【环球财经】星展银行：全球债券重获对冲属性 关注投资级信贷配置机会

Core Viewpoint - DBS Bank's report indicates that with the Federal Reserve entering a rate-cutting cycle, bonds have reestablished their role as a risk-hedging tool against equities, suggesting investors shift cash into credit bonds, particularly focusing on A-rated or BBB-rated investment-grade credit bonds, while maintaining a portfolio duration of 5 to 7 years [1][2]. Group 1: Market Performance and Trends - Despite geopolitical tensions and macro uncertainties in 2025, global markets exhibited an overall upward trend, with investment-grade credit bonds showing lower absolute returns compared to equities but significantly lower volatility [1]. - During market risk events, while global equities experienced pullbacks, the bond market remained resilient, effectively protecting investment portfolios and demonstrating defensive resilience in asset allocation [1]. Group 2: Investment Strategy and Recommendations - The report refutes the notion that bonds have lost their hedging function in investment portfolios, highlighting a shift in correlation between bonds and stocks, making bonds a quality safe-haven asset [2]. - Investors are advised to adopt a quality enhancement strategy, favoring A-rated and BBB-rated investment-grade credit bonds, as healthy corporate balance sheets and a lack of risk-free assets support their valuation despite current credit spreads being at historical lows [2]. - Caution is advised regarding high-yield bonds, which are perceived to be overpriced with spreads lower than average levels during non-recession periods, presenting asymmetric downside risks amid slowing economic growth [2]. - For investors seeking excess returns, the report recommends a combination of government bonds with Treasury Inflation-Protected Securities (TIPS) and mortgage-backed securities (MBS) to enhance yield [2]. Group 3: Future Outlook - The report concludes that under the macro conditions of stable global growth and policy easing, credit products are expected to perform well, but investors should remain cautious about credit quality to navigate future market volatility [3].