乔治·尼克松报道：自欧元诞生以来，投资者要求法国债券的补偿水平首次超过意大利债券。
Bond investors are demanding the most compensation to own French bonds over Italian ones since the founding of the euro.
周五，两国基准10年期债券收益率的利差达到30个基点的历史高位。直到去年，意大利仍被视为两国中风险更高的国家，其借贷成本也高于法国。
The spread between the two nation’s benchmark 10-year bond yields hit a record at 30 basis points on Friday. Until last year, Italy was considered the riskier of the two, with higher borrowing costs than France.
如今，投资者正惩罚法国，因为其预算赤字削减幅度未达预期，且丝毫没有降低117.6%的债务与GDP比率的迹象。此外，资金管理者还要求更高的收益率，以补偿明年4月总统选举前可能出现的政治不确定性——届时极右翼与极左翼势力或将正面交锋。
Now, investors are punishing France for not cutting its budget deficit as much as hoped and for showing no signs of reducing its 117.6% debt-to-GDP ratio. Money managers are also asking for a higher yield to compensate for the political uncertainty ahead of a presidential election next April that could pit the far-right against the far-left.
与此同时，意大利债券则因多年痛苦的紧缩政策而获得回报：这些政策降低了政府债务水平并推动了经济增长。尽管该国债券在最近的市场抛售中遭受重创，但投资者认为这种下跌并不合理。
At the same time, Italian bonds are getting rewarded for years of painful austerity that reduced government debt levels and boosted economic growth. While the nation’s bonds were hit hard during the recent selloff, investors say the moves were unjustified.
“我们看到一些欧洲市场存在机会，这些市场近期的波动与法国同步扩大，”管理阿伯丁投资管理公司欧元政府债券基金的亚历克斯·埃弗雷特表示。“考虑到欧盟整体经济实力的增强以及更健康的债务轨迹，意大利、西班牙及其他较小市场有望跑赢大盘。”法国债券在该地区也表现逊于其他国家，但与意大利相比的下跌尤为引人关注，因为多年来意大利一直被视为欧元区主权风险的晴雨表。2012年7月欧元区债务危机最严重时期，意大利10年期债券收益率曾比法国高出超过400个基点。
“We see opportunity in some of the European markets which widened alongside France in recent weeks,” said Alex Everett, who manages Aberdeen Investment Management’s euro government bond fund. “Italy, Spain and other smaller markets can outperform, given the wider strength of the integrated European Union, and better debt trajectories.”French bonds underperformed those of other nations in the region too, but the move against Italy draws attention because the latter was considered for years a bellwether for euro-area sovereign risk. Italian 10-year yields were once more than 400 basis points higher than French debt in July 2012 at the height of the eurozone debt crisis.
然而，形势现已逆转，法国如今正成为欧洲债券市场抛售潮的核心。法国与地区避风港德国之间的收益率利差已扩大至欧元债务危机时期的水平，上周更一度突破150个基点。随着市场抛售趋于稳定，周五该利差收窄了多达5个基点，降至135个基点。
But things have flipped, and France is now at the heart of a selloff in European bonds. The yield spread between France and Germany, the region’s safe haven, has widened to levels last seen in the euro debt crisis, past 150 basis points last week. It narrowed as much as five basis points to 135 basis points on Friday as the selloff stabilized.
Aegon投资管理公司的投资组合经理Irina Kurochkina表示，投资者利用近期的抛售潮，以更低价格购入意大利和西班牙等国的债务。但她补充说，他们总体上仍对法国敬而远之。
Investors have used the recent selloff to pick up cheaper debt from the likes of Italy and Spain, according to Irina Kurochkina, portfolio manager at Aegon Investment Management. Still, they are largely steering clear of France, she added.
她说：“在利差扩大之后，一些其他国家的债券确实更具吸引力，尤其是预算状况和GDP前景更优的外围国家。”“法国的债券价格已经足够便宜，可以适度减少空头头寸，但由于预算讨论和抗议活动升级带来的市场波动，我们尚未准备好将其头寸调整为中性。”
“It does make some other names more attractive after the widening, especially periphery countries with a better budget position and GDP outlook,” she said. “France is is getting cheap enough to reduce short positions somewhat, but we are not ready to move it to neutral given the volatility on the back of budget discussions and escalating protests.”