如果各位仲記得,去年二月中因為市場擔心德銀無法為旗下Coco Bond的派息,令德銀股價及Coco Bond市場出現一輪震盪。(詳看下文)

德銀急跌—Coco Bond為投資市場帶來的風險 | Econ記者

但其實如果大家在去年這個危機時期,買入德銀該批Coco Bond,你的投資回報如何呢?根據FT上星期一篇報道指,德銀這批Coco Bond的價格由去年二月低位的每歐元債售71歐仙,大幅回升至上星期的91歐仙。

Investors in European coco bonds have made significant gains during the past year, reflecting a rebound in sentiment from early 2016, when the asset class was severely tested given its exposure to the continent’s banks.

Total returns on the main Markit index for the asset class are close to 30 per cent since the market collapsed last February.

這個回升的走勢並非德銀Coco Bond獨有,報道引述Markit的Coco Bond指數由去年二月至今錄得約30%的總回報。值得留意是,就算債價回升後,目前價佫仍低於票面價,加上普遍有6至8厘的票面息,令Coco Bond繼續成為「吸引」的投資產品。

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