道明证券预计美国财政部扩大长债回购或压低期限溢价约5个基点

Deep News
Yesterday

道明证券分析指出,美国财政部计划将10年至30年期国债的回购规模“至少翻倍”,若每次操作的最高回购金额设为40亿美元,则可能使10年期国债的期限溢价下降约5个基点。

该机构利率策略师Molly Brooks在报告中称:“如果每次回购操作的上限提高至40亿美元,每季度有望额外减少180亿美元的长端国债供应。我们估算,这对应期限溢价约5个基点的降幅。”

Brooks补充道,目前期限溢价已回落约13个基点,“这暗示部分市场参与者可能已预期回购规模更大,或长期国债的拍卖量可能缩减”。

她进一步表示,减少长端国债拍卖规模更契合财政部“定期且可预测”的发债框架;若偏离此可预测模式,反而可能推升期限溢价,从而抵消长端供应减少带来的积极效应。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10