<p>作者：Christine Idzelis</p>
<p>&#34;对信贷的需求仍然相当强劲，&#34; Vanguard 的 Chris Alwine 表示。</p>
<p>周二下午，投资级公司债券在股市下跌时上涨。</p>
<p>在对美国股市估值过高的担忧中，投资者对交易所交易基金行业的债券需求比以往任何时候都要强烈——同时，投资者在美联储在经济扩张的背景下降息的特殊情况下进行布局。</p>
<p>根据 State Street Investment Management 的数据，10 月份在美国上市的债券 ETF 吸引了创纪录的 510 亿美元，今年迄今的近 3500 亿美元流入反映出一种有机增长率，远远超过股票的增长。投资者愿意在公司债券中承担信用风险，以便在固定收益投资组合中获得额外收益。</p>
<p>&#34;对信贷的需求仍然相当强劲，&#34;即使公司债券利差——即投资者相对于可比国债所获得的溢价——已收窄至历史紧缩水平，Vanguard 全球信贷负责人 Chris Alwine 在电话采访中表示。Alwine 表示，债券已被证明是投资组合中的一种多样化工具，并补充说 Vanguard 在信贷方面&#34;超配&#34;。</p>
<p>周二，美国债券市场在美国股市下跌时普遍上涨。Alwine 表示，Vanguard 在信贷方面的超配意味着更青睐高质量的公司债券，并减少对低评级高收益债务的敞口。</p>
<p>根据 FactSet 的数据，追踪美国投资级债券指数的 Vanguard Total Corporate Bond ETF VTC 周二下午上涨了 0.2%。同样提供广泛投资级公司债券敞口的 iShares iBoxx $ Investment Grade Bond ETF LQD 在下午交易中也上涨了 0.2%。</p>
<p>投资级公司债券在 2025 年超越了更广泛的美国债券市场。</p>
<p>根据 FactSet 周二下午的数据，iShares iBoxx $ Investment Grade Bond ETF 今年迄今的总回报为 7.7%，超过了 Vanguard Total Bond Market ETF BND 的 6.7% 总回报，后者对美国投资级债券市场的广泛敞口包括国债。</p>
<p>今年流入债券 ETF 的资金占 2025 年所有流入美国上市交易所交易基金的 32%——超过其在整体行业资产中 17% 的份额，State Street 表示。</p>
<p>截至目前，债券 ETF&#34;几乎吸纳了年初资产的 20%——这一有机增长率远高于股票，&#34;State Street Investment Management 全球研究策略负责人 Matthew Bartolini 在跟踪 10 月份 ETF 流入的报告中表示。尽管股票在今年的 ETF 流入中占主导地位，Bartolini 将该类别的有机增长率仅定为 8%。</p>
<p>周二，美国股市因担忧美国股票的牛市越来越与生成式人工智能的命运相关而下跌。根据 FactSet 的数据，标准普尔 500 指数 SPX 下跌了 1.1%，道琼斯工业平均指数 DJIA 下跌了 0.6%，而以科技股为主的纳斯达克综合指数 COMP 下跌了 1.7%。</p>
<p>根据 State Street 的数据，投资于信贷的 ETF 在 10 月份增加了超过 90 亿美元，投资级债券吸引的流入远远超过风险较高的高收益公司债务。</p>
<p>在美国经济增长的背景下，美联储降息的部分吸引力在于&#34;我们目前的第三季度业绩季节非常好，&#34;Alwine 表示。&#34;通常情况下，当美联储降息时，经济是疲弱的。&#34;</p>
<p>但随着经济持续增长，上市公司债务普遍看起来健康，利差&#34;在目前是合理的紧缩，&#34;Alwine 表示。在他的基本情况下，美国经济今年将以&#34;趋势&#34;的速度增长，即 2%，而美联储通过继续调整货币政策并可能降息来继续支持经济。</p>
<p>如果美联储继续降息，Alwine 预计一些投资者将会从现金中转移，以便从债券中获得更多收入，包括在国债中承担更多的久期风险。</p>
<p>他说，他观察到对中期国债（即 7 到 10 年到期的债券）的需求，并预计这种情况将持续。但 Alwine 预计一些投资者可能会寻求更短的久期，因为他们逐步退出现金。</p>
<p>10 月份的 ETF 流入表明，投资者在国债收益率曲线中不愿意过多地转向 10 年或更长期的美国政府债务。Bartolini 写道，投资者对&#34;短期和中期政府债券 ETF 的资金流入表明，投资者正在避开长期债务，转而青睐收益曲线的中段。&#34;</p>
<p>长期政府债务在相对基础上可能更具波动性，&#34;投资者要求溢价&#34;以购买它们，因为担心赤字上升和通货膨胀风险加大，&#34;他说。</p>
<p>-Christine Idzelis</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>11-04-25 1348ET</p>

Vanguard国际债券ETF

主动管理债券 ETF - PIMCO

<p>投资者在对高股市估值的担忧中，越来越多地转向投资级公司债券。美国的债券 ETF 在十月份吸引了创纪录的 510 亿美元，反映出对信用的强劲需求。Vanguard 的 Chris Alwine 指出，尽管公司债券的利差较小，但投资者更倾向于高质量的债券。美国股市正在经历下滑，标准普尔 500 指数下跌了 1.1%。美联储的降息促使投资者寻求债券收益，特别是在中期国债市场</p>

<p>By Christine Idzelis</p>
<div class="lb-trans"><p>作者：Christine Idzelis</p>
</div><p>'Demand for credit is still quite strong,' says Vanguard's Chris Alwine</p>
<div class="lb-trans"><p>&#34;对信贷的需求仍然相当强劲，&#34; Vanguard 的 Chris Alwine 表示。</p>
