UBS anbefaler investorer at fokusere på high-yield bonds, men samtidig bør investorer lægger vægt på den bedste kvalitet af obligationer for at minimere risiciene.
Uddrag fra UBS:
As we begin the year, we estimate approximately 90% of the
market value of the global high yield universe is trading along
a historical bottom in yields. In this outlook, we explain why
yields are so low and how we think this will change in the
coming year, helping us determine which areas of the high
yield market look like good opportunities for fixed income
investors.
Our recommendation is to continue to invest in high yield, but
shift attention to the highest quality segments of the universe
that are less sensitive to even minor changes in yield or toward
high yield segments where yields are not nearly as close to a
bottom. We expect all major segments of the global high yield
universe to generate positive returns in 2020 (see figure 10),
but we believe that the short duration high yield segment and
the Asia high yield segment offer investors the two most
favorable return profiles.
