<p>作者：Christine Idzelis</p>
<p>&#34;對信貸的需求仍然相當強勁，&#34; Vanguard 的 Chris Alwine 表示。</p>
<p>週二下午，投資級公司債券在股市下跌時上漲。</p>
<p>在對美國股市估值過高的擔憂中，投資者對交易所交易基金行業的債券需求比以往任何時候都要強烈——同時，投資者在美聯儲在經濟擴張的背景下降息的特殊情況下進行佈局。</p>
<p>根據 State Street Investment Management 的數據，10 月份在美國上市的債券 ETF 吸引了創紀錄的 510 億美元，今年迄今的近 3500 億美元流入反映出一種有機增長率，遠遠超過股票的增長。投資者願意在公司債券中承擔信用風險，以便在固定收益投資組合中獲得額外收益。</p>
<p>&#34;對信貸的需求仍然相當強勁，&#34;即使公司債券利差——即投資者相對於可比國債所獲得的溢價——已收窄至歷史緊縮水平，Vanguard 全球信貸負責人 Chris Alwine 在電話採訪中表示。Alwine 表示，債券已被證明是投資組合中的一種多樣化工具，並補充説 Vanguard 在信貸方面&#34;超配&#34;。</p>
<p>週二，美國債券市場在美國股市下跌時普遍上漲。Alwine 表示，Vanguard 在信貸方面的超配意味着更青睞高質量的公司債券，並減少對低評級高收益債務的敞口。</p>
<p>根據 FactSet 的數據，追蹤美國投資級債券指數的 Vanguard Total Corporate Bond ETF VTC 週二下午上漲了 0.2%。同樣提供廣泛投資級公司債券敞口的 iShares iBoxx $ Investment Grade Bond ETF LQD 在下午交易中也上漲了 0.2%。</p>
<p>投資級公司債券在 2025 年超越了更廣泛的美國債券市場。</p>
<p>根據 FactSet 週二下午的數據，iShares iBoxx $ Investment Grade Bond ETF 今年迄今的總回報為 7.7%，超過了 Vanguard Total Bond Market ETF BND 的 6.7% 總回報，後者對美國投資級債券市場的廣泛敞口包括國債。</p>
<p>今年流入債券 ETF 的資金佔 2025 年所有流入美國上市交易所交易基金的 32%——超過其在整體行業資產中 17% 的份額，State Street 表示。</p>
<p>截至目前，債券 ETF&#34;幾乎吸納了年初資產的 20%——這一有機增長率遠高於股票，&#34;State Street Investment Management 全球研究策略負責人 Matthew Bartolini 在跟蹤 10 月份 ETF 流入的報告中表示。儘管股票在今年的 ETF 流入中占主導地位，Bartolini 將該類別的有機增長率僅定為 8%。</p>
<p>週二，美國股市因擔憂美國股票的牛市越來越與生成式人工智能的命運相關而下跌。根據 FactSet 的數據，標準普爾 500 指數 SPX 下跌了 1.1%，道瓊斯工業平均指數 DJIA 下跌了 0.6%，而以科技股為主的納斯達克綜合指數 COMP 下跌了 1.7%。</p>
<p>根據 State Street 的數據，投資於信貸的 ETF 在 10 月份增加了超過 90 億美元，投資級債券吸引的流入遠遠超過風險較高的高收益公司債務。</p>
<p>在美國經濟增長的背景下，美聯儲降息的部分吸引力在於&#34;我們目前的第三季度業績季節非常好，&#34;Alwine 表示。&#34;通常情況下，當美聯儲降息時，經濟是疲弱的。&#34;</p>
<p>但隨着經濟持續增長，上市公司債務普遍看起來健康，利差&#34;在目前是合理的緊縮，&#34;Alwine 表示。在他的基本情況下，美國經濟今年將以&#34;趨勢&#34;的速度增長，即 2%，而美聯儲通過繼續調整貨幣政策並可能降息來繼續支持經濟。</p>
<p>如果美聯儲繼續降息，Alwine 預計一些投資者將會從現金中轉移，以便從債券中獲得更多收入，包括在國債中承擔更多的久期風險。</p>
<p>他説，他觀察到對中期國債（即 7 到 10 年到期的債券）的需求，並預計這種情況將持續。但 Alwine 預計一些投資者可能會尋求更短的久期，因為他們逐步退出現金。</p>
<p>10 月份的 ETF 流入表明，投資者在國債收益率曲線中不願意過多地轉向 10 年或更長期的美國政府債務。Bartolini 寫道，投資者對&#34;短期和中期政府債券 ETF 的資金流入表明，投資者正在避開長期債務，轉而青睞收益曲線的中段。&#34;</p>
<p>長期政府債務在相對基礎上可能更具波動性，&#34;投資者要求溢價&#34;以購買它們，因為擔心赤字上升和通貨膨脹風險加大，&#34;他説。</p>
<p>-Christine Idzelis</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>11-04-25 1348ET</p>