</div><p>Investment-grade corporate bonds were rising Tuesday afternoon as the stock market sold off.</p>
<div class="lb-trans"><p>周二下午，投资级公司债券在股市下跌时上涨。</p>
</div><p>Investors are hungrier than ever for bonds in the exchange-traded-fund industry amid worries over stretched valuations in the U.S. stock market - and as investors position around an unusual setup in which the Federal Reserve is cutting interest rates amid an expanding economy.</p>
<div class="lb-trans"><p>在对美国股市估值过高的担忧中，投资者对交易所交易基金行业的债券需求比以往任何时候都要强烈——同时，投资者在美联储在经济扩张的背景下降息的特殊情况下进行布局。</p>
</div><p>Bond ETFs listed in the U.S. attracted a record $51 billion in October, with their nearly $350 billion of inflows so far this year reflecting an organic growth rate that far outpaces that of equities, according to State Street Investment Management. Investors are showing a willingness to take credit risk in corporate bonds in order to pick up extra yield in their fixed-income portfolios.</p>
<div class="lb-trans"><p>根据 State Street Investment Management 的数据，10 月份在美国上市的债券 ETF 吸引了创纪录的 510 亿美元，今年迄今的近 3500 亿美元流入反映出一种有机增长率，远远超过股票的增长。投资者愿意在公司债券中承担信用风险，以便在固定收益投资组合中获得额外收益。</p>
</div><p>&#34;Demand for credit is still quite strong,&#34; even as corporate bond spreads - or the premium investors are paid over comparable Treasurys - have narrowed to historically tight levels, said Chris Alwine, global head of credit at Vanguard, in a phone interview. Bonds have proven to be a diversifier in investment portfolios, said Alwine, adding that Vanguard is &#34;overweight&#34; on credit.</p>
<div class="lb-trans"><p>&#34;对信贷的需求仍然相当强劲，&#34;即使公司债券利差——即投资者相对于可比国债所获得的溢价——已收窄至历史紧缩水平，Vanguard 全球信贷负责人 Chris Alwine 在电话采访中表示。Alwine 表示，债券已被证明是投资组合中的一种多样化工具，并补充说 Vanguard 在信贷方面&#34;超配&#34;。</p>
</div><p>The U.S. bond market was broadly rising Tuesday as the U.S. stock market sold off. In being overweight on credit, Alwine said Vanguard is favoring higher-quality corporate bonds and preferring less exposure to high-yield debt, which is rated below investment grade.</p>
<div class="lb-trans"><p>周二，美国债券市场在美国股市下跌时普遍上涨。Alwine 表示，Vanguard 在信贷方面的超配意味着更青睐高质量的公司债券，并减少对低评级高收益债务的敞口。</p>
</div><p>The Vanguard Total Corporate Bond ETF VTC, which tracks an index of investment-grade bonds in the U.S., was up 0.2% on Tuesday afternoon, according to FactSet data, at last check. The iShares iBoxx $ Investment Grade Bond ETF LQD, which also provides broad exposure to investment-grade corporate bonds in the U.S., was increasing 0.2% in afternoon trade.</p>
<div class="lb-trans"><p>根据 FactSet 的数据，追踪美国投资级债券指数的 Vanguard Total Corporate Bond ETF VTC 周二下午上涨了 0.2%。同样提供广泛投资级公司债券敞口的 iShares iBoxx $ Investment Grade Bond ETF LQD 在下午交易中也上涨了 0.2%。</p>
