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Nov 8, 2023 10:09
11 mos ago
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English term
post-COVID drawdown
English to German
Bus/Financial
Investment / Securities
Hochzinsanleihen, Ausblick
Es geht in meinem Text um die Attraktivität von Hochzinsanleihen:
Since the global financial crisis (GFC), high yield market new issuance has been dominated by refinancings as issuers capitalized on historically low interest rates. Additionally, record capital markets activity in 2020 and 2021 (***post-COVID drawdown***) at cheap financing rates strengthened balance sheet liquidity and increased interest coverage3 metrics to peak levels.
Ich kann ***post-COVID drawdown*** hier nicht recht einordnen, da 2020/21 die Pandemie ja voll am laufen war. Wie versteht ihr das?
Since the global financial crisis (GFC), high yield market new issuance has been dominated by refinancings as issuers capitalized on historically low interest rates. Additionally, record capital markets activity in 2020 and 2021 (***post-COVID drawdown***) at cheap financing rates strengthened balance sheet liquidity and increased interest coverage3 metrics to peak levels.
Ich kann ***post-COVID drawdown*** hier nicht recht einordnen, da 2020/21 die Pandemie ja voll am laufen war. Wie versteht ihr das?
Discussion
Der "COVID drawdown" (s. auch: https://www.boerse.de/boersenlexikon/Drawdown ) fand im Frühjahr 2020 statt. Hier ein Bericht aus 2022, also zwei Jahre später:
"Historically, duration has provided a ballast when equity earnings sell off, including during the sharp COVID drawdown in early 2020, when U.S. Treasuries returned 5.3% despite the 10-year yield starting 232 basis points (bps) lower than where it sits today."
https://www.janushenderson.com/corporate/article/back-to-bas...
Das bezieht sich bei allen gefundenen Berichten praktisch nur auf diese Zeitspanne.
Grüße
"...while also meeting expectations to provide downside protection in the most severe drawdowns, the early 2020 drawdown being the exception..."
https://www.mfs.com/en-au/institutions-and-consultants/insig...
Das zeigt sich auch im "Drawdown Plot" hier eigentlich:
https://sigtech.com/insights/how-to-hedge-sp500-against-tail...
Es geht hier als Min-Max-Werte nur um Anfang 2020:
"Equity markets in the US have rebounded strongly since the COVID drawdown in Q1 2020, thanks to the government’s fiscal and monetary stimulus. In 2021 we saw further reopening of the US economy facilitated largely by widespread vaccinations beginning in Q1 2021, which drove equity markets higher still."
https://www.pgimquantitativesolutions.com/interview/can-soli...
Grüße