本周法国债券暴跌，站错队的对冲基金被迫迅速平仓，引发剧烈波动，欧洲市场难以消化。
Hedge funds caught on the wrong side of this week’s slump in French bonds were forced to unwind bets rapidly, fueling wild moves that European markets struggled to absorb.
据知情人士透露，Taula Capital Management UK LLP、Balyasny Asset Management LP 等公司大举涌入套息交易，旨在从利率互换与法国债券收益率的差价中获利。知情人士称，这些头寸直到最近一直利润丰厚，但周四债券暴跌时，它们争相离场。知情人士因讨论私人信息而要求匿名。Taula 和 Balyasny 的发言人拒绝置评。
Taula Capital Management UK LLP, Balyasny Asset Management LP and other firms had piled into carry trades to profit from the difference between interest-rate swaps and French yields, according to people familiar with the matter. Those positions had been highly lucrative until recently, but when bonds plunged Thursday they rushed for the exits, the sources said, requesting anonymity to discuss private information. Spokespeople for Taula and Balyasny declined to comment. “Most typical hedge-fund strategies are in risk reduction mode,” said Kaspar Hense, senior portfolio manager at RBC Bluebay Asset Management.
RBC Bluebay Asset Management 高级投资组合经理 Kaspar Hense 表示：“大多数典型的对冲基金策略都处于降低风险模式。止损位也被触发，部分是由于陡峭化交易，现在则是做多法国债券交易。” 周五，法德 10 年期债券收益率利差扩大至 154 个基点，为 2011 年希腊债务危机引发恐慌、最终迫使欧洲央行干预以支撑欧元以来的最宽水平。周四也出现大量抛售，此前法国政府的预算提案被该国财政监管机构称为“乐观”。
“There have also been stop-loss levels triggered, partly on the steepener trades and now on long France trades.”The spread between French and German 10-year yields blew out to 154 basis points on Friday, the widest level seen since 2011 when the Greek debt crisis sparked panic that eventually forced the European Central Bank to intervene to shore up the euro. There was also heavy selling Thursday, triggered by a French government budget proposal described as “optimistic” by the country’s fiscal watchdog.
对法国预算赤字和债务负担上升的担忧并非新鲜事，但热钱的积聚和风险集中度的增加会在市场承压时放大波动。
Concern about France’s budget deficit and rising debt burden are not new, but the buildup of fast money and the increased concentration of risk can amplify swings when markets are stressed.
富达国际固定收益首席投资官 Marion Le Morhedec 表示：“现在法国有大量对冲基金，这无益于局势，因为这会制造更大压力。”
“We have a very big community now in France of hedge funds in a way that does not help because that creates more pressure,” said Marion Le Morhedec, chief investment officer for fixed income at Fidelity International.
“如果你看资金流向，对冲基金活动目前可能占利差变动的50%左右。如果你看Eurex的数据，它显示了这些参与者在过去几个交易日有多么活跃，这给政府带来了压力，”她补充道。
“If you look at the flow, hedge fund activity accounts for probably 50% of what’s happening on the spread at the moment. If you look at Eurex data, it shows you how hectic those players have been over the past few sessions and that puts pressure on governments,” she added.
英格兰银行周三警告称，对冲基金在英国国债上的高杠杆使市场更容易受到“同时显现”的压力冲击。3月伊朗战争爆发导致欧洲债券市场动荡时，对冲基金激进平仓热门交易放大了动荡，这些基金曾依靠借贷资金来提高收益。
The Bank of England warned on Wednesday that elevated hedge fund leverage in gilts left the market more vulnerable to strains “that crystallize at the same time.”When European bond markets were roiled in March by the start of the war in Iran, the ructions were magnified by aggressive unwinding of popular trades by hedge funds who had leaned on borrowed cash to boost their returns.
消息人士称，本周一度波动如此剧烈，以至于一些银行拒绝为法国债券报价。
At one point this week, the volatility was so intense that some banks refused to quote prices for French bonds, the sources familiar said.