...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Business week >Why the Fed Rescued Risk Takers
【24h】

Why the Fed Rescued Risk Takers

机译：美联储为何挽救风险承担者

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

When the coronavirus pandemic reached America's shores, bond traders knew exactly what to sell first. In the span of four and a half weeks, from Feb. 19 to March 23, the gap between rates on U.S. Treasuries and corporate bonds rated double-B, or just below investment-grade, spiked to 8.65 percentage points from 1.9 percentage points-a sign investors were demanding higher premiums to take the extra risk. That kind of punitive interest rate, unseen in more than a decade, froze the market for new debt for all but the bravest borrowers at a critical time. Double-B credit ratings indicate a good deal of risk, but not necessarily imminent default. This blowup was something more. For veteran bond traders, it wasn't simply about the current market but the one they feared was around the corner. For years they warned about massive companies all too happy to teeter on the brink of junk, gorging on cheap debt while still clinging to triple-B grades. AT&T, Boeing, and General Electric headlined the more than $3 trillion of corporate securities that were a shock away from losing their investment grades. That seismic shift, it seemed, had arrived. Then the Federal Reserve unleashed its own shock wave: It would backstop corporate America. What's more, its $750 billion of corporate bond-buying facilities would effectively ignore credit rating agencies. If a company was investment-grade-worthy before Covid-19, that was enough to secure funding from the U.S. central bank. In one fell swoop, the Fed defused a powder keg. It wasn't quite another too-big-to-fail moment, but it wasn't far off. "They had to intervene here-this all just happened so quickly," says Matt Daly, head of corporate bonds at Conning. "Many of these companies weren't insolvent, but when push comes to shove, they had to have access to capital."
机译：当冠状病毒大流行到达美国海岸时，债券交易员确切地知道首先要卖什么。在2月19日至3月23日的四个半星期内，美国国债与公司债券的利率差被评为B级（或略低于投资级），从1.9个百分点飙升至8.65个百分点，有迹象表明，投资者要求更高的保费来承担额外的风险。这种惩罚性利率在十多年来未见，在关键时刻冻结了除最勇敢的借款人以外的所有国家的新债务市场。 Double-B信用评级表明存在很大风险，但不一定即将违约。这次爆炸更多。对于经验丰富的债券交易员来说，这不仅仅是针对当前市场，而是他们担心即将来临的市场。多年来，他们警告大型企业都非常乐于在垃圾的边缘摇摇欲坠，在保持低价债务的同时仍坚持B级信用评级。 AT＆T，波音和通用电气（GE）报道了超过3万亿美元的公司证券，这对失去其投资评级感到震惊。似乎已经发生了地震变化。然后美联储发动了自己的冲击波：它将支持美国公司。此外，其7500亿美元的公司债券购买额度将实际上无视信用评级机构。如果一家公司在Covid-19之前是投资级的，那足以确保从美国中央银行获得资金。一口气，美联储解散了一个火药桶。这不是另一个太大到无法通过的时刻，但距离并不远。 Conning公司债券负责人马特·戴利（Matt Daly）表示：“他们必须在这里进行干预-一切都发生得如此之快。” “这些公司中的许多公司并非没有资不抵债，但是当推波助澜时，它们不得不获得资本。”

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号