智通财经APP获悉，柏瑞投资全球信贷及固定收益主管、杠杆收益联席主管Steven Oh发表2025年下半年环球固定收益市场展望。一直以来，美国债券及其基本面具明显优势，但这优势近期正逐步减弱。考虑到各类金融资产估值普遍偏高，建议减少美国资产配置，转为更均衡的配置。以欧洲杠杆贷款替代美国风险资产的吸引力日渐增加。目前许多投资者在欧洲市场的配置仍然偏低，而欧洲(尤其是德国)在财政支出重整的推动下，正显现复苏迹象。
部分新兴市场基本面亦根基稳固，绝大多数企业甚少直接参与对美贸易。近期的市场波动显示，亚洲美元债券或可成为欧美固定收益的替代资产，尤其是在市场回调之后。
尽管投资者对亚洲市场持谨慎态度，担心特朗普针对中国的关税政策可能波及其他亚洲国家，但这些国家的经济基本面依然坚固。中国以外的亚洲债券存在具吸引力的投资机会。
信用利差自4月高位大幅收窄，一级市场也逐渐回暖。尽管利差料不会进一步收窄，未来的回报将主要依赖于收益率，但在这种情况下，高收益债券、银行贷款和CLO(担保贷款凭证)均显示出相对吸引的回报潜力。
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