美国财政部考虑是否放宽对美债的资本规定 https://is.gd/9XueLU 彭博 作者：Erik Wasson 与 Michael Mackenzie 2025年4月15日 23:58（GMT+8） 美国副财政部长麦可・福克兰德（Michael Faulkender）表示，美国官员正讨论一项针对银 行的潜在规则调整，该调整可能有助於降低规模达29兆美元的美国国债市场出现交易冻结的 风险。 在上周美国政府债券大幅抛售後，外界对这项被称为「补充杠杆比率（SLR, Supplementary Leverage Ratio）」的监管规定关注升高。此次暴跌是二十多年来最大的一次，引发人们 对类似2020年3月市场崩盘的担忧。尽管任何变动都需联准会与其他监管机构的批准，但财 政部长担任负责美国金融稳定的监管机构理事会主席。 福克兰德周二在华盛顿一场由投资公司协会（Investment Company Institute）主办的活动 中谈到 SLR 时表示：「我们正在研究这项议题，也正在就此进行对话。」 SLR 自2018年起生效，对所有资产未设风险权重——这意味着即便是被全球金融体系视为基 准资产的美国政府债券，也受到与高风险资产相同的待遇。银行方面认为，这项资本规定限 制了它们在市场压力时期增持美债的能力。新冠疫情期间，该规定对美债的适用性曾一度被 暂停，但目前已恢复执行。 福克兰德指出：「我们不断自问的一个问题是，在市场波动或出现压力事件时，我们是否有 足够的流动性注入系统。因此，如果 SLR 在压力时期不必要地成为限制因素，我们是否有 方法提升债券市场在大成交量交易日的处理能力？」 戴蒙与苏德门的观点 福克兰德未具体说明目前有哪些相关人士参与讨论「SLR 是否限制了我们市场的运作」，也 未透露任何潜在变动的时间表。 摩根大通（JPMorgan Chase & Co.）执行长杰米・戴蒙（Jamie Dimon）上周五预测，若不 调整几项资本与流动性规定，联准会最终将不得不介入解决未来美债市场的「混乱局面」。 他表示，仅仅修改 SLR 对他的银行来说还不够，但其他银行高层则认为调整该规定会有所 帮助。 高盛集团（Goldman Sachs Group Inc.）执行长大卫・苏德门（David Solomon）也是呼吁 修改 SLR 的业界人士之一。 苏德门周一表示：「放宽 SLR 对美债市场会有正面效益。这是一项重要的结构性改革。」 福克兰德也指出，美债市场在周一收复了部分上周的跌幅。 「就债市而言，我想你们也看到了，债券殖利率持续下跌——昨天10年期公债殖利率下降了 11到12个基点，表现不错，」福克兰德说。 「工具箱很大」 截至纽约时间上午11:36，10年期美国国债殖利率下跌约3个基点至4.34%，此前在上周曾飙 升约50个基点。 本月以来，美元与美债殖利率之间的传统联动关系也已削弱，显示投资人在重新思考压力时 期美国资产的安全性。 （延伸阅读：美元与美债殖利率的关联性减弱，信心出现裂痕） 财政部长史考特・贝森特（Scott Bessent）周一表示，他尚未看到有外国政府在此次抛售 中大量抛售其持有的美债。他还在接受彭博电视专访时表示，如果需要介入市场，他的部门 拥有「一整套强大的工具可以启动」。 （延伸阅读：贝森特表示若有需要，财政部有足够工具因应债市） 当被问及他最近一次与联准会主席鲍尔（Jerome Powell）的例行会谈中，是否有讨论到对 美债市场的忧虑时，贝森特回应道：「我们是否具体谈到了要『打破玻璃罩』式的紧急对策 ？我认为我们还远未到那个地步。」 交易员的观点 这与 WisdomTree 固定收益策略主管凯文・弗拉纳根（Kevin Flanagan）上周在市场波动期 间的看法一致。 「资金市场出现了一些小波动，但还不到需要联准会出手的程度，」弗拉纳根表示。他补充 道：「放宽 SLR 是另一种可以使用的工具。SLR 就是一个完美的例子。」 若市场波动与殖利率持续居高不下，交易员预期监管机构可能会调整对美债交易商的相关规 则。 AmeriVet Securities 美国利率交易与策略主管葛雷戈里・法拉内洛（Gregory Faranello ）表示：「他们将不得不让美国国债对国内机构变得更具吸引力。」 「这样做有助於交易商更有信心承担风险，资产负债表会变得更宽松，因为持有美债的成本 会更低，」法拉内洛说。「我看不出还有其他出路。」 — Annmarie Hordern 与 Michael J Moore 亦有贡献报导。 心得评论： 美副财长讨论放宽SLR一事 SLR = 核心资本 / 杠杆曝险总额 核心资本：主要为普通股本及保留盈余 杠杆曝险总额：包括银行帐上资产与表外项目（如美债、衍生品、回购协议） 若把美债从曝险总额中移除： 1. 就不算曝险部位了 2. 维持或改善美债流动性与稳定性 3. 鼓励银行增持美债 4. 避免银行卖出美债来降低杠杆风险 上一次美债从SLR暂时移除的时间是：2020/04/01-2021/03/19 2020/03发生什麽事大家都知道，新冠肺炎与无限QE，那这次呢？有什麽风雨欲的事情来让 美副财长开始讨论放宽SLR一事？ Treasury Explores Whether to Ease Capital Rule on US Bonds By Erik Wasson and Michael Mackenzie 2025年4月15日 at 23:58 GMT+8 Deputy Treasury Secretary Michael Faulkender said that US officials are discussi ng a potential rule change for banks that could reduce risks of a freeze-up of t rading in the $29 trillion Treasuries market. Scrutiny of the regulation, known as the Supplementary Leverage Ratio, has climb ed in the wake of last week’s selloff in US government debt. That slump, the bi ggest in more than two decades, had stoked fears of a March 2020-type market mel tdown. The Federal Reserve and other overseers would need to approve any change, though the Treasury secretary chairs the council of regulators focused on US fi nancial stability. “We are investigating it, and we are having conversations about it,” Faulkende r said at an Investment Company Institute event in Washington Tuesday of the SLR . The SLR came into effect in 2018, and doesn’t have risk weightings for assets — meaning it applies evenly to US government debt, which is widely regarded as the benchmark asset for the global financial system. Banks have argued the capit al rule crimps their ability to add Treasuries in stressful times, as they are t reated in line with much riskier assets. The SLR’s applicability to Treasuries was suspended during the Covid crisis, but it’s since