行人的资本结构内进行更严格的筛选。
One point to watch is dispersion within credit markets. BlackRock warned that while broad market exposure can do much of the work when spreads are wide, current conditions call for greater selectivity across regions, sectors and ratings, and even within individual issuers’ capital structures.
在高收益债券市场，贝莱德认为房地产、金融和服务行业中部分B级评级借款人具有价值，因为其基本面依然强于当前定价所暗示的水平。
In high-yield markets, BlackRock sees value in selected B-rated borrowers across real estate, financials and services, where fundamentals remain stronger than current pricing suggests.
“现在非常具体到哪些公司会表现良好，哪些公司拥有正确的前瞻性策略，”特纳说。
“It’s now so individual as to which companies will do well, and which have the right strategies going forward,” Turner said.
贝莱德表示，信贷市场目前提供了构建投资组合的机会，这些投资组合对股票实现回报的依赖程度更低，对下一次非农就业数据公布、通胀意外或地缘政治头条新闻也更具韧性。
Credit markets now offer the opportunity to build portfolios that are less reliant on equities to deliver returns and are more resilient to the next payroll print, inflation surprise or geopolitical headline, BlackRock said.
特纳表示：“如果你有一个收益率目标，为了获得5%、6%、7%的收益率，你现在需要承担的边际风险，与你在2022年时需要承担的风险截然不同。”
“If you have a yield target, the incremental risk you now need to take to get 5%, 6%, 7% is very different from the risk you needed to take back in 2022,” Turner said.