息差

上周，这些承诺的“价值”创出新的纪录，efsf10年期债券收益率及其相对德国国债的息差均创新低。

Last week those promises hit a new record value , with EFSF 10-year bond yields , and their spread over German bonds , hitting a new low .

但这并非市场困扰的唯一信号：以美国为例，3个月期国债利率与AA级资产担保融资票据之间的息差，已从今年早些时候的30个基点扩大到了270个基点。

Yet this is not the only indication of distress : in the US , for example , the spread between the rate of interest on three-month treasury bills and AA-rated asset-backed financial paper has widened to 270 basis points from 30 basis points earlier in the year .

根据建立的动态净息差模型进行VaR分析和压力测试。

VAR analysis and stress testing based on the establishment of a dynamic net interest margin model .

信用违约互换（cds）息差扩大至极高的水平，反映出市场中的极度恐慌和狂热投机。

Spreads on credit default swaps rose to levels signalling both extreme fear and feverish speculation .

债券息差近来明显上升，甚至连评级为AAA的巨头企业都只能以苛刻的条款借贷。

Spreads on debt have risen recently such that even triple-A titans are borrowing on onerous terms .

与NDF不同，DF的价格纯粹以息差为基础。

Unlike NDFs , the prices of deliverable forwards are based purely on interest rate differentials .

自那之后，随着开罗政治紧张局势再次加剧，埃及的CDS息差进一步上升了40%。

Since then , with political tensions again on the rise in Cairo , they have widened by a further 40 per cent .

其它mbs的息差水平也很低，而且也在下降，似乎同样不理会美联储的举措。

Spreads on other MBS have been low , and falling too also irrespective of the Fed move .

信用违约互换（CDS）市场的表现就说明了这一点：CDS与英国国债的息差再一次升至70个基点。

That is what the credit default swaps market shows : spreads on UK government bonds have drifted up again , to 70 basis points .

与其被告知只投资于AAA级证券，投资者不如购买互换息差较低的债券。

Instead of being told to invest in only triple-A securities , investors could buy bonds with low swap spreads .

VaR分析发现中国商业银行在金融环境不发生重大冲击的条件下，可以保持较为稳定和有效的净息差，即中国金融系统目前运行较为稳健。

The VAR analysis found that the Chinese commercial banks can maintain a more stable and effective net interest margin unless that Chinese financial system is more robust run .

2012年第二季度，中国招商银行（cmb）的净息差已经降低了近20个基点。

It already slipped almost 20 basis points at China Merchants bankin the second quarter of 2012 .

未来资产证券（MiraeAssetSecurities）的StanleyLi表示：息差压力可能会促使银行将更多贷款投向之前不够重视的私人和消费领域，而减少了对基础设施贷款的支持。

Margin pressure will probably induce more credit to underserved private and consumer sectors , and less support for infrastructure lending , said Stanley Li of Mirae Asset Securities .

伦敦的一些经纪人称，紧缩方案公布后法国债券的信贷违约掉期（CDS）息差反而跃升至创纪录的236个基点。

After the announcement , the cost to insure French debt using credit default swaps jumped to a record 236 basis points , according to brokers in the city of London .

在cds息差攀升之时，债券投资者并没有惶恐不安，而是变得愈发坚定；他们找不到明显的技术层面的原因，来认定是“尾巴在摇动狗”。

Bond investors are made of sterner stuff than to panic when CDS spreads move higher and there are no obvious technical reasons to suppose the tail is wagging the dog .

知情人士称，随着信用违约互换（cds）市场的息差迅速扩大，对冲基金纷纷将现金和股票撤出摩根士丹利的大宗经纪部门，但目前事态已经缓和下来。

The flight of cash and stock out of the division occurred as spreads in the credit default swap market ballooned , but has since slowed to a trickle , these people said .

在截至1月底的一年中，由于担心亚洲经济体的适应能力，摩根士丹利新兴市场亚洲指数（MorganStanleyEmergingMarketsAsiaindex）下跌了14%，债券市场息差大幅上升。

The Morgan Stanley Emerging Markets Asia index was down 14 per cent for the year as of the end of January and debt markets had shown a jump in credit spreads over fears for the resilience of regional economies .

