为了让它温和，欧元区债务危机促进了对银行系统的不信任。担心银行的大量暴露在高风险的主权债券中，其他金融机构担心贷款现金。因此，欧洲银行的无抵押借款令人利于获得担保资金。回购协议市场在这些基于抵押品的交易中发挥着重要作用。“去年下半年，伦敦亨德森全球投资者的资产支持的证券投资负责人近期没有无担保发行。”“所以银行必须展望其他资金来源。”这个问题持续存在，因为在主权危机开始之前，不安全的融资仍然比它更高。例如，在1月中旬，信贷违约掉期将U.K.银行的高级无抵押债务为235个基点，比2011年初不到150个基点。
但市场仍然为押克网交易开放，银行通过将证券作为担保提出借款。大型监禁银行的高管担任想要通过证券贷款筹集现金的机构代理商，称欧洲仓库活动在整个危机中都保持着快捷。“无担保市场越来越消失，”纽约梅隆公司银行驻欧洲，中东和非洲的驻欧洲，中东和非洲的驻伦敦董事总经理员工斯文安·纳尔纳，在拘留下拥有26万亿美元。“回购市场受益，因为抵押品交易变得越来越重要。”
根据国际资本市场协会的欧洲搬家委员会，12月初，欧洲未偿还的股份合约价值为6.2万亿欧元（7.9万亿美元），同比增长3％，同比增长3％。相比之下，2011年下半年，欧洲金融机构的高级无抵押债务发行持续至920亿美元，拓荒报道 - 约为2010年的相应图中的三分之一。当涉及不安全的资金时，贷款人希望他们的钱依赖危险on counterparties’ creditworthiness. But institutions lending on the repo market have two lines of defense, says Nicholas Bonn, global head of securities finance at State Street Corp. in Boston. “The first line is ensuring you only make that repo trade with a good, stable investment bank,” explains Bonn, whose firm has $22 trillion in custody. “But since the collapse of Lehman [Brothers], everybody realizes large investment banks can default, so the second line of defense is the collateral they give you.” Bonn and other repo specialists can attest to cash lenders’ greater fussiness about collateral in recent years. If an asset is relatively risky, lenders will probably demand extra helpings of it for every million euros they provide to the bank. They’re also choosier about individual assets in sectors such as mortgage-backed securities. Theoretically, this should leave the market stronger than in 2008, when spooked lenders suddenly canceled many repo deals with Lehman and other troubled cash borrowers. A recent innovation that could make financing more stable is the extendable repo, which has gained popularity over the past year. Thirty-day extendables are common: The contract may keep getting renewed, but either side can end it with 30 days’ notice. “Extendable repos are on a strong upward trend,” says John Rivett, London-based global head of collateral management at J.P. Morgan Worldwide Securities Services, a custodian with $16.3 trillion in assets. “The cash borrowers want to have some certainty of the funding they’re getting. An extendable repo is a great way of doing that.”
然而，30天的可延伸可能不像首次出现一样安全。如果一家银行根据其资金大块的30天可扩展的回购开始，那么何时何地开始，然后在市场紧张的一天内发现它们都取消了？一个月后，它将面临严重的资金挤压。Repo Experts表示，现金借款人可以通过制作不同成熟度的可扩展性交易来软化打击，从而允许在可用资金中稳步下降。但是银行通过Repos确保稳定资金的最佳方式，在美好的时光和坏时，是对抵押品的灵活性。上个月标准和穷人的降级了意大利和其他八个欧元区国家的债务。State Street的Bonn表示，这些事件推动贷方更加谨慎地踩踏而不是放弃仓库优惠。他给出了一个提供意大利债券的银行的例子 - S＆P击倒了垃圾状态以上的几个缺口 - 以换取现金。“我可以决定不这样做，或者我可以致电投资银行并说，”昨天我接受了我给你的105％的现金的意大利债券。波恩说，今天我要问107％。“银行往往很乐意让特许权。
但市场仍然为押克网交易开放，银行通过将证券作为担保提出借款。大型监禁银行的高管担任想要通过证券贷款筹集现金的机构代理商，称欧洲仓库活动在整个危机中都保持着快捷。“无担保市场越来越消失，”纽约梅隆公司银行驻欧洲，中东和非洲的驻欧洲，中东和非洲的驻伦敦董事总经理员工斯文安·纳尔纳，在拘留下拥有26万亿美元。“回购市场受益，因为抵押品交易变得越来越重要。”
根据国际资本市场协会的欧洲搬家委员会，12月初，欧洲未偿还的股份合约价值为6.2万亿欧元（7.9万亿美元），同比增长3％，同比增长3％。相比之下，2011年下半年，欧洲金融机构的高级无抵押债务发行持续至920亿美元，拓荒报道 - 约为2010年的相应图中的三分之一。当涉及不安全的资金时，贷款人希望他们的钱依赖危险on counterparties’ creditworthiness. But institutions lending on the repo market have two lines of defense, says Nicholas Bonn, global head of securities finance at State Street Corp. in Boston. “The first line is ensuring you only make that repo trade with a good, stable investment bank,” explains Bonn, whose firm has $22 trillion in custody. “But since the collapse of Lehman [Brothers], everybody realizes large investment banks can default, so the second line of defense is the collateral they give you.” Bonn and other repo specialists can attest to cash lenders’ greater fussiness about collateral in recent years. If an asset is relatively risky, lenders will probably demand extra helpings of it for every million euros they provide to the bank. They’re also choosier about individual assets in sectors such as mortgage-backed securities. Theoretically, this should leave the market stronger than in 2008, when spooked lenders suddenly canceled many repo deals with Lehman and other troubled cash borrowers. A recent innovation that could make financing more stable is the extendable repo, which has gained popularity over the past year. Thirty-day extendables are common: The contract may keep getting renewed, but either side can end it with 30 days’ notice. “Extendable repos are on a strong upward trend,” says John Rivett, London-based global head of collateral management at J.P. Morgan Worldwide Securities Services, a custodian with $16.3 trillion in assets. “The cash borrowers want to have some certainty of the funding they’re getting. An extendable repo is a great way of doing that.”
然而，30天的可延伸可能不像首次出现一样安全。如果一家银行根据其资金大块的30天可扩展的回购开始，那么何时何地开始，然后在市场紧张的一天内发现它们都取消了？一个月后，它将面临严重的资金挤压。Repo Experts表示，现金借款人可以通过制作不同成熟度的可扩展性交易来软化打击，从而允许在可用资金中稳步下降。但是银行通过Repos确保稳定资金的最佳方式，在美好的时光和坏时，是对抵押品的灵活性。上个月标准和穷人的降级了意大利和其他八个欧元区国家的债务。State Street的Bonn表示，这些事件推动贷方更加谨慎地踩踏而不是放弃仓库优惠。他给出了一个提供意大利债券的银行的例子 - S＆P击倒了垃圾状态以上的几个缺口 - 以换取现金。“我可以决定不这样做，或者我可以致电投资银行并说，”昨天我接受了我给你的105％的现金的意大利债券。波恩说，今天我要问107％。“银行往往很乐意让特许权。
到目前为止，至少，弯曲意愿已经停止了现金贷款人逃离仓库市场。•