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\u884c\u60c5\u986f\u793a\u5e73\u975c\u3002\u50cf HYG \u8207 LQD \u9019\u985e\u53d7\u6b61\u8fce\u7684\u4fe1\u7528ETF \u6b63\u8207\u63a5\u8fd1\u5faa\u74b0\u4f4e\u9ede\u540c\u6b65\u4ea4\u6613\uff0c\u53cd\u6620\u5e02\u5834\u63a5\u53d7\u6301\u6709\u6536\u76ca\u7684\u7b56\u7565\u4e26\u9810\u671f\u9055\u7d04\u9031\u671f\u6eab\u548c\u3002\u4fe1\u7528\u50b5\u4eca\u5e74\u8fc4\u4eca\u8868\u73fe\u512a\u65bc\u516c\u50b5\uff0c\u56e0\u6295\u8cc7\u4eba\u504f\u5411\u8edf\u8457\u9678\u5171\u8b58\u4e26\u5728\u9810\u671f\u964d\u606f\u524d\u5efa\u7acb\u90e8\u4f4d\u3002\u4f46\u7de9\u885d\u8584\u5f31\u3002\u7576\u6295\u8cc7\u7b49\u7d1a\u5229\u5dee\u4f4d\u65bc\u4e8c\u5341\u5e74\u6b77\u53f2\u7684\u7b2c\u4e00\u767e\u5206\u4f4d\uff0c\u800c\u9ad8\u6536\u76ca\u8655\u65bc\u500b\u4f4d\u6578\u4f4e\u7aef\u6642\uff0c\u975e\u5c0d\u7a31\u6027\u6703\u7ffb\u8f49\u3002\u9069\u5ea6\u7684\u98a8\u96aa\u53ad\u60e1\u5c31\u80fd\u62b9\u53bb\u6578\u6708\u7684\u6301\u6709\u6536\u76ca\u3002\u9019\u5c31\u662f\u6a5f\u69cb\u4ea4\u6613\u53f0\u5728\u884c\u60c5\u770b\u4f3c\u5200\u69cd\u4e0d\u5165\u6642\u4ecd\u9583\u720d\u8b39\u614e\u4fe1\u865f\u80cc\u5f8c\u7684\u6578\u5b78\u908f\u8f2f\u3002<\/p>\n
\u4f01\u696d\u770b\u5230\u540c\u6a23\u7684\u87a2\u5e55\uff0c\u6b63\u5728\u628a\u63e1\u7a97\u53e3\u671f\u3002\u516c\u53f8\u8207\u7d50\u69cb\u6027\u4fe1\u7528\u7684\u4e3b\u5e02\u5834\u6b63\u71b1\u7d61\uff0c\u8ca1\u52d9\u9577\u5ef6\u9577\u5230\u671f\u65e5\u4e26\u4ee5\u4f4e\u65bc\u57fa\u6e96\u7684\u6ea2\u50f9\u91cd\u7c4c\u6602\u8cb4\u7684\u75ab\u60c5\u6642\u671f\u50b5\u52d9\u3002\u5728\u5546\u7528\u4e0d\u52d5\u7522\u65b9\u9762\uff0c\u53cd\u5f48\u5c24\u70ba\u986f\u8457\uff1a2025 \u5e74\u4e0a\u534a\u5e74\u7f8e\u570b CMBS \u767c\u884c\u7d04\u9054 596 \u5104\u7f8e\u5143\uff0c\u70ba\u81ea 2007 \u5e74\u4ee5\u4f86\u6700\u9ad8\uff0c\u55ae\u4e00\u8cc7\u7522\u55ae\u4e00\u501f\u6b3e\u4eba\uff08Single Asset Single Borrower\uff09\u4ea4\u6613\u4f54\u8fd1\u4e09\u5206\u4e4b\u4e8c\u7684\u6d3b\u52d5\u3002CRE CLO \u7684\u5b63\u5ea6\u8868\u73fe\u5275\u4e0b\u5169\u5e74\u534a\u4ee5\u4f86\u6700\u4f73\u3002\u9ad8\u6536\u76ca\u9818\u57df\uff0c\u6a5f\u6703\u5c0e\u5411\u7684\u767c\u884c\u4eba\u5e36\u8457\u6709\u64d4\u4fdd\u4ea4\u6613\u3001\u6df7\u5408\u8cc7\u672c\u5de5\u5177\uff0c\u751a\u81f3\u6709\u95dc\u80a1\u606f\u518d\u878d\u8cc7\u7684\u50b3\u805e\u56de\u6b78\u3002\u9019\u5c31\u662f\u71b1\u7d61\u4fe1\u7528\u5e02\u5834\u7684\u6a23\u8c8c\uff1a\u5229\u5dee\u7dca\u7e2e\u3001\u627f\u92b7\u65e5\u7a0b\u7e41\u5fd9\u3001\u501f\u6b3e\u65b9\u638c\u63e1\u689d\u4ef6\u3002<\/p>\n