</div><p>Investment-grade corporate bonds are beating the broader U.S. bond market in 2025.</p>
<div class="lb-trans"><p>投资级公司债券在 2025 年超越了更广泛的美国债券市场。</p>
</div><p>The iShares iBoxx $ Investment Grade Bond ETF has seen a total return so far this year of 7.7%, exceeding the 6.7% total return for the Vanguard Total Bond Market ETF BND, whose broader exposure to the U.S. investment-grade bond market includes Treasurys, according to FactSet data Tuesday afternoon.</p>
<div class="lb-trans"><p>根据 FactSet 周二下午的数据，iShares iBoxx $ Investment Grade Bond ETF 今年迄今的总回报为 7.7%，超过了 Vanguard Total Bond Market ETF BND 的 6.7% 总回报，后者对美国投资级债券市场的广泛敞口包括国债。</p>
</div><p>Inflows into bond ETFs this year represent 32% of all flows into the U.S.-listed exchange-traded funds in 2025 - beyond their 17% share of overall industry assets, according to State Street.</p>
<div class="lb-trans"><p>今年流入债券 ETF 的资金占 2025 年所有流入美国上市交易所交易基金的 32%——超过其在整体行业资产中 17% 的份额，State Street 表示。</p>
</div><p>Year to date, bond ETFs have &#34;taken in nearly 20% of their start-of-year assets-an organic growth rate that is well above that of equities,&#34; said Matthew Bartolini, global head of research strategists at State Street Investment Management, in a note tracking October ETF flows. While equities have dominated ETF flows this year, Bartolini pegged the category's organic growth rate at just 8%.</p>
<div class="lb-trans"><p>截至目前，债券 ETF&#34;几乎吸纳了年初资产的 20%——这一有机增长率远高于股票，&#34;State Street Investment Management 全球研究策略负责人 Matthew Bartolini 在跟踪 10 月份 ETF 流入的报告中表示。尽管股票在今年的 ETF 流入中占主导地位，Bartolini 将该类别的有机增长率仅定为 8%。</p>
</div><p>The U.S. stock market was trading lower Tuesday amid concern the bull market for U.S. stocks is increasingly tied to the fate of the generative-artificial-intelligence boom. The S&amp;P 500 SPX was falling a sharp 1.1% while the Dow Jones Industrial Average DJIA shed 0.6% and the technology-heavy Nasdaq Composite COMP dropped 1.7%, according to FactSet data, at last check.</p>
<div class="lb-trans"><p>周二，美国股市因担忧美国股票的牛市越来越与生成式人工智能的命运相关而下跌。根据 FactSet 的数据，标准普尔 500 指数 SPX 下跌了 1.1%，道琼斯工业平均指数 DJIA 下跌了 0.6%，而以科技股为主的纳斯达克综合指数 COMP 下跌了 1.7%。</p>
</div><p>ETFs that invest in credit added more than $9 billion in October, with investment-grade bonds attracting much larger inflows than riskier high-yield corporate debt, according to State Street.</p>
<div class="lb-trans"><p>根据 State Street 的数据，投资于信贷的 ETF 在 10 月份增加了超过 90 亿美元，投资级债券吸引的流入远远超过风险较高的高收益公司债务。</p>
