Shunned Bund sale fuels debt crisis fears
德國國債拍賣遭到冷遇
The worst-received German bond sale since the euro’s launch fuelled fears that the continent’s debt crisis was now affecting Berlin, the region’s biggest economy and key to the survival of the single currency.
自歐元問世以來最不成功的德國債券拍賣，加劇了有關歐元區債務危機已影響到德國的擔心。德國是歐洲最大的經濟體，也是歐元生存的關鍵。
The bond auction only managed to raise two-thirds of the amount targeted. Investors and banks shunned the offering due to worries that Europe’s monetary union project could collapse because of deteriorating market sentiment and the vast size of the region’s public debt.
此次德國債券拍賣僅完成了三分之二的籌資目標。由於擔心歐洲貨幣聯盟項目可能因市場人氣日益惡化和歐元區龐大的公共債務而崩潰，投資者和銀行迴避了此次拍賣。
The euro, which has held up relatively well despite the bond market turmoil, suffered one of its biggest one-day falls against the dollar this year, while eurozone government debt was sold off across the board.
此前在債券市場動盪期間表現相對堅挺的歐元，昨日兌美元匯率創下今年最大的單日跌幅，同時歐元區各國國債遭到全面拋售。
A spokesman for the German debt agency, which oversees the auctions, said: “We are seeing no indication that investors might be losing their appetite for Bunds . . . We shouldn’t overinterpret today’s result.”
主管此次拍賣的德國國債機構發言人表示：“我們沒有看到表明投資者喪失對德國國債興趣的任何跡象……我們不應過度解讀今日的結果。”
Some market participants said low German yields may have put off some buyers. The average yield in the auction was a historically low 1.98 per cent. Investors have bought Bunds heavily recently as they moved out of peripheral eurozone debt.
些市場參與者表示，德國國債收益率低可能讓部分買家卻步。此次拍賣的平均收益率為1.98%，創出歷史最低水平。投資者最近賣出了歐元區外圍國家國債，轉而大量買入德國國債。
But as fear spread across trading floors, Germany started to trade like a risk asset with Bund yields, which have an inverse relationship with prices, rising roughly in line with French, Italian, Spanish and Belgian yields. But yields on short-term German debt went into negative territory – a sign that Berlin is still seen as a haven by some
Sally Wang: 但是，隨著恐懼心理席捲所有交易場所，德國國債開始表現得像一種風險資產，其收益率（與價格走勢相反）基本上與法國、意大利、西班牙和比利時國債的收益率一樣上升。但德國短期國債收益率進入負值區域，表明德國國債仍被某些人視為避險投資。
Ewald Nowotny, a European Central Bank policymaker and head of Austria’s central bank, said the German bond sale was an “alarm signal”, while investors, traders and strategists warned it may prove a tipping point. Don Smith, economist at Icap, the interdealer broker, said: “This is just one auction, but there is a growing feeling among many in the markets that the crisis is heading one way – and that is towards the break-up of the eurozone.”
歐洲央行(ECB)政策制定者、奧地利央行行長愛華德•諾沃特尼(Ewald Nowotny)表示，此次德國國債拍賣是一個“令人警惕的信號”，同時投資者、交易員和策略師警告稱，這可能證明是一個轉折點。交易商間經紀公司毅聯匯業(ICAP)的經濟學家唐•史密斯(Don Smith)表示：“這只是一次拍賣，但市場中許多人越來越覺得，這場危機正向歐元區解體的方向發展。”
In Brussels, José Manuel Barroso, the European Commission president, warned the euro would be “difficult or impossible” to sustain without tighter economic integration.
在布魯塞爾，歐盟委員會(European Commission)主席若澤•曼努埃爾•巴羅佐(José Manuel Barroso)警告稱，不推動更緊密的經濟一體化，歐元將“很難或不可能”持續下去。
He presented plans to curb the fiscal excesses of national governments and introduce a joint “eurobond” to replace national debt issuance. His proposals would give Brussels new powers to assess and object to national budgets before they are published. But Angela Merkel, the German chancellor, described the eurobond plan as “extraordinarily inappropriate” and “troubling” in the midst of a crisis.
他提出了相關計劃，擬遏制歐元區各國政府財政支出過度，並發行歐元區共同債券以取代各國國債。他的提議將讓歐盟獲得新的權力，可在各國預算公佈之前予以評估和反對。但德國總理安格拉•默克爾(Angela Merkel)形容歐元區共同債券計劃“極不適當”，而且在當前危機期間“令人不安”。
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