Читать книгу The Sterling Bonds and Fixed Income Handbook - Mark Glowrey - Страница 41

Source: Standard & Poor’s

As can be seen, default rates can vary greatly over different time periods.

At risk of making a rather over-optimistic and sweeping statement, I would say that it is rare to experience a default in an investment grade bond. Note, however, that a bond bought with a double-A status may well be downgraded several times before default, so credit ratings are not a “fit and forget” component of risk management.

Finally, consider that default may not be a total loss situation. In portfolios that I have held (or advised on) over the years, I would estimate that recovery rates have been in the range of 20 to 80p in the pound, although recovery of this debt frequently takes some years to achieve.