主权债券

bis上周按照对国外主权债券投资者的依赖度，对西方国家进行了排名。

The BIS last week ranked western countries by their dependence on non-domestic sovereign bond investors .

imf表示，从强势金融市场（特别是欧元区外围国家主权债券市场借贷成本降低）演变到更为强劲的实体经济增长所用时间超出预期。

The IMF said a move from stronger financial markets particularly lower borrowing costs in peripheral eurozone sovereign bond markets to more muscular real economic growth was taking longer than expected .

该国已经让欧洲央行（EuropeanCentralBank）购买其主权债券来降低利率，但利率水平仍然太高。

It already has the European central bank buying its debt to keep rates low but they are still too high .

实际上，纽约经纪公司MFGlobal之所以破产，就是因为过于信任欧洲国家的主权债券。

Indeed MF Global , the New York-based brokerage house , has already gone under because it placed too much faith in European sovereign bonds .

现在，这些银行只需按国际货币基金组织（InternationalMonetaryFund）之前救助希腊、葡萄牙和爱尔兰时达成的约定进行主权债券的减值。

The banks will now only be required to mark down their holdings to levels previously agreed to with the International Monetary Fund in its bailouts of Greece , Portugal and Ireland .

欧洲银行业没有此类“杠杠率”，而且巴塞尔协议II也允许它们将主权债券视为零风险资产。

European banks do not have this kind of " leverage ratio , " and Basel II has allowed them to treat sovereign debt as having zero risk .

面对主权债券和准主权债券收益率不断下跌的局面，全球新兴市场债券基金转向“信用曲线”（creditcurve）的低端，以求从新兴市场企业提供的较高收益率中受益。

Global emerging market debt funds , faced by falling sovereign and quasi-sovereign yields , moved down the " credit curve " to take advantage of the higher returns on offer from emerging market companies .

因此各国的债信评级都保持在A-级或以上，这也有助于欧洲央行（ECB）接受各成员国以主权债券（sovereignbond）作为抵押。

It also helps that the European Central Bank ( ECB ) accepts members'sovereign bonds as collateral on even terms & provided they retain a credit rating of A-or above .

第一，eda应为欧盟成员国不超过50%的主权债券提供融资，以便创造一个容量大、流动性好的市场。

First , the EDA should finance up to 50 per cent of issuances by EU members , to create a deep and liquid market .

花旗集团（citigroup）称，欧洲非金融类股的收益率如今高于欧洲一篮子主权债券。

The yield on European non-financial stocks , according to Citigroup , is now higher than that on a basket of European sovereign bonds .

因欧洲央行（ECB）确认加大购买债券，意大利、西班牙、葡萄牙与爱尔兰的主权债券也出现进一步反弹。

European sovereign debts in Italy , Spain , Portugal and Ireland were also rallying further as the European Central Bank confirmed its stepped-up purchases of bonds .

无论采取哪种方式，都必须规定，一旦成立EDA，在此过程中买进的所有主权债券都必须转交于EDA。

In either case , the stipulation would be that any sovereign bonds acquired in the process would be passed on to the EDA once established .

在特殊情况下，那些难以通过债市融资的成员国，多达100%的主权债券都可以由EDA融资。

In exceptional circumstances , for member states whose access to debt markets is impaired , up to 100 per cent could be financed in this way .

如果说这一方案起到了什么作用，那就是它强化了一种观点：在主权债券交易中，私营投资者是二等公民，信用违约掉期（CDS）提供不了什么保障。

If anything , the deal has cemented the view that private investors are second-class when it comes to sovereign debt deals and that credit default swaps offer little protection .

与主权债券市场相比，主权cds市场的规模可谓是小巫见大巫：针对希腊债券的cds的净名义价值，约为希腊未清偿债务的2%。

Sovereign CDs markets are dwarfed by their bond market counterparts : the value of net notional CDs on Greek bonds is about 2 per cent of outstanding Greek debt .

根据巴克莱（Barclays）的估算，欧洲央行和各国央行已持有约15%的欧洲主权债券。

The ECB and the various national central banks already control around 15 % of the European sovereign debt market , according to estimates made by Barclays .

就针对欧洲主权债券的任何重大投资而言，安全都是关键，这意味着需要百分百的担保以及国际货币基金组织（IMF）的介入。

For any major investment in European sovereign bonds , safety is the key , which means that a 100 per cent guarantee and the involvement of the International Monetary Fund are necessary .

