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新加坡公司债券详解：如何挑选一只“不会爆雷”的债券？

✦ 作者：Jolysse Wu 邬宇思｜独立财务顾问
✦ 关键词：债券投资｜信用评级｜票面利率｜信用风险｜稳健收益

一、前言：利率下降，债券重新成为“香饽饽”？

随着新加坡各大银行的定期存款利率下调至3%左右，越来越多投资者重新关注“债券”这种传统而稳健的投资工具。

相比定存，债券可以提供更高的票息收入；相比股票，债券波动小、现金流稳定。尤其是在经济放缓、央行逐步转向降息周期的背景下，高评级公司债券正迎来配置窗口期。

但债券虽好，也不是无风险。如何挑选出真正优质、值得长期持有的公司债券，是这篇文章的重点。

二、什么是公司债券？

公司债券（Corporate Bond）是企业向公众或机构投资人募集资金所发行的债务凭证。

简单来说：你把钱借给公司，公司承诺定期支付利息，到期还本。公司债券通常具有以下特征：

  1. 固定票息：按季或半年支付利息
  2. 固定期限：如3年、5年、10年
  3. 信用评级：决定你能不能“安心拿着不怕爆雷”
  4. 流动性：可在二级市场买卖，价格波动但不剧烈

与政府债券（如SGS、T-bills）相比，公司债券票息更高，但也有一定信用风险。

三、举例分析：淡马锡 & 星展银行债券

✦ 淡马锡债券（Temasek Bonds）

  • 发行方：淡马锡控股（新加坡主权基金）
  • 信用评级：AAA（最高等级）
  • 期限：5 – 10年
  • 票面利率：3.2% – 3.85%（不同批次不同）
  • 买卖方式：新交所上市，可在二级市场交易
  • 税务优势：利息对新加坡税务居民免税

✔ 优势：国家信用背书，违约风险极低，是“准无风险资产”之一

✦ 星展银行债券（DBS Bonds）

  • 发行方：DBS Bank Ltd
  • 信用评级：A（稳定）或BBB+
  • 票息范围：3.5% – 5.0%
  • 期限：常见为5年
  • 认购方式：通过券商或私人银行，门槛25万新元起（有时二级市场可拆分）

✔ 优势：利率高于定存，适合寻求稳定收入的投资者

 

⚠️ 注意：银行次级债（如永续债）风险高于普通债券，需留意条款是否含“可赎回”、“票息延后”等选项

 

四、债券的关键指标详解

指标
含义与参考值
票面利率
每年付给投资者的利息，固定或浮动
到期收益率(YTM)
投资至到期所获得的总年化回报率
信用评级
由穆迪、标普、惠誉评级机构打分，AAA最高
Duration
表示利率变动对价格影响的敏感度
交易价格
可高于或低于面值，取决于市场供需

五、适合投资公司债券的人群

✔ 资金在 25万新元以上

✔ 希望获得比定存略高、但可预期的收益

✔ 对本金稳定性有要求，但愿意承受一定流动性波动

✔ 有养老金、教育金等“明确使用期限”的目标

✔ 希望降低整体投资组合波动率的人群

 

⚠️ 不适合：

  • 完全无法承受亏损的人
  • 对现金流高度灵活性有需求者

六、历史表现与实际案例

债券类型
信用等级
平均票息
二级市场波动
到期兑付情况
淡马锡2026
AAA
3.20%
价格稳中有升
正常兑付
DBS永续债
BBB+
4.85%
下跌6%-8%
正常付息

七、风险与误区提醒

🔸 “债券=绝对安全”：如果公司经营不善，债券可能违约，特别是低评级或无评级债券。

🔸 “票息越高越好”：高票息往往意味着风险更高，需判断是否值得承担。

🔸 “持有到期就不会亏”：若你中途卖出，可能因价格波动而亏损。

🔸 “永续债也是债券”：永续债风险远高于普通公司债，利息可能延后、取消，甚至无法赎回。

八、配置建议与实用贴士

✅ 比例建议：

  • 保守型投资者：可将总资产的15%-25%配置于AAA/A等级债券
  • 成长型投资者：将债券作为“防御型底仓”，控制在10%-15%

✅ 组合建议：

  • 与分红基金、结构性存款结合使用，提升现金流稳定性
  • 配合基金定投形成“进攻+防守”配置结构

✅ 实用贴士：

  • 定期关注债券评级变化，尤其是经济下行周期
  • 二级市场买卖前，确认流动性与交易成本
  • 考虑通过ETF或债券基金分散风险（如Nikko AM SGD Investment Grade Bond ETF）

九、总结

公司债券是一种“可预期、可控制”的中低风险投资工具。

通过选择优质发行人、控制比例、理解条款，债券可以成为家庭资产配置中非常重要的一环。

 

它不适合暴利思维，但适合用来稳定心态、锁定现金流、匹配未来责任。

如果你正在思考如何在当前利率环境下获得稳定收益，又不想承受股市大起大落，欢迎私信我，我可以协助你挑选适合你的债券组合。

 

 

如果您希望深入了解如何通过公司债券稳健配置家庭资产，欢迎随时联系我！😊
I’m Jolysse Wu 😊我是独立财务顾问 Jolysse 邬宇思，专注于资产规划，为您打造适合您家庭的财富方案。感谢一路以来的支持与信任！💖

新加坡公司债券详解：如何挑选一只“不会爆雷”的债券？ — Engage

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

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