«Մասնակից:Ռիմա Մանասերյան/Ավազարկղ»–ի խմբագրումների տարբերություն

 

== Պարտավորությունների և պարտքային շուկաները ==

 

 

During the [[2020 stock market crash]] that began the week of 9 March, bond prices unexpectedly moved in the same direction as stock prices. Bonds are generally considered safer than stocks, so confident investors will sell bonds to buy stocks and cautious investors will sell stocks to buy bonds. Along with the unexpected movement of bonds in concert with stocks, bond desks reported that it had become difficult to trade many different types of bonds, including [[Municipal bond|municipal bonds]], [[Corporate bond|corporate bonds]], and even U.S. [[Treasury bond|Treasury bonds]]. ''[[The New York Times]]'' opined that this, coupled with the fall in gold futures, indicated that major investors were experiencing a cash crunch and were attempting to sell any asset they could.<ref>{{cite web|url=https://www.nytimes.com/2020/03/12/upshot/markets-weird-coronavirus.html|title=Something Weird Is Happening on Wall Street, and Not Just the Stock Sell-Off|last1=Irwin|first1=Neil|date=12 March 2020|website=The New York Times|archive-url=https://web.archive.org/web/20200312235458/https://www.nytimes.com/2020/03/12/upshot/markets-weird-coronavirus.html|archive-date=12 March 2020|access-date=13 March 2020|url-status=live}}</ref> As big investors sought to sell, the spread between the prices sellers and buyers wanted has widened. As banks were unable to sell the bonds they were holding, they also stopped buying bonds. As the number of traders fell, the few trades remaining wildly swung the bond prices. [[Market depth]] in Treasuries, a measure of liquidity, fell to its lowest level since the 2008 crisis.<ref>{{cite web|url=https://www.nytimes.com/2020/03/12/business/economy/wall-street-funding-troubles-fed.html|title=Troubles Percolate in the Plumbing of Wall Street|last1=Smialek|first1=Jeanna|last2=Phillips|first2=Matt|date=12 March 2020|website=The New York Times|archive-url=https://web.archive.org/web/20200314194742/https://www.nytimes.com/2020/03/12/business/economy/wall-street-funding-troubles-fed.html|archive-date=14 March 2020|access-date=15 March 2020|url-status=live}}</ref> Over the week of 9 March, investors pulled a weekly record of $15.9&nbsp;billion from investment-grade bond funds, as well as $11.2&nbsp;billion from high-yield bond funds, the second-highest on record.<ref name="MarketWatch_130320">{{cite web|url=https://www.marketwatch.com/story/wall-street-fear-flashbacks-to-2008-of-forced-selling-in-9-trillion-us-corporate-bond-market-2020-03-14|title=Wall Street fears 'flashbacks to 2008' with forced selling in $9 trillion U.S. corporate bond market|last1=Oh|first1=Sunny|date=14 March 2020|website=MarketWatch|access-date=15 March 2020}}</ref> Also, prices for bond exchange-traded funds began dropping below their net asset values.<ref>{{Cite web|url=https://www.morningstar.com/articles/976094/are-bond-funds-broken-as-diversifiers|title=Are Bond Funds 'Broken' as Diversifiers?|last=Benz|first=Christine|date=2 April 2020|website=Morningstar.com|access-date=19 May 2020}}</ref>