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对美国资产的不安情绪日益加剧,引发长期美国国债的大规模抛售,收益率随之飙升。这种不安情绪在期权市场上有所体现,防范更大损失的溢价飙升至2021年“闪崩”以来的最高水平。

所谓的美国国债期权倾斜度已大幅扩大,投资者大举推高了用于对冲收益率飙升风险的看跌期权的价格。上一次如此偏向看跌期权是在2021年2月25日,当天美国国债市场出现了不寻常的“闪崩”事件,在流动性紧张的情况下,债券价格突然下跌。

美国国债期权倾斜度

这种极端的仓位配置反映出许多投资者的焦虑日益加深。由于担心美国总统唐纳德·特朗普激进的贸易政策以及他不断施压美联储主席杰罗姆·鲍威尔降息可能带来的经济和市场影响,投资者对美国资产的信心受到了动摇。与此同时,美国财政前景仍然充满挑战,导致交易员要求对持有长期美国国债的风险进行更多补偿。这可以从所谓的期限溢价上升中看出。

近期市场动荡和政策担忧导致投资者平仓,也加剧了近几个交易日收益率的上行压力。截至美东时间周二下午,30年期美国国债收益率为4.88%,接近三个月高点。

LPLFinancial首席固定收益策略师LawrenceGillum表示:“毫无疑问,外资已经开始抛售美元资产,并加剧了市场波动。再加上对美联储独立性的担忧,以及过早降息可能造成的政策失误,长期美国国债收益率持续走高也就不足为奇了。”

现货市场对美国国债缺乏信心的现象也显而易见。摩根大通的每周客户调查显示,中性仓位升至今年以来的最高水平。

摩根大通美债客户调查

诚然,期权市场的仓位可能会迅速逆转。2021年出现的严重市场混乱是短暂的,如果贸易谈判能达成新协议,并且特朗普停止对鲍威尔领导的美联储的口诛笔伐,那么类似的情况现在可能会发生。周二,美国股市上涨,长期收益率小幅走低,因为交易员们对白宫将与主要合作伙伴达成贸易协议持乐观看法。

然而,政策仍在不断变化,诸多不确定性依然让交易员紧张不安。这一点也体现在美国股市上,期权交易员越来越青睐看跌期权,以防范科技七巨头的股价进一步下跌。

BMOCapitalMarkets董事总经理兼美国利率策略主管IanLyngen周二表示:“遗憾的是,我们对‘抛售美国’交易即将得到缓解没有多大信心。”

热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  中远海发(02866)公布,近日,公司取得中国银行股份有限公司上海市分行向公司出具的《贷款承诺函》,同意为公司回购A股股份提供专项贷款支持,贷款金额最高不超过人民币2.5416亿元,贷款期限不超过三年,承诺函有效期自签发之日起一年。

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