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在Reading 30的Practice problems之中的第25題,
有關credit bonds在primary market中的supply增加,
對於spread的影響,解答是說Based on recent research, when the primary market
supply increases, credit spreads do not tighten.

但在P.67頁討論Primary market analysis的內容,
明明就提到increases in issuance are associated with market-spread contraction
.....另外一段也提到,in the investment-grade credit market, heavy supply often
compresses spreads....

所以我的認知是25題的答案應是A,也就是effect on spread的論述也是正確的,
除非關鍵是在tighten這個字完全不能近似於contract或narrow,
但CFA的教材之中,明明在講到monetary policy時,
也常用tight和contract這兩個字來描述緊縮(升息)的貨幣政策,
請教各位認為是答案有錯,還是我哪裡的理解有誤?

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关键词：CFA3 CFA FA3 Investment Increases research problems primary recent credit

刚看到Reading14,等我看到再回答你好了

My understanding is that issuer of a credit bond wants to seek
protection,and increases in credit bond supply indicates the demand for
protection increases, therefore spread may not tighten.

[此贴子已经被作者于2009-5-3 5:48:00编辑过]

if you read carefully for the first paragraph under "Primary market Analysis" on p.67 of reading 30, you can notice that "supply will hurt spreads"  may be true for single issuer but not generally true for entire credit market which depends on many other factors. Even if it is true for investment-grade credit market, as you quoted in the second paragraph, Warren's trading universe may include bonds below investment grades, as shown in statements regarding Select high-performance fund, which includes B grade bonds.

I have to agree with you that that materials on the section is not very clear.