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Thursday, December 29, 2022
Enjoy +8% on Quality Investment Grade Bonds
تم إعداد هذا المنشور من قبل سنشري للاستشارات
*Trading in financial market carries risk and can result in loss of capital.
*This performance is only observed with historical backtests and not traded by the company.
The product and investment ideas do not consider the risk profile and financial position of the recipient and may not be suitable for everyone. Trading in financial markets and use of margin involves a significant risk of loss, which can exceed deposits. Please read the complete disclaimer carefully.
لماذا الاستثمار في هذه السندات؟
الدرجة الاستثمارية - تعتبر آمنة نسبيًا من قبل وكالات التصنيف الائتماني
أكثر أمانًا نسبيًا من الأسهم
الاستثمارات بالدولار تقدم عائدًا بنسبة 8٪
اكسب دخل ثابت عن طريق القسائم لحين يأتي موعد الاستدعاء التالي
أسماء العلامات التجارية عالية الجودة
ما هي سندات الدرجة الاستثمارية؟
سندات الدرجة الاستثمارية هي السندات التي لديها تصنيف عالي الجودة من قبل وكالات التصنيف الائتماني ، وهي السندات المصنفة Baa3 (من قبل Moody's) أو BBB- (من S&P و Fitch) أو أعلى.
تعتبر التصنيفات الائتمانية مهمة للغاية لأنها تنقل المخاطر المرتبطة بالاستثمار في سند معين. يشير تصنيف السندات الائتمانية بدرجة الاستثمار إلى انخفاض مخاطر التخلف عن السداد الائتماني ، مما يجعلها مناسبة للمحافظ الأكثر تحفظًا التي تسعى إلى تنويع الدخل. (راجع الملحق لمزيد من التفاصيل)
سندات الشركات ذات الدرجة الاستثمارية
|Issuer Name||Ticker||ISIN||Fitch Rating||Moody Rating||S&P Rating||Ask Price||Yield to Worst (Mid)||LQA Score||Coupon||Next Call Date||Benchmark Rate||Floater Spread (bps)|
|Bank of America Corp||BAC||US060505FL38||BBB+||Baa3||BBB-||$89.4||8.6%||69||$5.88||15/03/2028||4.75%||293.1|
|JPMorgan Chase & Co||JPM||US48128BAN10||BBB+||Baa2||BBB-||$86.6||8.4%||58||$3.65||01/06/2026||3.78%||285|
|Bank of New York Mellon Corp||BK||US064058AL44||BBB+||Baa1||BBB||$81.0||9.5%||55||$3.75||20/12/2026||3.78%||263|
- Ask price as of 22/12/2022
- The calculation of Yields does not consider transaction costs or holding charges
- LQA score out of 100
- The current coupon rate will remain constant untill the next call date which is minimum 3 years away. Post the call date, coupon rate would be the Benchmark 3 month US rate + Floater Spread
لماذا تبدو السندات مغرية؟
تشير أحدث التوقعات إلى أن الاحتياطي الفيدرالي ممكن أن يكون متوسط معدل الفائدة على الأموال الفيدرالية بنهاية العام 2023 5.1٪ ، قبل أن يتم خفضه إلى 4.1٪ في عام 2024. وهذا معدل أعلى مما هو مذكور سابقًا. ومع ذلك ، فإن المستثمرين غير مقتنعين بالتوقعات المتشددة لمجلس الاحتياطي الفيدرالي ولديهم سبب وجيه لشكهم. في نهاية العام الماضي ، توقع بنك الاحتياطي الفيدرالي أن يكون الحد الأعلى لسعر صندوقه 1٪ في نهاية عام 2022 ، لكنه انتهى عند 4.50٪. يتوقع بنك الاحتياطي الفيدرالي الآن أن المعدل سيكون 5.00٪ بنهاية عام 2023. إذا قلل الاحتياطي الفيدرالي من تقدير المعدلات في نهاية العام الماضي ، فهل يمكن أن يبالغ في تقديرها الآن؟
مع تداول عوائد سندات الخزينة الأمريكية لمدة عامين بالقرب من 4.2٪ (انخفاضًا من الارتفاع الأخير البالغ 4.7٪) و توقع وصول المعدلات إلى الذروة بالقرب من 5٪ ، قد يعني ذلك أنه لن تكون هناك فرصة لإضافة سلالم سندات منخفضة المخاطر إلى استراتيجية الدخل الخاصة بك إذا انتظرت طويلا. ترتفع العوائد عمومًا كثيرًا قبل محور الاحتياطي الفيدرالي Fed pivot وتنخفض بشكل كبير بعد المحور. هذا يرجع إلى حقيقة أن المتداولين والمشاركين في السوق يضعون الرهانات قبل أشهر من وقوع حدث أساسي (مثل محور الاحتياطي الفيدرالي Fed pivot). لذلك ، بحلول الوقت الذي يحدث فيه محور الاحتياطي الفيدرالي Fed pivot بالفعل ، يكون السوق قد تحرك بالفعل ، وتكون الزيادة في العوائد قد انتهت (أو شارفت على الاكتمال).
مقياس تصنيف السندات
Risks and Assumptions for Back-tested trading strategies
Data Source: Bloomberg
Arun Leslie John
Chief Market Analyst
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