美银Hartnett建议买入科技债，称相对回报跌至30年低位
Bank of America’s Hartnett says buy tech bonds as relative returns hit 30-year low
Michael Hartnett, ketua strategi pelaburan di Bank of America, mengesyorkan membeli bon teknologi A.S., dengan mengatakan bahawa bon tersebut akan jatuh kira-kira 9% pada 2026, dan jumlah pulangan berbanding indeks gred pelaburan akan berada pada paras terendah 30 tahun. Beliau percaya punca utamanya ialah lonjakan bekalan. Pengeluar hiperskala telah menerbitkan bon AS$182 bilion untuk pusat data tahun ini dan AS$17 bilion pada 2024. Hasil bagi bon teknologi jangka panjang telah meningkat kepada 6% hingga 8%.
BofA notes that tech debt's total returns relative to the investment-grade index have fallen to a 30-year low, with the core driver being hyperscalers' heavy debt issuance for data centers and the resulting supply surge; yields on long-duration tech debt have risen to the 6% to 8% range. For traders, this signals that supply pressure in the credit market is reshaping relative value, and the divergence between tech debt and the investment-grade index is worth tracking; meanwhile, pricing changes in high-yield long-duration assets may also indirectly affect gold and forex market sentiment through the risk-appetite channel.
美银策略师给出科技债相对投资级回报创30年低位的判断，并列出超大规模厂商发债与回购萎缩的对比数据。
来源：ForexLive · investinglive.com