标题: level 3 如何理解supply will hurt spreads [打印本页] 作者: ultrablue 时间: 2012-4-3 21:17 标题: level 3 如何理解supply will hurt spreads
本帖最后由 ultrablue 于 2012-4-3 22:22 编辑
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.
