---
title: "高收益債券的回收率降至 35%，較去年下降 16%，為自 COVID 以來的最低水平"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/285460324.md"
description: "瑞士銀行的信用分析師 Matt Mish 報告稱，美國高收益債券的回收率顯著下降至 35%，較去年下降了 16%，為疫情以來的最低水平。儘管美國和歐洲信用市場的違約率保持穩定，但貸款抵押品質量的下降引發了對未來信用風險的擔憂"
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)
---

# 高收益債券的回收率降至 35%，較去年下降 16%，為自 COVID 以來的最低水平

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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