老师，128题关于的spread changes表述，上课教的是spread change与investment grade bond相关性大，与HYB相关性小。为什么文中说：spread changes are more pronounced during times of outflows in high yield markets 是正确的呢？
pzqa31 · 2024年01月11日
嗨，从没放弃的小努力你好：
Second, spread changes are more pronounced during times of outflows in high-yield markets relative to investment-grade markets, particularly during times of stress.
这句话的意思是：在Times of stress时，一般会抛售High-yield bond，所以价格大幅下跌，Spread的变动会非常显著，这就是他说的 spread changes are more pronounced；
而during times of outflows in high-yield markets，就是他说的资金离开High-yield市场。
这个Spread，我觉得也有可能是Bid-ask spread，在During times of stress，持有High-yield bond的风险时非常高的，所以Dealer，会要求一个更高的Bid-ask spread，所以在此时，对于Hihg-yield bond bid-ask spread changes更多。
----------------------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！