I suggested last week, in what seemed like a counter-intuitive phenomenon to some, that sharply lower prices for Greek bonds would bring out sellers rather than buyers. Such sellers, and there are potentially too many of them, would be reacting late to the recognition that “safe” instruments that they bought for their “interest rate bucket” have turned out to be something else – namely, volatile credit exposure that is subjecting them to both financial loss and reputational damage.
我上周提出，希腊债券价格大跌会引出卖家而非买家。在一些人看来，这似乎是一种反直觉的现象。这些卖家（可能为数众多）的反应可能已晚了一步，刚刚意识到自己为“利率资产组合”购买的“安全”工具原来竟是别的东西——即不稳定的信用风险敞口。这些敞口不仅让他们蒙受了金钱损失，名誉也受到了损害。
您已阅读11%（626字），剩余89%（5201字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。