Name: 世界の金融で一番怖いチャート｜FT (The scariest charts in global finance | FT)
Uploaded: 2021-01-14T09:50:32.000Z
Duration: 7 min 22 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

程度の副詞

So, Laura, it's that very frightening time of year again.

as the bond market to frighten people on Halloween.

We've got some charts here that might do just the trick.

What are investors scared of at the moment, Laura?

I thought one of the most frightening things

was this chart, so negatively yielding corporate debt, so

We've heard all about negatively yielding European debt

So we've got kind of got used to this weird phenomenon,

They're guaranteed to lose money, holding government

leaking into the corporate bond market now, too.

And there's almost a trillion euros' worth, face value,

So lending to corporates in countries like Italy

that we've heard so much about this year in the news,

Right, so if that doesn't put the fear of God into you,

This is a chart of the high-yield bond market.

Now, this is interesting because if you look at the indices that

cover the whole of the high-yield bond universe,

it tells you that everything is well in the world,

and that these bonds give you a lovely, juicy yield.

But actually, if you kind of look beneath the surface

there are some real stinkers in the high-yield bond market,

Yeah, there's some bonds that haven't defaulted...

...that have been invested in by investors basically seeking

So the white line is showing you basically

Now, over the last 15 years, that's given you roughly 7

So investing in yields, investing for that income

However, if you actually have a look beneath the surface,

because we've got so many tourists in that market, purely

there for the yield, without a real, real granular

and what they're investing in, all of a sudden, you

have a little bit of bad news from some companies

We've almost had those tourists just selling out at any price.

And that kind of creates a bit of a sort of death spiral,

Thomas Cook, obviously, a household name.

You can see here, you know, that's over two days.

It lost 20 per cent, 30 per cent of its value

And how long do you have to wait for this stuff

OK, so let's just take, you know, the US.

So 10 years trading at a yield of about 1.75 per cent ,

receive that because there's this thing, inflation.

So actually, this is showing you how long

You have to invest for 13 years to be able to really capture

And, of course, you know, the US has obviously

got the highest level of yield on a nominal scale.

So what you see that, 1.7-ish, at the moment,

but the inflation factor strips that away.

So look at Europe, which are some of the lines beneath.

So you've got the likes of France and the UK and Germany.

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世界の金融で一番怖いチャート｜FT (The scariest charts in global finance | FT)

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