依靠固定收益业务建立起来的房子正面临大修。巴克莱集团正在展示其能为客户做的不仅仅是交易债券和安排债务交易。
The house built by fixed income is facing an overhaul. Barclays Plc is showing it can do more for clients than trade bonds and arrange debt deals.
在第三季度，巴克莱的股票交易员收入与固定收益交易员持平，这是自2008年这家英国贷方收购雷曼兄弟北美投资银行以来首次实现这一壮举。显然，巴克莱看好股票业务蓬勃发展的未来。
Barclays’ equities traders pulled level with their fixed income counterparts in the third quarter, the first time they pulled off such a feat since the UK lender acquired Lehman Brothers’ North American investment bank in 2008. It’s clear that Barclays sees a better future with a surging equities arm.
这种增长源于主经纪业务的繁荣，该业务负责为对冲基金客户提供融资和其他服务。特别是亚洲半导体股票的剧烈反弹和抛售，推动了对冲基金对银行融资需求的激增。
That growth has come from a boom in prime brokerage, the business responsible for financing and providing other services to hedge fund clients. Volatile rallies and selloffs in Asian semiconductor stocks in particular have propelled demand from hedge funds to tap banks for more funding.
首席执行官C.S.文卡塔克里希南周四在财报电话会上表示：“我们正在向股票业务再平衡。”
“We are rebalancing towards equities,” Chief Executive Officer CS Venkatakrishnan said on an earnings call Thursday.
这一转变对巴克莱而言幅度巨大，该行正试图平衡其各项能力，以便在债券交易放缓时股票业务能补上空缺，反之亦然。如果股票收入继续增长，巴克莱将稳居欧洲主要交易机构之列，与法国巴黎银行和瑞银集团等贷方并列。
The shift is a large change for Barclays, which is trying to balance out its capabilities so its equities business can pick up the slack if bond trading slows and vice versa. If equities income continues to grow, Barclays will firmly be one of the largest European-based trading houses, among lenders including BNP Paribas SA and UBS Group AG.
由于利率居高不下——因美联储额外加息而加剧——抑制了客户需求，华尔街固定收益交易台的收入在该季度下滑。
Revenues across Wall Street fixed income desks dropped during the quarter, as elevated interest rates — exacerbated by an extra rate hike from the US Federal Reserve — stifled client demand.
首席财务官安娜·克罗斯周四在分析师电话会上表示，巴克莱的股票业务业绩帮助抵消了第三季度下半期“利率和信贷领域客户活动减少”以及“9月进一步的逆风”，后者将固定收益收入较去年同期拉低了19%。
The equities results at Barclays helped offset “lower client activity in rates and credit” in the back half of the third quarter, and “further adversity in September,” which pulled fixed income revenue down 19% from a year ago, Chief Financial Officer Anna Cross said on a call with analysts on Thursday.
巴克莱银行率先发布财报，随后将有大批欧洲银行跟进。投资者将关注固定收益业务是否存在潜在滞后，以及股票业务能否帮助抵消任何疲软。法国巴黎银行和瑞银集团在最近几个季度均报告股票业务收入大幅激增。然而，德意志银行没有任何股票业务，依赖固定收益业务盈利。
Barclays reported ahead of a slew of European banks, for which investors will be watching for potential lags in fixed income and whether equities arms can help buoy any softness. BNP and UBS have reported large surges in equities revenue in recent quarters. Deutsche Bank AG, however, doesn’t have any equities presence and relies on fixed income earnings.
近几个月来，欧洲政府债券表现挣扎，交易员在剧烈波动中屡屡站错队。随着中东冲突拖延，投资者越来越多地将财政和通胀风险计入定价，收益率也触及多十年来高位。
European government bonds have struggled in recent months, with traders repeatedly caught on the wrong side of sharp moves. Yields also hit multidecade highs as conflict in the Middle East dragged on and investors increasingly priced in fiscal and inflation risks.
据摩根大通分析师Kian Abouhossein等人周四在一份报告中指出，巴克莱银行第三季度股票业务收入的增幅超过了其美国同行43%的平均水平。
The jump in equities revenue at Barclays in the third quarter beat the 43% average across its US peers, according to a note Thursday from JPMorgan Chase & Co. analysts including Kian Abouhossein.
肖尔资本分析师Gary Greenwood表示：“第三季度股票业务增长非常强劲，尤其是与固定收益业务相比，尽管这也是整个行业的普遍主题，因此不确定他们是否一定抢占了大量市场份额。”近年来，包括摩根大通和高盛集团在内的华尔街银行的优质余额均有所增加。
“Growth in equities was very strong” in the third quarter especially compared with fixed income, “albeit that was also a sector wide theme so not sure they necessarily took much market share,” said Shore Capital analyst Gary Greenwood. Prime balances have increased in recent years across Wall Street banks, including JPMorgan and Goldman Sachs Group Inc.
用Venkatakrishnan（注：巴克莱银行首席执行官C.S. Venkatakrishnan）的话说，巴克莱银行是“靠固定收益建立起来的银行”。2008年，该行从破产清算中收购雷曼兄弟业务时，固定收益、货币和商品（FICC）业务收入远超股票业务。2009年，FICC业务带来近130亿英镑收入，而股票和优质服务业务仅带来28亿英镑。
Barclays, in Venkatakrishnan’s words, is “the house that fixed income built.”When the bank acquired the Lehman Brothers business in 2008 out of bankruptcy, revenues from fixed income, currencies and commodities dwarfed those from equities. FICC brought in almost £13 billion in 2009, compared with £2.8 billion from equities and prime services.
从那时起，该行投资银行规模已有所缩减，尽管固定收益业务仍占市场业务收入的大头。然而，自2021年Venkatakrishnan出任首席执行官以来，他一直在扩充该行的优质业务能力。
Since then, the firm’s investment bank has shrunk in size, though fixed income has continued to make up the bulk of markets revenue. Venkatakrishnan, however, has been growing its prime capabilities since he was tapped to the top job in 2021.
“Prime（主经纪商业务）对我们来说一直很有回报，”首席执行官在2022年的业绩电话会议上表示，并补充说该业务“极大地增加了存款余额”。据彭博社报道，巴克莱银行在最近几个月将资本从宏观交易员转移到了其主经纪商业务，因为其为对冲基金提供融资的能力触及了某些限制。
Prime “has been rewarding to us,” the CEO said on an earnings call in 2022, adding the business has “increased balances tremendously.”Barclays diverted capital from macro traders to its prime business in recent months, as it hit certain limits on its capacity to finance hedge funds, Bloomberg has reported.