been reinstated. “The question that we continue to ask ourselves is, in times of market volatili ty, or if there were to be a stress event, do we have adequate liquidity coming into the system,” Faulkender said. “So to the extent that the SLR is binding t erms during times of stress unnecessarily, are there ways for us to increase the capacity of the bond market to handle large volume days?” Dimon, Solomon Faulkender didn’t specify the parties involved in the discussions about “the e xtent that the SLR is a limiting factor on the operation of our market,” or any timeline for potential changes. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon on Friday predicted the Fed would need to intervene in a future Treasury market “kerfuffle” unless se veral capital and liquidity rules were tweaked to free banks to be more active t raders in bond markets. Dimon said for his bank, just changing SLR wouldn’t be enough. But other bank executives have said tweaking the rule would help. Goldman Sachs Group Inc. CEO David Solomon is among those calling for a change t o the SLR rule. “SLR relief would have a benefit to Treasury markets,” Solomon said on Monday. “It’s an important structural reform.” Treasuries recouped some of last week’s losses in Monday trading, something Fau lkender highlighted. “With regard to the bond market, I think you’ve seen that bond yields continue to fall — yesterday we had a nice 11 to 12 basis point decrease in the 10-year yield,” Faulkender said. ‘Big Toolkit’ Ten-year Treasury yields were down about 3 basis points at 4.34% as of 11:36 a.m . in New York, after having soared about 50 basis points last week. The traditional relationship between the dollar and Treasury yields has also wea kened this month as investors rethink the safety of US assets in times of stress . Read more: Dollar’s Link to US Treasury Yields Weakens as Confidence Cracks Treasury Secretary Scott Bessent said Monday that he hadn’t seen evidence of fo reign nations dumping their sovereign holdings of Treasuries in the selloff. He also said, in an interview with Bloomberg Television, that his department had “ a big toolkit that we can roll out” if action were needed to address conditions in the market. Read more: Bessent Says Treasury Has Big Toolkit If Needed for Bonds Asked about whether, in his latest weekly sit-down with Fed Chair Jerome Powell, there was any discussion of concerns about the Treasury market, Bessent said, “Specifically, did we discuss some kind of a break the glass? I think we’re a long way from that.” Traders’ Take That’s the same assessment Kevin Flanagan, head of fixed income strategy at Wis domTree, offered last week amid the volatility. “There have been a few hiccups in the funding markets, but not to the point to elicit a Fed reaction,” Flanagan said. “Easing the SLR is another tool” that could be used, he also said. “The SLR is a perfect example of that.” Traders see the prospect of regulators tweaking the rules for dealers holding Tr easuries if volatility and yields remain elevated. Gregory Faranello, head of US rates trading and strategy for AmeriVet Securities said, “They’re going to have to make US Treasuries much more attractive for d omestic institutions. “It helps dealers can feel comfortable taking down risk, balance sheets are ope n as it’s much cheaper to hold Treasury securities,” Faranello said. “I don’ t see any way around that.” — With assistance from Annmarie Hordern and Michael J Moore --

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