实践中,通常采用信用评级来确定不同债券的违约风险大小,不同信用等级债券之间的收益率差(Yield Spread)则反映了不同违约风险的风险溢价,因此也称为信用利差。由于国债经常被为无违约风险债券(简称无风险债券),我们只要知道不同期限国债的收益率,再加上适度的收益率差,就可以得出公司债券等风险债券的收益率,并进而作为贴现率为风险债券进行估值。
结果是,EMBI收益率差幅已经下降到接近于历史最低水平。
As a result, the EMBI yield spread has declined to near record lows.
实证研究结果表明,每季度债券发行量受到高,低风险的债券和债券平均收益率差的影响。
The empirical results show that the volume of bonds issued each quarter is influenced by the average yield spread between high-and low-risk bonds.
由于这个额外的需求,名义与关联通胀债券的收益率差被缩小了,同时拉低了其反映的通胀率。
That extra demand squeezes the spread over inflation-linked bonds, bringing down the implied inflation rate.
So,the combination of survivorship bias and backfill bias for that one year made 4.3 percentage points difference.
因此在生存偏差和回填偏差的共同作用下,造成了两个收益率之间4.3%的差值
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