Читать книгу The Sterling Bonds and Fixed Income Handbook - Mark Glowrey - Страница 52

Finally we have corporate bonds. These are bonds issued by corporations, typically large quoted companies. The life of a company is full of ups and downs and it is fair to say that in most cases corporate bonds carry a greater risk than those issued by major governments or banks. Factors affecting a company’s credit rating include cash flow, profitability, asset valuations and unforeseen events such as legal action, a takeover or a change of the trading environment. Historically, the yield on these bonds will normally be greater than that available on bank debt and it is unusual for a corporate to achieve triple-A status.

It is notable that during the credit crunch of 2008 onwards this relationship has inverted with bank debt trading wider than corporate debt. Most market participants expect this relationship to revert to the historic norm in due course, but time will tell.