level 3 如何理解supply will hurt spreads individual, relative, 书, 债券, reading

ultrablue

Book 4 reading 24 page 69
一直看不明白。
书上这样说：supply will hurt spreads which may apply to an individual issuer, does not generally hold up for the entire  credit market
——为什么apply to individual issuer? 如果债券发行量增加的话，按说credit spread 应该增加才对啊。

另外，书上还说: heavy supply often compresses spreads and boosts relative returns for credit assets as new primary valuations validate and enhance secondary valuations. When primary origination declines sharply ,secondary traders lose reinforcement from the primary market and tend to reduce their bids, which will increase the spread.
Contrary to the normal supply-price relationship,relative credit returns often perform best during periods of heavy supply.

这句话每个单词都认识，但是红色字体部分单词所指的内容很含混，不知道具体指的什么意思。
求高手指点。

注金证

主要意思是 Supply increases, spread narrows, thus return increases.

其实那么多字，你妹必要字字弄明白。抓主要意思。你看的很快嘛，di二遍了！

z0354l

supply may hurt spread 是从一般经济学原理来说的。这里使用may只是可能并不一定。从整个primary市场来看这个原理并不一定成立。因为secondary market 和primary market之间会有影响。一般的issuer需要从secondary market的交易情况来调整自己bonds发行的价格和发行量，secondary market的investors也需要根据primarymarket的情况来调整自己的bid price。