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GRIM REPO

机译:格里姆回购

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摘要

There's reason to worry when everyone from rating agencies to regulators starts talking about a corner of the I capital markets that previously enjoyed peaceful obscurity-while the banks that arrange and manage the deals remain tight-lipped. Such is the case for the U.S. repurchase, or repo, market, where banks and other financial institutions borrow cash from money market and pension funds by pledging securities as collateral. The tensions that led to the notorious repo squeeze of 2008 are resurfacing, experts fear. These include a hunger for yields far above the paltry returns offered by U. S. Treasuries and a growth in the supply of securities that meet this demand-but at higher risk.
机译:当从评级机构到监管机构的每个人都开始谈论过去曾享有和平默默无闻的I资本市场的一角,而安排和管理交易的银行仍然守口如瓶时,有理由担心。美国的回购或回购市场就是这种情况,在该市场中,银行和其他金融机构通过将证券作为抵押品从货币市场和养老基金中借入现金。专家担心,导致2008年臭名昭著的回购紧缩的紧张局势正在重新出现。其中包括对收益率的渴望远高于美国国债提供的微不足道的回报,以及满足这一需求但风险更高的证券供应的增长。

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