碩士 / 國立臺灣科技大學 / 財務金融研究所 / 104 / The purpose of this article is to study the post-2008 financial crisis investment
strategy of high-yield bonds. In 2009, right after the turmoil, High-yield bonds “did”
yield high return to investors. When the economy went steady and money surged to
the bond market, yield to maturity and cash interest return of high yield bond became
flat. And plummet of oil price affects the bond market dramatically. In 2015, a big-sell
of High yield bonds practiced. The YTM fall 4.2% in that year. It is the worst record
from 2009. In next few years, FED will increase interest rate. How do investors face
the market? Is there a good point to enter the bond market again? Or it’s a beginning
of bearish market?
The research methodology is case method to solve the problems, we use a
finance institution ‘s invest strategy to analyze.
The conclusions:
1. The basic value of U.S. corporate bond is still attractive. Default rate stays low.
However, the price reflected already.
2. The recovery of crude oil price is expected in next two years. However, the
fluctuation of Oil price will affect the Bond market. Investors with high-position
need to reduce their possession.
3. The fundamental of U.S. corporate bond is still strong and undervalued.
Investment –graded bond can be the core holdings.
4. Owing to economy recovery & low portion of energy industry, European
corporate bond and Asia corporate bond are good picks too.
5. Facing the investment new era: risk increasing but return decreasing, our strategy
needs more dynamic and diversified.
| Identifer | oai:union.ndltd.org:TW/104NTUS5304012 |
| Date | January 2016 |
| Creators | Mei-Yin Lin, 林美吟 |
| Contributors | Day-yang Liu, 劉代洋 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 67 |
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