1

3

4

5

-0.95%

0.58%

-0.17%

0.46%

0.50%

-0.16%

9.29%

18.87%

12.71%

14.37%

14.57%

14.14%

-5% 0% 5% 10% 15% 20%

英國富時100

德國DAX

法國巴黎

MSCI歐洲

道瓊歐洲600

道瓊歐盟STOXX50

一個月 一週

-61.4

(120)

(100)

(80)

(60)

(40)

(20)

0

20

40

60

80

01/2018 05/2018 09/2018 01/2019 05/2019 09/2019 01/2020

7

8

8

10

11

美林美國¹ vs. 歐洲高收益債券指數²利差

¹ Merrill Lynch L US High Yield Index

² Merrill Lynch Euro High Yield Constrained Index

¹ ²

¹ 731 -65 371 2.73% 2.99%

² 631 -27 323 0.38% 2.45%

12

-81 -41 307 842 8.94%

-118 253 797 1255 12.92%

-82 -78 266 814 8.69%

13

14

563 372 277 662 1 31 128

0.59% 0.86% 2.89%

0.03% -1.69% -13.42%

0.57% 2.59% 18.83%

23 12 388 945

-29 45 159 389

11 6 138 455

8 45 189 659

-15 10 5 591

15

5.05 6.27 4.67 7.27 -28 -55 -141

0.35% 0.64% -1.65%

1.64% 3.00% 13.34%

-1.27% -2.29% -13.23%

-22 3 -114 3.94

-14 -71 -175 3.73

-44 -86 -159 5.67

-41 -40 109 10.68

16

-23.0 -26.0 2,293

76.0 -44.0 263

13.3 -54.3 167.1

3.7 -71.5 78.8

8.0 -186.0 567

-2.0 -119.0 119

17

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Rule 144A (Rule 144A ) Rule 144A

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