信贷风暴前夜？科技债天量供应遭订单“大撤退”，市场谨慎情绪席卷全球

Core Viewpoint - The global financial market is experiencing a downturn, which is now affecting the credit market, with risk premiums for various bonds hovering near multi-week highs [1] Group 1: Credit Market Trends - Investors withdrew about 40% of orders for several corporate bond issuances after seeing final pricing, which is unusually high [1] - An investment-grade bond issuance was completely withdrawn from the market last week, a rare occurrence [1] - In the leveraged loan market, banks are struggling to sell some acquisition-related debt [1] Group 2: Investor Sentiment - There are signals indicating potential growth issues, but this has not yet reflected in bond yields [2] - Fund managers have recently purchased a significant amount of tech bonds, with large-scale computing companies issuing approximately $121 billion in high-grade bonds this year, surpassing the five-year average of about $28 billion [2] - The cautious sentiment among fund managers was evident in Amazon's bond issuance, where initial orders of about $80 billion dropped to approximately $47 billion after pricing was announced, a decline of over 40% [2] Group 3: Market Indicators - The final drop in order volume was steep, with typical reductions in this market closer to 20% [3] - The yield on CCC-rated bonds rose to 10.38%, the highest since late August, indicating increased risk premiums [3] - The Markit CDX North America High Yield Index fell to about 106.4, the lowest level since June, reflecting rising risks [3] Group 4: Bond Valuation Concerns - Despite signs of weakness, the average spread for U.S. high-grade corporate bonds was about 0.83 percentage points, relatively low compared to the ten-year average of 1.17 percentage points [6] - Some investors express concerns that bond valuations remain too high, offering limited upside potential [6] - The current environment is characterized by rapid technological changes, leading to a cautious outlook among investors [6]