Слабият долар привлича чуждестранни купувачи на американски корпоративен дълг и дърпа надолу лихвите, които американските корпорации плащат за нов дълг или рефинансиране на стар. Как няма да растат индексите, не само, че имаме глобален растеж във всички географии за първи път от 2006г. насам, не само корпоративните печалби растат, но и цената на кредита пада.
While the market has been helped by the resilience of global growth, the expansion has not been fast enough to prompt either the Bank of Japan or even the European Central Bank to end bond-buying programmes that have forced investors to hunt globally for returns. Now the dollar’s weakness is adding to the sweet spot the market is in, say money managers, by further sharpening its appeal to foreign investors.
“There is a lack of yield opportunities abroad,” says Hans Mikkelsen, a strategist with Bank of America Merrill Lynch. “Foreign investors don’t have a choice but to come to our market.” Interest from foreign buyers is accelerating again, with $26bn of corporate bonds bought in May — the largest monthly inflow since 2009, new data from the Treasury showed this month. Analysts at Goldman Sachs say that it “provided further confirmation that foreign demand [has] rebounded”.
“There is a lack of yield opportunities abroad,” says Hans Mikkelsen, a strategist with Bank of America Merrill Lynch. “Foreign investors don’t have a choice but to come to our market.” Interest from foreign buyers is accelerating again, with $26bn of corporate bonds bought in May — the largest monthly inflow since 2009, new data from the Treasury showed this month. Analysts at Goldman Sachs say that it “provided further confirmation that foreign demand [has] rebounded”.
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