Читать книгу The Sterling Bonds and Fixed Income Handbook - Mark Glowrey - Страница 48

There is market saying that “there are no bad assets, only bad prices”. This may be an oversimplification, but the core of the statement is true. After making an assessment of the credit, consider the risk-reward ratio of the trade. Dubious credits may well be worth purchasing if the price is sufficiently advantageous.

Finally, do not forget the three golden rules of running a portfolio full of credits – diversify, diversify and diversify. To be more specific:

1 Diversify by industry group. This may include having a mixture of public and non-public borrowers (depending on the credit quality profile of the portfolio) before you move on to the more obvious diversifications across financial services, property, industrial, pharmaceutical and retail issuers.

2 Diversify by credit quality. Triple-B credits can show a remarkable degree of commonality across different issuers. Leven the mix with some AAA, some AA and perhaps non-investment grade credits. Consider also that different credit profile groups will behave divergently under various economic scenarios.

3 Diversify by country. Try not to have all UK credits in the portfolio.