Vanguard國際債券ETF

主動管理債券 ETF - PIMCO

<p>投資者在對高股市估值的擔憂中，越來越多地轉向投資級公司債券。美國的債券 ETF 在十月份吸引了創紀錄的 510 億美元，反映出對信用的強勁需求。Vanguard 的 Chris Alwine 指出，儘管公司債券的利差較小，但投資者更傾向於高質量的債券。美國股市正在經歷下滑，標準普爾 500 指數下跌了 1.1%。美聯儲的降息促使投資者尋求債券收益，特別是在中期國債市場</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;對信貸的需求仍然相當強勁，&#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>週二下午，投資級公司債券在股市下跌時上漲。</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>在對美國股市估值過高的擔憂中，投資者對交易所交易基金行業的債券需求比以往任何時候都要強烈——同時，投資者在美聯儲在經濟擴張的背景下降息的特殊情況下進行佈局。</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>根據 State Street Investment Management 的數據，10 月份在美國上市的債券 ETF 吸引了創紀錄的 510 億美元，今年迄今的近 3500 億美元流入反映出一種有機增長率，遠遠超過股票的增長。投資者願意在公司債券中承擔信用風險，以便在固定收益投資組合中獲得額外收益。</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;對信貸的需求仍然相當強勁，&#34;即使公司債券利差——即投資者相對於可比國債所獲得的溢價——已收窄至歷史緊縮水平，Vanguard 全球信貸負責人 Chris Alwine 在電話採訪中表示。Alwine 表示，債券已被證明是投資組合中的一種多樣化工具，並補充説 Vanguard 在信貸方面&#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>週二，美國債券市場在美國股市下跌時普遍上漲。Alwine 表示，Vanguard 在信貸方面的超配意味着更青睞高質量的公司債券，並減少對低評級高收益債務的敞口。</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>根據 FactSet 的數據，追蹤美國投資級債券指數的 Vanguard Total Corporate Bond ETF VTC 週二下午上漲了 0.2%。同樣提供廣泛投資級公司債券敞口的 iShares iBoxx $ Investment Grade Bond ETF LQD 在下午交易中也上漲了 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>投資級公司債券在 2025 年超越了更廣泛的美國債券市場。</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>根據 FactSet 週二下午的數據，iShares iBoxx $ Investment Grade Bond ETF 今年迄今的總回報為 7.7%，超過了 Vanguard Total Bond Market ETF BND 的 6.7% 總回報，後者對美國投資級債券市場的廣泛敞口包括國債。</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>今年流入債券 ETF 的資金佔 2025 年所有流入美國上市交易所交易基金的 32%——超過其在整體行業資產中 17% 的份額，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，債券 ETF&#34;幾乎吸納了年初資產的 20%——這一有機增長率遠高於股票，&#34;State Street Investment Management 全球研究策略負責人 Matthew Bartolini 在跟蹤 10 月份 ETF 流入的報告中表示。儘管股票在今年的 ETF 流入中占主導地位，Bartolini 將該類別的有機增長率僅定為 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>週二，美國股市因擔憂美國股票的牛市越來越與生成式人工智能的命運相關而下跌。根據 FactSet 的數據，標準普爾 500 指數 SPX 下跌了 1.1%，道瓊斯工業平均指數 DJIA 下跌了 0.6%，而以科技股為主的納斯達克綜合指數 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>根據 State Street 的數據，投資於信貸的 ETF 在 10 月份增加了超過 90 億美元，投資級債券吸引的流入遠遠超過風險較高的高收益公司債務。</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>在美國經濟增長的背景下，美聯儲降息的部分吸引力在於&#34;我們目前的第三季度業績季節非常好，&#34;Alwine 表示。&#34;通常情況下，當美聯儲降息時，經濟是疲弱的。&#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>但隨着經濟持續增長，上市公司債務普遍看起來健康，利差&#34;在目前是合理的緊縮，&#34;Alwine 表示。在他的基本情況下，美國經濟今年將以&#34;趨勢&#34;的速度增長，即 2%，而美聯儲通過繼續調整貨幣政策並可能降息來繼續支持經濟。</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>如果美聯儲繼續降息，Alwine 預計一些投資者將會從現金中轉移，以便從債券中獲得更多收入，包括在國債中承擔更多的久期風險。</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>他説，他觀察到對中期國債（即 7 到 10 年到期的債券）的需求，並預計這種情況將持續。但 Alwine 預計一些投資者可能會尋求更短的久期，因為他們逐步退出現金。</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，投資者在國債收益率曲線中不願意過多地轉向 10 年或更長期的美國政府債務。Bartolini 寫道，投資者對&#34;短期和中期政府債券 ETF 的資金流入表明，投資者正在避開長期債務，轉而青睞收益曲線的中段。&#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>長期政府債務在相對基礎上可能更具波動性，&#34;投資者要求溢價&#34;以購買它們，因為擔心赤字上升和通貨膨脹風險加大，&#34;他説。</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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>11-04-25 1348ET</p>
<div class="lb-trans"><p>11-04-25 1348ET</p>
</div>

由於對股市高漲的擔憂，投資者紛紛湧入債券市場