Repo Rates Spike: Are Lessons Of The 2019 Funding Crisis Being Heeded?
Repo Rates Spike: Are Lessons Of The 2019 Funding Crisis Being Heeded?
The U.S. repo market has come under the spotlight in the past couple of days as surging short-term interest rates are causing some stress for overnight funding on Wall Street, reminiscent of the 2019 funding crisis.
在過去的幾天裏，美國回購市場備受關注，因爲短期利率飆升給華爾街的隔夜融資帶來了一些壓力，讓人聯想到2019年的融資危機。
A repo — or, to give its full name, a repurchase agreement — is an overnight trade in government securities where a dealer sells the securities to investors and buys them back the next day for a slightly higher price. Such trades are typically used to raise short-term capital — the dealer is effectively borrowing money overnight from investors, or lenders.
回購——或全名爲回購協議——是政府證券的隔夜交易，交易商將證券出售給投資者，並在第二天以略高的價格回購。此類交易通常用於籌集短期資金——交易商實際上是在隔夜向投資者或貸款人借錢。
The repo market is an important facet of the short-term funding habits of banks, and stresses in the market started showing up last month following the surge in bond buying in November as increased demand for short-term repo lending led to a jump in rates.
回購市場是銀行短期融資習慣的重要方面，上個月，由於短期回購貸款需求的增加導致利率上升，債券購買量激增，市場壓力開始顯現。
While yields on longer-term Treasuries have continued to fall from the 16-year highs hit in October, at the shorter end maturities between 1 month and 1 year, yields remain above 5%. On the final trading day of November, yields on overnight general collateral repo jumped above 5.5% and have remained close to this high into December.
儘管長期國債收益率繼續從10月份觸及的16年高位下降，但在1個月至1年期之間的較短期限內，收益率仍高於5％。在11月的最後一個交易日，隔夜普通抵押品回購的收益率躍升至5.5％以上，並且一直接近這一高點，直到12月。
The iShares Floating Rate Bond ETF (NYSE:FLOT), an exchange traded fund that references overnight financing rates, was trading 0.1% higher at $50.65 in early trade on Tuesday.
參考隔夜融資利率的交易所交易基金iShares浮動利率債券ETF（紐約證券交易所代碼：FLOT）在週二早盤交易中上漲0.1％，至50.65美元。
Also Read: November Rally Sets Treasury Bonds On Track For Best Month In 40 Years
另請閱讀：11月的漲勢使美國國債有望創下40年來最好的月份
Market Like It's 2019?
市場像 2019 年一樣？
Some analysts said the repo market was showing early signs of the funding crisis of 2019, with elevated rates and liquidity scarcity. On Sept. 17, 2019, interest rates on repos, as measured by the Secured Overnight Financing Rate increased from 2.43% to 5.25%, hitting a peak during the day of more than 10%.
一些分析師表示，回購市場顯示出2019年融資危機的早期跡象，利率上升和流動性稀缺。2019年9月17日，以有擔保隔夜融資利率衡量的回購利率從2.43％上升至5.25％，達到當日最高水平，超過10％。
Fearing that surging rates on unsecured loans between banks could lead to a full-blown financial crisis, the Federal Reserve Bank of New York injected $75 billion of extra liquidity into the repo markets, and continued liquidity injections for the remainder of the week.
由於擔心銀行間無抵押貸款利率的飆升可能導致全面的金融危機，紐約聯邦儲備銀行向回購市場注入了750億美元的額外流動性，並在本週剩餘時間內繼續注入流動性。
The Federal Reserve linked the event to a drop in reserves due to the corporate tax date and increases in net Treasury issuance.
美聯儲將這一事件與公司納稅日期導致的儲備金減少以及美國國債淨髮行量的增加聯繫起來。
The latest spike, analysts believe, could be related to the Treasury pile that is mounting up as government borrowing increases at the same time as the Fed starts selling Treasuries as part of its monetary tightening efforts.
分析師認爲，最近的飆升可能與美國財政部資金的增加有關，因爲在美聯儲作爲貨幣緊縮措施的一部分開始出售美國國債的同時，政府借款增加。
However, banks should be well armed against another potential threat to their existence. They've all passed Fed stress tests, with reserves estimated at a combined $3.4 trillion.
但是，銀行應該做好準備，以防其生存面臨的另一種潛在威脅。它們都通過了美聯儲的壓力測試，儲備金總額估計爲3.4萬億美元。
Now Read: 'Bond King' Bill Gross Nets Millions On Treasury Market Rebound
立即閱讀：“債券之王” 比爾·格羅斯因美國國債市場反彈淨賺數百萬美元
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譯文內容由第三人軟體翻譯。