---
title: "高收益债券的回收率降至 35%，较去年下降 16%，为自 COVID 以来的最低水平"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/285460324.md"
description: "瑞士银行的信用分析师 Matt Mish 报告称，美国高收益债券的回收率显著下降至 35%，较去年下降了 16%，为疫情以来的最低水平。尽管美国和欧洲信用市场的违约率保持稳定，但贷款抵押品质量的下降引发了对未来信用风险的担忧"
datetime: "2026-05-07T00:32:20.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285460324.md)
  - [en](https://longbridge.com/en/news/285460324.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285460324.md)
---

# 高收益债券的回收率降至 35%，较去年下降 16%，为自 COVID 以来的最低水平

UBS' credit analyst Matt Mish - who two months sparked a mini crisis on Wall Street when he predicted private credit default rates of 15% - published his April Default Report (_available here for pro subs_) which saw stable default rates across US and EU credit markets, with US high-yield bonds showing a 2.3% LTM issuer default rate, up 1.1% year-on-year.Recovery rates, **however, declined sharply, down 16% to 35%, which is a big red flag as it means that the quality of loan collateral is rapidly eroding.**

_Here are the details:_

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