講解 美國財政部買回公債計畫 - 經濟

By Michael
at 2022-10-26T21:09
at 2022-10-26T21:09
Table of Contents
※ [本文轉錄自 Stock 看板 #1ZJkTaAC ]
作者: ntnusleep (蟲蟲蟲) 看板: Stock
標題: Re: [心得] 講解 美國財政部買回公債計畫
時間: Wed Oct 19 01:50:25 2022
「由於美國近10年採取極端的貨幣政策,
30年債券所發行的票息,相差很大,
舊債往往不及新發行的債券高息。
如一檔2020年發行,2050年到期的債券,票息1.25%,債券在2020年發行時,
仍處於低息環境,當時債券價格為90至100美元水平,
但在聯準會(Fed)激進連串升息後,這批債券價格目前跌到53.53美元,
投資人低價買入後,持有到期才能取得4%的投報率。」
https://reurl.cc/zNxLke
看完上面的新聞,美國財政部想的應該是
發票面利率較高(例如4.25%)的新債,買回票面利率較低(例如本例的1.25%)的舊債
目前若發行20年期票面利率4.25%的公債,公債價格可能只略低100
上述新聞中剩17年多到期票面利率1.25%的公債價格則僅剩53元左右
且由於票面利率僅1.25%
當期殖利率(Current Yield)只有 1.25/53=2.35%
要持有到期整體來講才會獲得約4%左右的年報酬率
這種債券的投資人買入的興趣可能會較低,交易量少(流動性差)
相對的若同樣年期,新債的票面利率若較高
當期殖利率就會較高,投資人自然對新債較有興趣,交易量較高(流動性較好)
因此美財政部才會思考,是否以面票利率較高的新債換舊債,
買回交易量低的債券,確保長年期債券的交易量(流動性)
避免交易量過少,一有拋售,即面臨長債價格大幅下降的壓力
據此,這不是QT也不是QE
--
作者: ntnusleep (蟲蟲蟲) 看板: Stock
標題: Re: [心得] 講解 美國財政部買回公債計畫
時間: Wed Oct 19 01:50:25 2022
「由於美國近10年採取極端的貨幣政策,
30年債券所發行的票息,相差很大,
舊債往往不及新發行的債券高息。
如一檔2020年發行,2050年到期的債券,票息1.25%,債券在2020年發行時,
仍處於低息環境,當時債券價格為90至100美元水平,
但在聯準會(Fed)激進連串升息後,這批債券價格目前跌到53.53美元,
投資人低價買入後,持有到期才能取得4%的投報率。」
https://reurl.cc/zNxLke
看完上面的新聞,美國財政部想的應該是
發票面利率較高(例如4.25%)的新債,買回票面利率較低(例如本例的1.25%)的舊債
目前若發行20年期票面利率4.25%的公債,公債價格可能只略低100
上述新聞中剩17年多到期票面利率1.25%的公債價格則僅剩53元左右
且由於票面利率僅1.25%
當期殖利率(Current Yield)只有 1.25/53=2.35%
要持有到期整體來講才會獲得約4%左右的年報酬率
這種債券的投資人買入的興趣可能會較低,交易量少(流動性差)
相對的若同樣年期,新債的票面利率若較高
當期殖利率就會較高,投資人自然對新債較有興趣,交易量較高(流動性較好)
因此美財政部才會思考,是否以面票利率較高的新債換舊債,
買回交易量低的債券,確保長年期債券的交易量(流動性)
避免交易量過少,一有拋售,即面臨長債價格大幅下降的壓力
據此,這不是QT也不是QE
--
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