</div><p>Part of the appeal of taking risk in corporate credit is that the Fed is cutting rates against the backdrop of economic growth in the U.S. and as &#34;we have a very good earnings season&#34; so far for third-quarter results, said Alwine. &#34;Typically when the Fed is cutting, the economy is weak.&#34;</p>
<div class="lb-trans"><p>在美国经济增长的背景下，美联储降息的部分吸引力在于&#34;我们目前的第三季度业绩季节非常好，&#34;Alwine 表示。&#34;通常情况下，当美联储降息时，经济是疲弱的。&#34;</p>
</div><p>But with the economy continuing to grow and publicly traded corporate debt generally appearing healthy, spreads are &#34;justifiably&#34; tight for now, according to Alwine. Under his base case, the U.S. economy expands this year around &#34;trend,&#34; which is 2%, while the Fed remains generally supportive of the economy by continuing to recalibrate monetary policy with potential rate cuts.</p>
<div class="lb-trans"><p>但随着经济持续增长，上市公司债务普遍看起来健康，利差&#34;在目前是合理的紧缩，&#34;Alwine 表示。在他的基本情况下，美国经济今年将以&#34;趋势&#34;的速度增长，即 2%，而美联储通过继续调整货币政策并可能降息来继续支持经济。</p>
</div><p>Should the Fed continue its rate-cutting cycle, Alwine expects some investors will move out of cash to earn more income from bonds, including by taking more duration risk in Treasurys.</p>
<div class="lb-trans"><p>如果美联储继续降息，Alwine 预计一些投资者将会从现金中转移，以便从债券中获得更多收入，包括在国债中承担更多的久期风险。</p>
</div><p>He said that he has observed demand for intermediate-term Treasurys, or maturities in the range of seven to 10 years, and expects that to continue. But Alwine anticipates some investors may seek shorter durations as they step out of cash.</p>
<div class="lb-trans"><p>他说，他观察到对中期国债（即 7 到 10 年到期的债券）的需求，并预计这种情况将持续。但 Alwine 预计一些投资者可能会寻求更短的久期，因为他们逐步退出现金。</p>
</div><p>ETF flows in October suggested a hesitancy on the part of investors to move too far out of the Treasury market's yield curve into long-term U.S. government debt of 10 years or more. The money investors added to &#34;short- and intermediate-term government bond ETFs indicates that investors are eschewing longer-term tenors in favor of the belly of the curve,&#34; wrote Bartolini.</p>
<div class="lb-trans"><p>10 月份的 ETF 流入表明，投资者在国债收益率曲线中不愿意过多地转向 10 年或更长期的美国政府债务。Bartolini 写道，投资者对&#34;短期和中期政府债券 ETF 的资金流入表明，投资者正在避开长期债务，转而青睐收益曲线的中段。&#34;</p>
</div><p>Long-term government debt may be more volatile on a relative basis, &#34;with investors demanding a premium&#34; to buy them on fears over rising deficits and the risk of inflation picking up, he said.</p>
<div class="lb-trans"><p>长期政府债务在相对基础上可能更具波动性，&#34;投资者要求溢价&#34;以购买它们，因为担心赤字上升和通货膨胀风险加大，&#34;他说。</p>
</div><p>-Christine Idzelis</p>
<div class="lb-trans"><p>-Christine Idzelis</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>11-04-25 1348ET</p>
<div class="lb-trans"><p>11-04-25 1348ET</p>
</div>

由于对股市高涨的担忧，投资者纷纷涌入债券市场