高风险的“信用违约互换”再次吸引投资者

Hedge funds are embracing an esoteric credit product widely blamed for exacerbating the financial crisis a decade ago, as low volatility and near record prices for corporate debt tempt them into riskier areas to seek higher returns.

对冲基金正投资一种被普遍指责在10年前加剧金融危机的复杂信用产品。低波动性和接近纪录水平的公司债价格促使他们进军更高风险领域，以寻求较高回报。

The market for “bespoke tranches” — bundles of credit default swaps that are tied to the risk of corporate defaults — has more than doubled in the first seven months of 2017.

2017年头7个月，“定制分级”市场(bespoke tranches，与公司违约风险挂钩的打包的信用违约互换(CDS))的规模翻了一番多。

Traders in this opaque, over-the-counter market estimate there has been issuance of $20bn to $30bn this year, compared to $15bn in the whole of 2016 and $10bn in 2015.

这个不透明的场外市场的交易员估计，今年的发行规模已达到200亿至300亿美元，而2016年和2015年的全年发行额分别为150亿美元和100亿美元。

High-profile investors including Apollo, Brigade Capital and Blue Mountain are among those who having been buying tranches with a maturity of two to three years.

阿波罗(Apollo)、Brigade Capital和Blue Mountain等知名投资者一直在购买期限为2到3年的“定制分级”产品。

“Acceptance of the product is growing again,” said Bret Leas, global co-head of structured credit at Apollo.

阿波罗结构信贷部门全球联合主管布雷特•利斯(Bret Leas)表示：“这种产品正再次得到更多人的认可。”

The surge in activity reflects the effort by investors to generate a higher rate of return during a period of historically low volatility in credit markets, compounded by low fixed rate yields.

交易活动飙升反映出投资者在信贷市场波动率处于历史低位(同时较低的固定收入产品收益率令情况恶化)之际努力实现更高回报率。