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  财联社4月16日讯(编辑潇湘)在上周经历了美债“黑天鹅”式的崩跌后,美国决策层眼下似乎终于开始“痛定思痛”,试图着手采取一些补救措施。

  美国财政部副部长MichaelFaulkender周二表示,官员们正在讨论补充杠杆率(SLR)对规模达29万亿美元的美国国债市场的适用性。此前众多市场参与者呼吁改革这一被认为限制美债交易活动的监管规则。

  Faulkender当天在华盛顿举行的投资公司协会活动上谈到SLR时称,“我们正在研究这一问题,并就此展开讨论。”

  事实上,在上周美债大跌后,许多业内人士提及的美国政府可以作出的一些救市行动,就包含了针对SLR规则方面的调整。

  SLR即补充杠杆率(SupplementLeverageRatio),计算公式是一家银行的一级资本(如普通股)除以全部表内和表外资产。SLR规则要求大型银行的资本至少等于其资产的3%,对系统重要性的大型银行,则为5%。

  需要说明的是,在SLR的计算方式中,为防范银行将资产在不同的科目中的“腾挪”,其将包括国债、储备货币等所有资产均设置为等权重。而这也是本轮美债大跌后市场颇多抱怨的地方,因在SLR严格限制其资产规模,使得交易商可能因资本不足而不愿做市——例如不愿囤积债券持仓,这在市场紧张情况下将加剧供需失衡。

  不少银行机构就认为,该资本规则限制了它们在压力时期增持国债的能力,因为国债与风险更高的资产受到同等对待。值得一提的是,美联储在新冠疫情期间的“市场风暴”阶段曾一度暂停过SLR对国债的适用性,但在“市场风暴”过后又恢复了执行。

  Faulkender指出,““我们不断问自己的问题是,在市场波动时期或出现压力事件时,系统是否能够获得充足的流动性。因此,若SLR在压力时期不必要地产生约束,我们是否有办法提升债券市场应对大额交易量的能力?”

  不过,Faulkender周二未具体说明参与讨论“SLR在多大程度上成为我们市场运作的限制因素”的相关方,也未提及潜在改革的时间表。

  华尔街“逼宫喊话”

  事实上,“华尔街一哥”、摩根大通首席执行官杰米·戴蒙(JamieDimon)上周五就曾预测,除非调整多项资本和流动性规则以释放银行在债券市场更活跃交易的自由度,否则美联储将不得不在未来国债市场“混乱”时进行干预。

  戴蒙甚至表示,仅修改SLR对小摩而言都并不足够。不过,其他银行高管认为调整该规则至少会有所帮助。

  高盛集团首席执行官大卫·所罗门(DavidSolomon)也是呼吁修改SLR规则的人士之一。

  “放松SLR将对国债市场有益,”所罗门周一表示,“这是一项重要的结构性改革。”

  美国国债上周创下二十多年来最大单周跌幅,使得美债市场的流动性状况一度成为全球瞩目的焦点。不过本周迄今,美债市场已经经历了连续两日的反弹行情。

  行情数据显示,截至纽约时段尾盘,2年期美债收益率周二再度下跌了0.22个基点报3.8407%,5年期美债收益率跌2.98个基点报3.9821%,10年期美债收益率跌4.09个基点报4.3311%,30年期美债收益率跌3.74个基点报4.7727%。

  但在经历了上周的债市风暴后,一些华尔街人士目前依然不敢有丝毫大意。道明证券驻纽约的美国利率策略主管GennadiyGoldberg表示:“市场现在的平静非常脆弱且令人不安。”

  “市场趁机稍作喘息,”ManulifeInvestmentManagement驻波士顿的多元资产解决方案首席投资官兼高级投资组合经理NateThooft也表示,“我们仍然有点担心,包括美元和美债在内的美国资产的整体形象,近期受到了一定的损害。”

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