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Bailey \u5c0d\u79c1\u4eba\u4fe1\u8cb8\u5e02\u5834\u7684\u6182\u616e\u66f4\u53d7\u95dc\u6ce8\uff0c\u5e02\u5834\u4f30\u8a08\u898f\u6a21\u5df2\u589e\u81f3\u7d04 3.5 \u842c\u5104\u7f8e\u5143\u3002\u9ad8\u6536\u76ca\u516c\u53f8\u50b5\uff08high-yield\uff0c\u53c8\u7a31\u300c\u5783\u573e\u50b5\u300d\uff0c\u4fe1\u7528\u98a8\u96aa\u8f03\u9ad8\u3001\u5229\u606f\u8f03\u9ad8\uff09\u8207\u8f03\u5b89\u5168\u50b5\u5238\u4e4b\u9593\u7684\u606f\u5dee\uff08credit spread\uff0c\u53cd\u6620\u6295\u8cc7\u8005\u8981\u6c42\u7684\u984d\u5916\u98a8\u96aa\u56de\u5831\uff09\u5728\u904e\u53bb\u5169\u500b\u6708\u64f4\u95ca 50 \u500b\u57fa\u9ede\uff08basis point\uff0c1 \u500b\u57fa\u9ede\u7b49\u65bc 0.01 \u500b\u767e\u5206\u9ede\uff09\uff0c\u986f\u793a\u58d3\u529b\u4e0a\u5347\u3002\u8cb7\u5165\u4fe1\u8cb8\u9055\u7d04\u6389\u671f\uff08CDS\uff0ccredit default swap\uff0c\u4e00\u7a2e\u4fdd\u96aa\u5f0f\u5408\u7d04\uff0c\u652f\u4ed8\u4fdd\u8cbb\u4ee5\u63db\u53d6\u50b5\u52d9\u9055\u7d04\u6642\u7684\u8ce0\u4ed8\uff09\u4fdd\u8b77\uff0c\u4f8b\u5982 Markit CDX \u5317\u7f8e\u9ad8\u6536\u76ca\u6307\u6578\uff08\u4e00\u7c43\u5b50\u9ad8\u6536\u76ca\u50b5\u7684 CDS \u6307\u6578\uff0c\u53ef\u7528\u4f86\u5c0d\u6c96\u4fe1\u7528\u98a8\u96aa\uff09\uff0c\u53ef\u76f4\u63a5\u5c0d\u6c96\u6f5b\u5728\u4fe1\u8cb8\u4e8b\u4ef6\uff08credit event\uff0c\u4f8b\u5982\u9055\u7d04\u6216\u91cd\u7d44\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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