\u7d50\u69cb\u6027\u53cd\u5f48\u4e26\u975e\u6c92\u6709\u58d3\u529b\u3002CMBS \u7684\u62d6\u6b20\u7387\u5728\u767c\u884c\u6fc0\u589e\u7684\u540c\u6642\u4e0a\u5347\u3002KBRA \u5c07\u622a\u81f3\u4e03\u6708\u7684\u7f8e\u570b\u79c1\u4eba\u6a19\u7c64 CMBS \u62d6\u6b20\u7387\u4f30\u70ba 7.5%\uff0c\u903e\u5341\u5206\u4e4b\u4e00\u7684\u8cb8\u6b3e\u8981\u9ebc\u5df2\u62d6\u6b20\u8981\u9ebc\u8655\u65bc\u7279\u6b8a\u8a17\u7ba1\u4e2d\u3002\u8a55\u7d1a\u4e0b\u8abf\u901f\u5ea6\u8d85\u51fa\u4e0a\u8abf\u3002\u8fa6\u516c\u5ba4\u4ecd\u662f\u58d3\u529b\u9ede\uff0cB \u7d1a\u7269\u696d\u8207\u6b21\u7d1a\u5e02\u5834\u627f\u53d7\u6700\u5927\u885d\u64ca\u3002\u9019\u7a2e\u6096\u8ad6\u662f\u5178\u578b\u7684\u666f\u6c23\u672b\u6bb5\u4fe1\u7528\u7279\u5fb5\u3002\u900f\u904e SASB \u70ba\u734e\u5ea7\u8cc7\u7522\u91cd\u65b0\u958b\u555f\u878d\u8cc7\u901a\u9053\uff0c\u4e26\u7531 CRE CLOs \u652f\u63f4\u7279\u9078\u7522\u696d\uff0c\u540c\u6642\u820a\u6709\u6c60\u5b50\u5728\u51fa\u8840\uff0c\u8f03\u5f31\u501f\u6b3e\u4eba\u7684\u5c3e\u7aef\u9762\u81e8\u66f4\u9ad8\u7968\u606f\u8207\u66f4\u7dca\u7684\u5951\u7d04\u689d\u6b3e\u3002\u9019\u7a2e\u5206\u5316\u53ef\u4ee5\u6301\u7e8c\u4e00\u6bb5\u6642\u9593\uff0c\u76f4\u5230\u8ca0\u9762\u65b0\u805e\u6216\u6d41\u52d5\u6027\u7f3a\u53e3\u6539\u8b8a\u5e02\u5834\u60c5\u7dd2\u3002<\/p>\n
\u5927\u578b\u8cc7\u7522\u7ba1\u7406\u4eba\u4e26\u975e\u5c0d\u4f30\u503c\u5f35\u529b\u8996\u800c\u4e0d\u898b\u3002State Street Global Advisors \u6307\u51fa\u9ad8\u6536\u76ca\u8207\u6295\u8cc7\u7b49\u7d1a\u5229\u5dee\u90fd\u4f4d\u65bc\u6b77\u53f2\u7dca\u7e2e\u7684\u767e\u5206\u4f4d\u3002J.P. Morgan Research \u9810\u6e2c\u7f8e\u570b\u9ad8\u6536\u76ca\u5229\u5dee\u53ef\u80fd\u5728 2025 \u5e74\u5e95\u524d\u64f4\u5927\u7d04 100 \u500b\u57fa\u9ede\uff0c\u81f3\u7d04 450 \u500b\u57fa\u9ede\uff0c\u6697\u793a\u4e2d\u500b\u4f4d\u6578\u7684\u7e3d\u5831\u916c\u4e26\u4f7f 2026 \u5e74\u66f4\u70ba\u8271\u96e3\u3002\u8a72\u884c\u9810\u8a08\u9055\u7d04\u7387\u6703\u5c0f\u5e45\u4e0a\u5347\uff0c\u69d3\u687f\u8cb8\u6b3e\u56e0\u6d6e\u52d5\u7968\u606f\u8207\u8f03\u5f31\u67b6\u69cb\u800c\u98a8\u96aa\u8f03\u9ad8\u3002\u5728\u9ad8\u6536\u76ca\u5167\u90e8\uff0c\u5df2\u7d93\u6709\u6f5b\u5728\u7684\u5167\u90e8\u6d17\u724c\uff1aNeuberger Berman \u6307\u51fa BB \u7d1a\u5229\u5dee\u5df2\u5f9e 2025 \u5e74\u65e9\u671f\u63a5\u8fd1 155 \u500b\u57fa\u9ede\u7684\u8d85\u7dca\u6c34\u5e73\u56de\u5347\u5230\u5317\u65bc 290 \u500b\u57fa\u9ede\u3002\u8a72\u8d70\u52e2\u63d0\u9192\u4eba\u5011\uff0c\u5373\u4fbf\u662f\u9ad8\u6536\u76ca\u4e2d\u6700\u512a\u8cea\u7684\u90e8\u5206\uff0c\u5728\u5e02\u5834\u5c0d\u6210\u9577\u3001\u653f\u7b56\u6216\u500b\u5225\u98a8\u96aa\u91cd\u65b0\u5b9a\u50f9\u6642\u4e5f\u6703\u51fa\u73fe\u7f3a\u53e3\u3002<\/p>\n
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