信贷息差明显收窄，大银行在恢复元气，其中一些甚至赚到足够的钱偿还问题资产救助计划（TARP）的纡困基金。

Credit spreads have narrowed significantly and the big banks are recovering , some even making enough money to pay back Tarp bail-out funds .

但高盛（GoldmanSachs）中国区经济学家梁红（HongLiang）估计，过去18个月，由于息差方向逆转，中国央行每月在票据上的损失约为40亿美元。

But Hong Liang , Goldman Sachs China economist , calculates the PBoC is losing about $ 4bn a month on its bills because of the turnround in the interest rate differential over the past 18 months .

巴克莱（Barclays）预计，提高设定存款利率的自由度，只会使净息差今年平均降低9个基点，但在2013年，净息差将进一步降低40个基点。

Barclays reckons the greater freedom in setting deposit rates will lower net interest margins by an average of just 9 basis points this year , although by a further 40bp in 2013 .

但问题不仅于此：周一短期国债收益率低于1%；金融机构的信用违约互换（cds）息差上升到异常水平；高风险债券的信贷息差迅速扩大。

Nor is this all : on Monday short-term yields on Treasury bills were below 1 per cent ; credit default swap spreads on financial institutions reached exceptional levels and credit spreads on riskier bonds were widening rapidly .

EFSF可以宣布，它将无限制买进国家主权债务，使它们的息差保持在一个协议上限之内&比如为10年期债券设定2%的上限。

The EFSF could announce that it would make unlimited purchases of national sovereign bonds to keep their spreads under an agreed cap – say 2 per cent for 10-year bonds .

伯恩斯坦（Bernstein）估计，贷存比上升1%就会对净息差和贷款增长产生有利影响，使2016年的利润提升80至120个基点。

Bernstein estimates that a 1 per cent increase in the LDR would have a beneficial impact on both NIMs and loan growth , adding between 80 and 120 basis points to 2016 earnings .

今年，在投资者的追捧下，cmbs价格上涨，结果此类证券的收益率创下历史最低水平，与基准美国国债的息差收窄。

Investors have chased up CMBS prices this year , resulting in record low yields on the securities and tighter spreads over benchmark US Treasuries .

美国圣地亚哥大学（sandiegouniversity）法学教授弗兰克帕特洛伊（frankpartnoy）辩称，评价投资风险的另一种市场机制是信用违约互换息差（事实证明，这比评级更准确地预测了即将来临的违约）。

Frank Partnoy , a law professor at San Diego University , argues that there is an alternative market mechanism for judging risky investments in credit default swap spreads ( which have proved better predictors of forthcoming defaults than ratings ) .

他举了国有控股银行巴西银行（BancodoBrasil）的例子：这家银行的盈利水平与私营企业相当，但根据政府最近的指令降低了贷款息差。

He cites the example of Banco do Brasil , a state-controlled bank that enjoys private-sector levels of profitability , but that on recent government orders cut lending spreads .

根据主权信用评级、信贷违约互换息差以及40%的回收率，德意志银行（DEUTSCHEBANK）估计，未来两年希腊发生信贷变故（违约或重组）的可能性为46%，未来五年的可能性为72%。

Deutsche Bank puts the likelihood of a credit event ( default or restructuring ) in Greece at 46 per cent within two years and 72 per cent within five , based on sovereign credit ratings , credit default swap spreads , and a 40 per cent recovery rate .

巴基斯坦国债CDS息差升至创纪录的3026个基点，换言之，要为1000万美元的5年期国债购买保险需花费逾300万美元。

CDS spreads on Pakistan , which is haemorrhaging foreign exchange reserves to prop up a weak rupee , have risen to a record 3,026 basis points , or a cost of more than $ 3m to insure $ 10m of debt over five years .

他指出，2012年第二季度（当时欧洲央行公布了omt计划）以来，各国国债相对德国国债息差缩窄的主要决定因素是它们的初始息差（见图表）。

He notes that the chief determinant of the reduction in spreads over German bunds since the second quarter of 2012 , when OMT was announced , was the initial spread ( see charts ) .

它们有着充裕的流动性三菱ufj金融集团（mitsubishiufj）公布的财报显示，该公司日本贷款组合的净息差仅为0.09%。

They have plenty of liquidity and the net interest margin for Mitsubishi UFJ on its loan portfolio in Japan is a mere 0.09 per cent , according to its financial statements .