美国银行资产管理公司资本市场研究主管比尔·默茨在一份报告中指出，当前债券市场估值已回到更正常区间，多个债券类别较美国国债提供显著超额收益。

　　他表示，按税收等效基准计算，市政债券收益率较国债高出2.8%至5.6%，公司债收益率则根据信用评级不同，较国债溢价1.0%至3.8%。

　　默茨称，“风险较高的企业债和市政债可能经历价格波动，但长期来看可产生可观的收益回报”。

　　此外，非机构抵押贷款和担保贷款凭证（CLO）等高评级结构化信贷产品的收益率较国债溢价超1.0%，且内嵌针对信用损失的重要保护机制。

　　据伦敦证交所集团（LSEG）数据，10年期美国国债收益率持稳于4.205%。

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责任编辑：王许宁

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