Võlakirjaturgudel on korralik likviidsuskriis?

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Taavi
Postitusi: 1518
Liitunud: 16 Juul 2007, 13:38

Võlakirjaturgudel on korralik likviidsuskriis?

Lugemata postitus Postitas Taavi »

Jäi üks huvitav lõik silma võlakirjaturu kohta. Tundub, et pangad ei soovi väga võlakirju omada ja seetõttu on turul likviidsusega probleeme. Jään vastuse võlgu, mida see võiks tähendada näiteks võlakirjafondidele, kust investorid raha välja tahavad võtta. Ilmselt mitte midagi head?

Aga tekstilõik ise:
The magnitude of losses across global markets has spooked bond traders at banks.

Many are slashing risk, and some are refusing to buy or sell with clients at all if it means they will have to hold the bonds even for a short while, according to market participants. The biggest global banks -- including Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. -- have been among those cutting back in parts of the debt markets in Europe and the US, the people said.

The pullback means pockets of the market are grinding to a halt, posing a problem for asset managers seeking to divest from securities at quick notice to meet redemption requests across credit funds. Earlier this month, investors pulled money out of European fixed income funds at the fastest pace since March 2020, according to a note published last week by BofA Global Research analysts. US high-grade bond investors have now yanked cash for 13 consecutive weeks, extending the longest losing streak on record.

“Liquidity has been very poor, and when we need it the most,” David Newman, chief investment officer for global high yield at Allianz Global Investors, said in an interview. “In some cases it’s taken us several weeks to exit what should be very liquid positions. Conversely, we’ve been unable to buy positions that we think offer up opportunity.” …

The role of banks is crucial in bond markets because they’re typically traded in over-the-counter, or OTC, markets rather than on exchanges like equities. Trades are also often much bigger, with bonds sold in the millions of euros, with banks bearing the risk of holding large positions for clients if they can’t find buyers.

Market participants have long been concerned that banks wouldn’t have the appetite or capacity to cushion bond-market moves in tough periods, both because of losses they took in the financial crisis and the resulting capital rules that required them to fund less of their trading books with borrowed money. Traders have recently seen bouts of illiquidity even in the US Treasury market.

“Liquidity has completely dried up, and banks are not willing to take any risk on their books,” said Jochen Felsenheimer, a managing director at XAIA Investment in Munich. “Every bank is telling their traders not to make a single mistake, and to avoid that, they’re taking zero risks.”
https://www.bloomberg.com/opinion/artic ... #xj4y7vzkg
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