根据富时环球指数（ftseallworld），自3月以来，股市已上涨逾100%，而新兴市场主权债券相对于美国国债的利差已收窄逾一半，至300个基点。

Stocks have risen more than 100 per cent since March , according to FTSE all world indices , while the spread of EM sovereign bonds over US Treasuries has more than halved to 300 basis points .

通过向企业支付补贴以储存橄榄油，欧盟一直努力应对橄榄油供应过剩的局面，这好比是欧洲央行（ecb）购入西班牙、意大利和希腊主权债券在大宗商品市场的翻版。

The EU has tried to deal with the surplus by paying companies to stockpile oil the commodities market version of the European central bank buying sovereign bonds of Spain , Italy and Greece .

这是首只在中国在岸市场发行的以人民币计价的非中国主权债券——悄悄抢在了加拿大不列颠哥伦比亚省（BC省）前面，后者也紧跟着发行了规模相近的熊猫债券。

The deal created the first non-Chinese sovereign bonds issued in the renminbi in China 's onshore market - sneaking in ahead of a similarly sized issuance by the Canadian province of British Columbia .

安永（ernst&young）英国和爱尔兰董事总经理斯科特候利第（scotthalliday）表示，明年的事情中，他首要考虑的是主权债券的有效性。

Scott Halliday , managing partner of Ernst & Young in the UK and Ireland , said the validity of sovereign bonds was on " the top of his mind " for next year .

举例来说，监管机构上世纪80年代制定《巴塞尔协议i》（baseli）资本充足率框架时，就在资本金的计算方面赋予西方主权债券“零风险”权重。

When regulators drew up the Basel I capital adequacy framework in the 1980s , for example , they gave Western sovereign bonds a " zero risk " weighting , in terms of how capital is calculated .

希腊的psi计划强化了这样一个构想：即欧元区主权债券的持有者应做好亏损准备，即便在同样的情况下，欧元区以外主权债务的持有者不一定遭受此类亏损。

The Greek psi reinforced the idea that holders of eurozone sovereigns should be prepared to incur losses even under circumstances that would not necessarily trigger comparable losses for sovereigns outside the eurozone .

今年1月，意大利和西班牙银行购买主权债券规模的月度增速达到创纪录水平，这突显出利用欧洲央行（ecb）廉价融资的行为导致欧元区外围国家债券价格上涨。

Italian and Spanish banks accelerated their sovereign debt purchases by a record monthly amount in January , underlining how the use of cheap funding from the European Central Bank has contributed to a bond rally among peripheral eurozone countries .

首当其冲的是南欧国家，这些国家的主权债券相对于德国国债（Bund）的信用利差，从370个基点（意大利）到1960个基点（希腊）不等。

The burden is primarily on southern Europe , where sovereign bond credit spreads ( relative to the German Bund ) range from 370 basis points ( Italy ) to 1,960 basis points ( Greece ) .

银行业想要废弃lcr，或至少要扩展流动性缓冲的现有定义，使之不局限于高质量的公司和主权债券，还要包括股票、证券化产品和黄金。

The industry wants the LCR scrapped , or at least for the buffer definition to expand beyond the current definition of high-quality corporate and sovereign bonds to include equities , securitisations and gold .

根据欧盟委员会（europeancommission）的一份研究报告，推出“欧元区共同债券”（eurobond）、完全取代欧元区各个成员国发行的主权债券，或许是稳定主权债务市场的上策。

The introduction of a joint " Eurobond " that would entirely replace national issuance by individual members of the single currency area could offer the best solution for policymakers seeking a more stable sovereign debt market , according to a study by the European Commission .

要进一步降低实力较强成员国可能因某一实力较弱成员国未来债务重组而面临潜在损失的风险，就必须在中期内赋予emf迫使遗留主权债券承担亏损的权力。

To further mitigate the risk that stronger member states could face potential losses as a result of a future debt restructuring by a weaker member state , the EMF would have to be empowered , in the medium term , to impose losses on Legacy sovereign bonds .

但澳大利亚央行最近表示，澳元可能不会像2008年那样跟随大宗商品价格走低，因为过去一年世界多家央行对澳元和澳大利亚AAA评级的主权债券都有强烈的需求。

But the RBA recently said that the Aussie dollar may not follow commodity prices lower as it did in 2008 , because of demand for the currency and Australia 's triple-A-rated sovereign bonds that has come from the world 's central banks over the past year .

主要新兴市场国家的embi+主权债券指数与国债的息差，已从2月18日714个基点的峰值水平，缩小到565个基点。

The EMBI + sovereign bond index of leading emerging market countries has seen spreads over Treasuries fall from 714 basis points at its peaks on February 18 to 565bp .