【英语财经】投资者加大使用隔夜融资市场力度 Big investors replace banks in $4.2tn repo market

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2014-5-30 06:44

小艾摘要: Big investors, including hedge funds, mutual funds and real estate trusts, are replacing banks as the biggest users of the overnight funding market that played a key role in the financial crisis.The r ...
Big investors replace banks in $4.2tn repo market
Big investors, including hedge funds, mutual funds and real estate trusts, are replacing banks as the biggest users of the overnight funding market that played a key role in the financial crisis.

The repo market, in which borrowers pledge securities as collateral against very short-term loans, was once a popular method for banks to source cheap financing. But the strategy proved destabilising in 2008, when lenders in the repo market lost confidence in mortgage-backed collateral and pulled back on funding.

Since 2008, the repo market has been shrinking as banks have shifted to longer-term financing in response to new regulatory capital rules and other post-crisis pressures. What remains of the $4.2tn market is increasingly being taken up by non-bank entities such as real estate investment trusts (Reits), mutual funds and hedge funds.

These investors are turning to repo to boost returns during an era of low rates. By using more borrowed money, or leverage, they can take larger positions, but they are also taking a bet that markets will remain stable.

Janet Yellen, Federal Reserve chairman, has stressed that rates in the US could stay low even if unemployment and inflation return to more normal levels.

The growing use of repo has been particularly marked among Reits, which have overtaken banks and broker-dealers as the largest borrowers in the market, according to Federal Reserve data. To purchase long-term mortgage assets, Reits have increased their repo borrowings to $281bn, up from $90.4bn in 2009.

Closed-end funds, which invest in assets ranging from corporate bonds to municipal debt, also have increased their borrowing in the repo market, from $2.74bn at the end of 2007 to almost $8bn now, according to Fitch Ratings data.

Industry participants say there is ample anecdotal evidence that other types of big investors are lending out more of their assets to generate greater returns.

“It’s becoming more of a popular strategy,” said one repo specialist at a large bank. “It’s an opportunity to enhance yield and hit the return hurdles that investors are looking for.”

对冲基金、共同基金和房地产信托等大型投资者正取代银行,成为隔夜融资市场的最大使用者。此类市场在金融危机中扮演了关键角色。

允许借款人将证券作为抵押、以获得极短期贷款的回购市场,一度是银行青睐的筹集廉价资金的方式。但这种策略在2008年被证明破坏了稳定,当时回购市场上的放贷人对抵押贷款支持的担保品失去了信心,因而收回资金。

自2008年起,回购市场一直在萎缩。面对新的资本金监管规则和其他后危机时代压力,银行转向期限更长的融资。这个4.2万亿美元市场的剩余部分越来越多地被房地产投资信托基金(Reit)、共同基金和对冲基金等非银行机构占据。

这些投资者转向回购市场,是为了在低息时代提升收益率。利用更多借入资金,即提高杠杆率,让这些投资者能够持有更大头寸,但它们也在押注于市场将保持稳定。

美联储(Fed)主席珍妮特?耶伦(Janet Yellen)已强调称,即便失业率和通胀回归更正常的水平,美国的利率也可能维持低位。

房地产投资信托基金加大使用回购市场的情况最为显著。根据美联储数据,此类基金已超越银行和经纪自营商,成为回购市场上最大的借款人。为购买长期的抵押贷款资产,房地产投资信托基金将回购借款额从2009年的904亿美元,增至2810亿美元。

惠誉(Fitch Ratings)数据显示,投资资产范围从公司债券到市政债的封闭式基金,在回购市场的借款额也从2007年底的27.4亿美元,增至如今的近80亿美元。

行业参与者表示,有充分的传闻证据显示,其他类型的大型投资者也在增加出借资产的规模,以获得更高回报。

“这在更大程度上正在成为一种流行的策略。”某家大银行的一名回购专家表示,“这是一个机会,能提高收益率、达到投资者企盼的回报率标杆。”

译者/阑天

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