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ここ数年における欧州の資産担保証券(ABS)のパフォーマンスは、単に好調であっただけでなく、どの資本構造においても、同等格付の社債よりも魅力的なリターンを提供してきました。社債との利回り格差は、2023年の大半を通してこの10年間で最大級の水準を維持し、投資家に対して、歴史的とも言える魅力的なバリュエーションでの投資機会を提供しました。
ABS投資に伴うリスクのなかで、信用リスクは重要視しなければならないリスクのひとつであることは当然ですが、欧州のABSやローン担保証券(CLO)においては、与信保全がストラクチャーで十分に講じられていることは以前と変わっておらず、デフォルト・リスクや格下げリスクは管理可能な水準にあるとM&Gは見ています。
投資価値の変動により、投資価格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。
過去の実績は将来の運用成果を示唆するものではありません。
本資料に記載されている見解は、受領者への情報提供を唯一の目的としており、金融商品取引法に基づく取引の推奨、投資の助言、又は将来予想の提供を行うものではありません。
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プライベートデット運用戦略についてもっと調べる
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M&G Investments Japan 株式会社
金融商品取引業者 関東財務局長(金商)第2942号
金融商品取引業の種別:投資運用業、投資助言・代理業、第二種金融商品取引業
加入協会:一般社団法人資産運用業協会、一般社団法人 第二種金融商品取引業協会