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以下のグラフのとおり、2022年に入ってから欧州のハイイールド債の利回りは急激に上昇しており、10年ぶりの高水準に近づいています。
現在の欧州ハイイールド債の価格は、デフォルトが非常に多く発生するシナリオに基づいた価格です。以下グラフのとおり、BB格の債券は、過去における5年間の平均的デフォルト率が7.4%、過去最悪期が19.9%であったのに対し、ハイイールド債指数銘柄では33.2%のデフォルト確率に基づいた価格で取引されています。つまり、投資家はデフォルトリスクに十分見合ったリターンを得ることができると考えています。
概して、スプレッドが600bps超のハイイールド債に投資した場合、3年間におけるトータルリターンは年率換算でほぼ10%でした。
結論としては、現在の欧州ハイイールド債は、リスクに見合うだけのリターンを投資家に提供する魅力的な投資対象と考えています。また、現在のスプレッド水準は、今後のリターン獲得のための投資タイミングとして魅力的な水準にあるとM&Gは考えています。
投資元本は変動し、投資から得られる利益は上昇することもあれば、下落することもあり、お客様の投資元本は保証されません。
本項に記載されている内容は現時点におけるM&Gの見解であり、投資に関する推奨、助言に該当するものではなく、また将来の状況やパフォーマンスを予測するものではありません。
当資料は、一般的な情報提供を目的としており、金融商品取引業登録に基づく業務又は当社関連会社が組成するファンドの持分等の勧誘を目的としたものではありません。
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債券運用戦略についてもっと調べる
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債券
2 min read 22年7月17日
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債券
4 min read 22年3月30日
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債券
10 min read 22年2月10日
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