企业垃圾债券的违约率很低，因为经济运行情况尚好，发债方能按时支付本息──而且美联储也已承诺继续把利率维持在极低的水平。伊顿万斯收入战略基
企业垃圾债券的违约率很低，因为经济运行情况尚好，发债方能按时支付本息──而且美联储也已承诺继续把利率维持在极低的水平。伊顿万斯收入战略基金(Eaton Vance Strategic Income fund)的投资经理艾瑞克 斯坦恩(Eric Stein)说，“目前正是天时、地利、人和。”截至2012年6月30日，该基金管理的29亿美元有29%放在高收益投资品种上。
The rally, though, has made it tougher to find value. Michael Lewitt, a portfolio manager at Cumberland Advisors, which has $2.1 billion under management, says that he is looking at short-term triple-C-rated bonds-those near the low end of the rating scale-that were the result of leveraged buyouts done right before the financial crisis.
不过，企业垃圾债券的整体上扬也让寻找价值洼地变得相对困难。美国坎伯兰顾问公司(Cumberland Advisors)管理着21亿美元的资产，其投资组合经理迈克尔 莱维特(Michael Lewitt)说，他正在关注投资级别为CCC的短期债券──即在评级标准上接近最差等级的品种──这些债券大多是金融危机爆发前不久因杠杆收购而产生的。
The issuers might have taken on too much debt, he says, but many still have solid businesses, limiting the chance of defaults.
莱维特说，这些发债方的债务负担也许很重，但其中不少企业的经营比较稳定，从而降低了违约的可能性。
Junk-bond funds that have been among the top performers this year and during the past three years include Federated High Yield Trust, Fidelity Advisor High Income Advantage and Hotchkis & Wiley High Yield Fund, according to Lipper.
根据基金情报提供商理柏公司(Lipper)的数据，垃圾债券基金是过去三年及今年至今以来表现最好的基金之一，包括联邦高收益信托基金(Federated High Yield Trust)、富达顾问高收入优势基金(Fidelity Advisor High Income Advantage)和Hotchkis & Wiley高收益基金(Hotchkis & Wiley High Yield Fund)等。
Municipal Bonds 市政债券
Municipal borrowers have gotten a lot of bad press this year, with cities like Stockton and San Bernardino in California filing for bankruptcy protection, sparking fears of more to come. But so far the asset class has weathered those defaults just fine, with the Barclays Municipal Bond index returning about 5% so far this year.
今年，市政借款人的坏消息不断，加州的斯托克顿(Stockton)和圣伯纳地诺(San Bernardino)等城市申请破产保护引发了更多的恐慌。不过，该资产类别目前经受住了违约的冲击，巴克莱市政债券指数(Barclays Municipal Bond index)本年至今的回报率在5%左右。
And since the bonds are tax-free, the returns are that much more valuable than those of other fixed-income products.
由于市政债是免税的，因此其投资回报的含金量比其他固定收益产品多得多。
The recent bankruptcies 'are very specific instances of financial trouble,' says Guy Benstead, a partner at Cedar Ridge Partners, which manages more than $600 million, speaking of the high-profile defaults. 'But contagion is just not there.'
Cedar Ridge Partners公司管理着六亿多美元的资产，其合伙人盖 本斯泰德(Guy Benstead)在谈到近期这些备受瞩目的债券违约时说，“这是一些地方政府出现财政危机的具体体现，但不至于蔓延开来。”
Municipal-bond yields are very attractive right now. A 30-year triple-A muni now pays 3.01%, Mr. Benstead says-1.7 percentage points more than an equivalent Treasury, once you factor in the tax peak. Some states are even more generous: The average bond issued by New York state, for example, now yields 3.23%. New York is rated double-A by S&P.
本斯泰德说，目前市政债的收益率很有吸引力，30年期AAA级品种的利率为3.01%，把免税因素考虑在内的话，要比同期限美国国债的利率多出1.7个百分点。有些州的市政债利率更高。举例而言，纽约州发行的市政债目前平均收益率为3.23%，其在标普的投资等级为AA级。
'You can buy tax-free income with close to the same yield as taxable bonds,' Mr. Benstead says.
本斯泰德说，“免税债券的收益率已与非免税债券相差无几。”
If tax rates look like they will rise in 2013, municipal bonds might get another boost. As part of President Barack Obama's health-care overhaul, high-earning investors will be hit with a 3.8 percentage-point surtax on investment income next year. That makes munis, whose income isn't subject to the tax, that much more attractive, says Ron Roge, chief executive of wealth manager R.W. Roge & Co. in Bohemia, N.Y., which oversees more than $200 million.
如果2013年的税率上升，市政债券还将再次走红。作为奥巴马总统(President Barack Obama)医疗改革方案的一部分，明年政府将对高收入投资者额外征收3.8个百分点的利得税。财富管理公司R.W. Roge & Co.的首席执行长罗恩 罗杰(Ron Roge)说，这将使免税的市政债券变得更有吸引力。该公司位于纽约州波西米亚市(Bohemia)，管理着超过两亿美元的资产。
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