德拉奇为什么失望的债券投资者

Mario Draghi, president of the European Central Bank, left bond investors crestfallen and fearful on Thursday by revealing that he has dug a new line of defense for debt markets, which is much further from the front line than its predecessor.

他将签署债券购买，以援助欧元区正式要求救助后援助陷入困境的外围欧元区国家 -设置严格的新条件以救出。

德拉奇的断言表明，欧洲央行采用了比今年早些时候在今年早些时候的主动实践所采用的相当较少的抢先方法，当时通过在没有官方救助的触发器的债券价格上支付债券价格升级的意大利和西班牙债券收益率升级。

由于这种更保守的姿势，在干预之前，产量可能会增加比过去的更高水平。

德拉奇在周四银行每月货币政策会议后阐述了他新方法的细节。符合他上周的评论，欧洲央行将以“无论采取什么需要”以保存欧元，他表示，央行准备购买会员国的债券以降低收益率。但是，国家必须首先申请欧元区的救援资金 - 欧洲稳定机制和欧洲金融稳定设施。这一举措 - 被认为是“当存在特殊的金融市场情况和金融稳定的风险时，”严格有效的条件“。这些购买的“适当的方式”将由银行“在未来几周内”。

在实践中，这种更严格的需求意味着欧洲央行可能会花费更长的时间来介入债券市场，而不是今年早些时候在购买意大利，西班牙和其他困扰欧元区经济的债券时。

就意大利和西班牙而言，欧洲央行去年在同意欧洲央行证券市场计划下购买债券之前，欧洲央行担保了各国政府对紧缩措施的协议。但是，这些协议是非正式的，因此相对容易和迅速给予。

救援基金的正式申请需要更长时间。各国在实践中，只有在中期和长期债券的收益率迅速升级和朝向两位数的额度迅速升级，而不是欧洲央行介入的10年问题，而不是6或7％过去帮助意大利和西班牙。

This delay is likely for several reasons. National governments will be reluctant to accept the much greater stigma of a formal bailout unless they are in irrevocably desperate straits. An official bailout will tie their hands much more than the sort of informal bargaining which Italy, under premier Silvio Berlusconi, largely wriggled out of last year. Finally, for any new countries that suddenly find themselves in trouble, any formal application for aid will inevitably take longer to put together than the unofficial emergency pacts agreed to with Italy and Spain in 2011.

The slow progress of current discussions between euro zone institutions and troubled member states confirms such obstacles: Mariano Rajoy, the Spanish premier, and Mario Monti, who has replaced Berlusconi as Italy’s prime minister, are reluctant to accept the stringent conditions of an official euro zone rescue.

但是，尽管这一欧洲央行防御的第二行可以进一步恢复得很重要，但是有迹象表明它至少挖出了深深的挖掘。对于欧洲央行总统异常，德拉奇周四透露，其理事会的一个成员反对恢复债券购买的决定。他暗示这种敌意来自强大的邦德银行，这已公开表达了欧洲央行债务的债务的努力。

This revelation of internal opposition to further bond-buying has the counterintuitive effect of indicating that further bond-buying is likely to take place if the right conditions are met: Draghi was signalling that he is prepared to ignore the Bundesbank’s disquiet.

“这很清楚，众所周知，魏德曼先生和德邦银行有关于购买债券方案的预订，”德拉希周四表示。但是，一旦设计了新的采购计划，ECB“将采取最终决定，并将计算投票。”Weidmann是Bundesbank的脑袋。

欧洲央行的总统还暗示了市场的另一个安慰奖 - 欧洲央行在未来释放会员国时，欧洲央行可能不再需要私人投资者的资历。

Many institutional investors are all the more reluctant to buy the bonds of peripheral states, because of their bitter memory that when Greece’s default was negotiated earlier this year, the ECB preserved the full principal value of its Greek bonds by insisting on much more niggardly recovery of principal by private investors.

德拉希周四说：“私人投资者对资历的关切将会得到解决。”

然而，他对债券资历的保证留给投资者被遗忘，因为它停止了欧洲央行将接受与其他债券持有人相同的损失。

“德拉吉创造了不切实际的期望,但failed to announce concrete measures significant enough to reassure investors,” said Stephanie Kretz, London-based strategist at Lombard Odier, the Swiss private bank. “One unintended consequence might be that next time the ECB wants to calm markets, his words won’t carry the same effect.”

Sell-offs in risk assets sent the euro down 0.5 percent on the day to $1.216 in New York afternoon trading, with the Eurofirst 300 index of euro zone equities down 1.2 percent to 1,055. The yield on Spanish 10-year bonds leapt 24 basis points higher to 6.99 percent.