德拉吉言論助燃歐元區國債拋售潮
中英對照，中文在上。
馬里奧•德拉吉(Mario Draghi)的言論昨日助燃了歐元區債券的拋售潮。這位歐洲央行(ECB)行長表示，債券市場不得不“習慣於”超低利率時代的波動性。
Mario Draghi fuelled a sharp sell-off in eurozone bonds yesterday, after the European Central Bank president said debt markets had to “get used” to volatility in an era of ultra-low interest rates.
基準歐元區主權債務的收益率（與價格走勢相反）飆升至今年迄今最高水平。Yields on benchmark eurozone sovereign debt, which move inversely to prices, spiked to their highest level so far this year.
10年期德國國債收益率達到0.897%，是去年10月以來的最高點。據花旗(Citi)介紹，這一收益率在兩天內上升了32個基點，升幅爲1998年以來最高。
The yield on German 10-year bonds — Bunds — hit 0.897 per cent, its highest since October last year. It has risen 32 basis points in two days, a jump not seen since 1998, according to Citi.
自歐洲央行3月啓動1.1萬億歐元的量化寬鬆(QE)計劃、開始買入債券以來，此輪波動標誌着衝擊歐洲主權債務市場的最新一輪動盪。
The movements mark the latest bout of instability to hit Europe’s sovereign debt markets since the ECB started buying bonds under its 1.1bn quantitative easing programme in March.
“人們曾暗暗希望，德拉吉可能會嘗試撫平市場波動。”瑞銀(UBS)固定收益策略師賈斯汀•奈特(Justin Knight)表示。“但他不僅對更高的收益率不以爲意，還說我們將不得不習慣於更高的波動性，這一點似乎表明，他的態度超級放鬆——這助燃了市場情緒。”“There was some latent hope that Mr Draghi might try to smooth the market volatility,” said Justin Knight, a fixed-income strategist at UBS. “The fact that he was not only relaxed about higher yields but said that we would have to get used to higher volatility, suggested he was super relaxed — and that has played into market sentiment.”
主權債券購買計劃最初大幅壓低了歐洲的借款成本，但其效果在4月底突然反轉，德國國債收益率大幅躍升。沒有明顯的單一觸發因素，但策略師將此歸咎於市場扭曲和投資者情緒變化，而德拉吉昨日的言論再度引燃了債市震盪。The sovereign bond buying scheme initially pushed European borrowing costs sharply lower, but its effects were suddenly thrown into reverse at the end of April when Bund yields leapt higher. There was no obvious single trigger, but strategists blamed market distortions as well as shifts in investor sentiment, and Mr Draghi’s comments yesterday reignited that turbulence.
“這個市場如此缺乏流動性，以至於你會看到非常猛烈和快速的變動——如今這不是一個效率很高的市場，因爲QE扭曲了一切，”安盛投資管理公司(Axa Investment Managers)基金經理約拉姆•勒斯蒂格(Yoram Lustig)表示。“The market is so illiquid that you have very violent and quick movements — it’s not a very efficient market these days because QE is distorting everything,” said Yoram Lustig, a fund manager at AXA Investment Managers.
近期債券遭到拋售的力度，已讓人將其與美聯儲(Fed) 2013年宣佈擬結束QE時所引發的“縮減恐慌”相提並論，並再度喚醒這樣的擔憂：全球債券市場在經歷長達30年的牛市後，正在進入一個更加不確定的時代。The ferocity of the recent bond rout has drawn parallels with the “taper tantrum” sparked by the US Federal Reserve’s plans to end QE in 2013, and reawakened concerns that global bond markets are heading into a more uncertain era after a three-decade bull run.
德拉吉言論所引發的市場動盪蔓延至大西洋彼岸，10年期美國國債收益率上升11個基點，至2.37%，這是自去年11月以來的最高點。The market moves sparked by Mr Draghi’s comments spread across the Atlantic, sending the US 10-year Treasury yield 11 basis points higher to 2.37 per cent, the highest since November last year.
傳統上，美國國債傾向於帶動全球其他債券市場，但是，自歐洲央行最初宣佈啓動QE的計劃以來，歐元區一直引領債市走勢。Treasuries have historically tended to push other global bond markets around, but the eurozone has led movements since the ECB first announced plans to start QE.
在德拉吉表態之前，利好的經濟數據、投資者對債券市場流動性的擔憂、以及對希臘與債權人達成協議的預期，已經鼓勵投資者減少債券敞口。歐洲央行行長當地時間下午在法蘭克福的一個新聞發佈會上講話後，債市拋售加快。Before Mr Draghi’s remarks, positive economic data, investor concerns over bond market liquidity and anticipation of a deal between Greece and its creditors had already encouraged investors to shed their exposure to bonds. The sell-off gathered pace following the ECB president’s comments, made at a press conference in Frankfurt at mid-afternoon local time.
“我們應該習慣於更高波動性的時期。在利率處於極低水平時，資產價格往往表現出較高的波動性。”德拉吉表示，“（歐洲央行負責政策制定的）管理委員會一致認爲，我們應該看透這些動向，保持穩健的貨幣政策立場。”“We should get used to periods of higher volatility. At very low levels of interest rates asset prices tend to show higher volatility,” Mr Draghi said. “The [ECB’s policy making] governing council was unanimous that we should look through these developments and maintain a steady monetary policy stance.”
