格隆汇12月10日|国际清算银行(BIS)指出,巨额政府借款正在对全球利率市场产生影响,称投资者已经为购买主权债券要求更高的溢价。在周二发布的季度报告中,该机构指出近几个月来各种货币和期限的互换利差迅速收窄,这些都是“可能出现供应过剩的迹象”。 由于投资者对庞大的债务和赤字膨胀感到担忧,欧元区和日本的国债收益率最近超过了可比的互换利率。这导致所谓的互换利差变成负值,由于国债通常被视为比利率互换更安全的投资,因此互换利差进入负值区间很不寻常。国际清算银行表示,负互换利差似乎反映了投资者和中介机构因为需要在不久的将来吸纳更多国债而面临的压力。在美国,一些期限的互换利差多年来一直为负。
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