美國國債市場上遭遇大舉拋售
The US government bond market suffered its worst sell-off in more than two months on Monday as contagion from the European bond rout rolled across the Atlantic, pushing US borrowing costs towards their highest closing levels this year.
歐洲債券大舉拋售的傳染病越過大西洋，美國國債市場週一遭遇了逾兩個月來最嚴重的拋售，將美國借貸成本推升至今年最高收盤水平。The US Treasury market has felt the heat from the turmoil in eurozone debt markets in recent weeks, but has generally held up better than most European government bonds, which have suffered a sharp reversal from the quantitative-easing inspired rally earlier this year.
最近幾周，美國國債市場已感受到了來自歐洲債券市場動盪的熱度。不過，普遍來說美國國債市場比多數歐洲國債市場堅挺一些。在歐洲這些國債市場，今年早些時候量化寬鬆引發的上升勢頭已遭遇急劇的逆轉。
The US resilience evaporated on Monday, as the 10-year Treasury yield shot up by 13 basis points — the most since March 6 — to 2.28 per cent. The 10-year yield touched a 2015 intraday high of 2.31 per cent last week, but Monday’s close was the highest closing level this year. German government bonds suffered further falls, but the benchmark 10-year Bund yield only rose 6bp to 0.6 per cent.
週一，美國市場的堅挺卻不復存在，10年期國債收益率飆升13個基點至2.28%——這是自3月6日以來的最大漲幅。上週美國10年期國債收益率曾接近2015年當日內高點，而週一收盤時的點位卻是今年的最高收盤水平。德國國債也遭遇了進一步下跌，不過其基準的10年期國債收益率僅僅上升了6個基點，達到0.6%。
Most analysts and investors have attributed the gyrations to an overdue reversal of stretched and crowded trades, with the turmoil exacerbated by a dearth of liquidity in bond market trading.
多數分析師和投資者將這波逆轉行情歸因於長期的過度交易引發的遲來的逆轉，而債券市場流動性的缺乏又加劇了市場的動盪。“A trickle of selling is turning into a torrent,” said William O’Donnell, head of US rates strategy at RBS. “Bonds have been overbought for some time now . . . The risk is that we now see a very significant correction.”
蘇格蘭皇家銀行(RBS)美國利率策略主管威廉•奧唐奈(William O'Donnell)表示：“小股拋售行爲正在演變成大舉拋售。如今，債券超買現象已持續了一段時間……我們如今看到了一次極大幅度的調整——這正是其中的風險所在。”In the US longer-dated Treasuries have taken the biggest hit, with the 30-year yield climbing 13bp to above the 3 per cent mark for the first time in 2015. That has lifted the difference between the five and 30-year yields to 145 basis points, the most since November.
在美國，期限較長的國債遭遇了最大程度的打擊，30年期國債收益率攀升了13個基點，在2015年內首次超過3%。這令5年期國債與30年期國債間的收益率差距擴大到145個基點，是去年11月以來的最大差距。The jump in the “term premium” — the extra interest investors demand to buy longer-dated bonds — comes after Federal Reserve chairman Janet Yellen last week warned that the rally in longer-dated Treasuries could be reversed quickly when the central bank begins to raise rates.
在“期限溢價”(term premium，指投資者購買較長期限債券時索取的額外利息)這次大幅提升以前，美聯儲(Fed)主席珍妮特•耶倫(Janet Yellen)曾在上週警告說，一旦美聯儲開始加息，較長期國債的上漲勢頭可能會很快逆轉。
