b_04_corporate_bonds

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1、CorporateBondsDavidHaskinsSeniorVicePresident–CorporateTradingCorporateBonds•Whyholdcorporatedebt?•Overviewofrelativeyields–corporatesversusagencies•IndustrialsversusFinancials•Majorriskconcernsofholdingcorporatebonds•Alternativeoptionsincorporates•Regulatoryandpolicyconsideration

2、s2WhyHoldCorporateDebt?•CorporatesallowaccountstopickupyieldonarelativevaluebasisovervariousassetclassesliketreasuriesandagencyGSEpaper.•Corporatesprovideanopportunitytoadddiversitytobondportfolios.3Whatdrivestheyieldofcorporatedebt?•Prevailinginterestrates–corporatesarerelativeva

3、lueinvestmentssowilltypicallybepricedataspreadversusabenchmarksuchastreasuries.•Thefinancialhealthoftheissuer–thehighertheriskofdefault,thehighertheyielddemandedtoholdthedebtofthatissuer.•Overallmacrorisk–yieldscanbedrivenbyissuesthathavenothingtodowiththeissueritself.4Alternative

4、toAgencies•Relativeyield–corporatestypicallyallowaninvestortopickupyieldoversimilarmaturityU.S.GovernmenttreasuriesandGSEagenciessuchasFreddieMacandFannieMae.TreasuryAgencyACorporate2Y0.29%+11+1003Y0.43%+20+1205Y0.89%+28+14810Y2.05%+62+1745ApproximateRatingsYieldDifferencesversusB

5、enchmarksABBBAGYTSYAGYTSY2Yr0.881.001.351.473Yr1.001.201.491.694Yr1.161.381.641.865Yr1.211.491.681.967Yr1.271.621.742.108Yr1.211.891.702.389Yr1.171.881.632.3410Yr1.121.741.552.186ComparisonofRatingsCurves65432ABBB1AgenciesTreasuries0Apr-12Sep-17Mar-23Sep-28Feb-34Aug-39Feb-457Appro

6、ximateSectorYieldDifferencesversusBenchmarksBanksBrokersIndustrialsPhonesUtilitiesAGYTSYAGYTSYAGYTSYAGYTSYAGYTSY2Yr0.600.722.042.150.250.370.550.660.590.713Yr0.891.092.192.390.280.480.540.740.600.804Yr1.121.342.502.720.370.590.640.860.620.845Yr1.321.592.642.910.420.700.771.050.630

7、.917Yr1.361.702.552.890.460.810.991.340.580.938Yr1.342.022.403.080.451.120.811.480.571.259Yr1.342.052.323.030.451.160.681.390.591.2910Yr1.261.872.182.790.431.050.811.430.531.1515Yr1.442.202.293.050.511.261.402.160.721.4820Yr1.402.262.082.950.441.311.202.060.551.418ComparisonofSect

8、orCurves76543BanksBrokers2Industr