أصبحت سندات CCC متعثرة لأول مرة منذ أزمة البنوك 2023. spread على السندات الأمريكية الأكثر خطورة فوق السندات الحكومية تجاوز 1,000 نقطة أساسية لأول مرة منذ أزمة البنوك الإقليمية في 2023. هذا المستوى من prima risk通常 implies high probability of default, restructuring or loss. السندات المصنفة CCC — أدنى فئة من السندات عالية المخاطر— تداولت عند spread of 1,007 نقطة أساسية يوم الأربعاء، صعودًا من 860 نقطة أساسية في بداية سبتمبر.这是最宽的范围 منذ March 2023، عندما المستثمرون threw risky credit as a regional banking crisis took down Silicon Valley Bank and Credit Suisse. "المحرك الرئيسي هو الاقتصاد يفعل جيدًا ولكن ليس بالضرورة أنه ينفجر," said Collin Martin, head of fixed income research and strategy at Charles Schwab Corp. "المصدرين مصنفين CCC هم المصدرين الأكثر خطورة، وهم الأكثر حساسية لتغير أسعار الفائدة." spreads of CCC have risen steadily since April as investors began anticipating the Federal Reserve's pivot to tighten policy in a bid to tame inflation. ارتفاع العوائد العالمية يضغط على المقترضين highly leveraged by boosting debt service costs and making it harder to refinance, just as a large chunk of bonds and loans comes due. بالإضافة إلى ذلك، الشركات ذات التصنيف المنخفض تميل إلى أن تكون أصغر وبالتالي أكثر تعرضًا لتأثير التضخم، particularly in energy prices. إذا لم تكن able to pass that on to consumers, profits get squeezed. "Historically, when the Fed hikes into higher energy prices bad things happen to the economy," said Jack Mc Intyre, global bond and fixed income portfolio manager at Franklin Templeton Inc. Not all CCC debt is suffering, although the distressed portion is weighing on that entire ratings bucket, according to Barclays Plc. More than half of the worst-performing CCCs are in the technology, media and telecommunications sectors, with cable and satellite companies the biggest laggards. "When we look at Triple Cs today, dispersion is very, very high," said Corry Short, a strategist at Barclays, referring to a widening difference in performance by bond, company and sector. CCC rated companies make up about 8.5% of the US high-yield index, down from 9.7% a year ago.
Spreads in higher-rated bonds have held relatively steady despite soaring global yields and slumping equities. "Even if there continues to be pain there, it doesn't necessarily need to have a ripple effect to all high-yield bond investments," Martin said, referring to CCCs.
المصدر: Bloomberg Markets · لخّصه HeadlinesBriefing