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eCounsel group

A boutique firm with unparalleled expertise in business and technology. We have good command of industrial ecology and legal practice, and have undertaken highly regarded cases. Because the small business scope, we pay more emphasis on effectiveness and efficiency, and choose clients with deliberation. The managing partner not only has extensive experiences in various legal issues more over than 20 years, but invests and manages several technology companies. In addition, he always checks each case rigorously. Clients’ business objectives are our primary focus. To achieve the same in the most cost-effective fashion trumps all seemingly sophisticated legal discussions.

Market Outlook for Blue-Chip Debt Worsening

2016 - 02 - 08

Issuing bond or applying loans from bank are common ways of financing. But the former is a direct loan from investors, how investors view the default risk will reflect on the interest rates.

發行債券、與向銀行貸款,都屬常用的融資方式,但畢竟前者是發債公司直接向投資人借錢,投資人怎麼看待借款人的違約風險,將直接反應在殖利率上;而後者,則是由銀行擔任中介角色,斷開存款戶與借款人之間的資金關係,並且銀行授信利率與聯準會的政策更會直接連動,市場因素反而會退居次要角色。因此,觀察投資人的風險評估並預測經濟走向時,債券市場的變化,就更形重要。

此外,一旦殖利率升高,發債公司在到期贖回時必須給出更高的回報才能成功以新債償舊債,這會更進一步壓縮公司獲利能力,並且使營運風險再升高。總之,一場惡性循環看來已在不遠。

Hedge Funds Bet on Risks in U.S. Blue-Chip Debt

Some see evidence of problems that won’t be confined to areas such as energy and junk bonds

Hedge funds are betting the next bond sector to crack will be the $4.5 trillion market for the safest U.S. corporate debt.

New York’s Perry Capital has placed a $1 billion wager against investment-grade bonds ……

本文中提到,目前是2012年市場擔心希臘爆發公債違約風險以來,美國聯邦公債與投資等級公司債二者間的殖利率差,首次升到二個百分點以上。這件事,象徵了投資人認為即便是這種大公司的債券違約風險,也已顯著增加。
在此之前,市場逃離高收益債券,現在則是連大家本來認為不會倒的績優公司債,也難逃被倒貨之命運了。

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