西班牙意大利新政府未能緩解舉債壓力
New governments fail to bring bond respite for Spain or Italy
Bond markets ramped up the pressure on Spain and Italy on Tuesday as Madrid was forced to pay more for three-month debt than Greece did last week, while Rome saw its yield curve invert, a sign of severe stress.
西班牙和意大利周二在債券市場上進一步受壓，其中西班牙為3個月期債務支付的利率超過了希臘上周支付的利率，意大利的收益率曲線則出現倒掛，這是嚴重壓力的一個跡象。
Madrid paid an average yield of 5.11 per cent for the three-month bills, more than double the rate it paid last month and higher than the 4.63 per cent that Athens paid last Tuesday.
西班牙為3個月期的短期國債支付5.11%的平均收益率，是上個月發行收益率的兩倍以上，甚至高於希臘上周二支付的4.63%。
Italy saw yields of all its bonds from two- to eight-years rise above its benchmark 10-year note, normally a sign of impending recession. The inversion of its yield curve last happened two weeks ago but, unlike then, purchases of Rome’s bond by the European Central Bank on Tuesday failed to undo the damage.
意大利從2年期到8年期所有債券的收益率都高過了基準的10年期債券，這通常是經濟即將陷入衰退的一個信號。兩周前該國收益率曲線也曾出現倒掛，但此次不同的是，歐洲央行周二買進意大利國債的行動未能使曲線恢復正常。
“Instead of performing a price signalling function, yield levels merely reflect the lack of risk appetite in the market currently. With nothing to oppose higher yields these moves are effectively self-perpetuating and the spiral is vicious,” said Robert Crossley, head of European interest rate strategy at Citigroup.
“收益率水平沒有起到價格信號功能，而只是反映當前市場缺乏風險胃口。由於沒有什麽能夠抑制收益率上升，這些變動實際上形成了自我延續的、惡性的螺旋。”花旗(Citigroup)歐洲利率策略主管羅伯特•克羅斯利(Robert Crossley)表示。
In another bad day for eurozone bond markets, Belgium saw the premium it pays over Germany to borrow reach a euro-era record of 323 basis points, as its 10-year yields rose 34bp to 5.19 per cent.
歐元區債券市場又經歷了黯淡的一天。比利時與德國的舉債息差達323基點，創歐元時代新高，該國10年期債券收益率上升34個基點，至5.19%。
Bond markets have given no respite to the new governments in Spain of Mariano Rajoy and in Italy of Mario Monti, pushing borrowing costs to levels close to those that pushed Greece, Ireland and Portugal into international bail-outs.
債券市場絲毫不給西班牙馬里亞諾•拉霍伊(Mariano Rajoy)新政府和意大利馬里奧•蒙蒂(Mario Monti)新政府喘息的機會，目前這兩個國家的舉債成本，已經逼近促使希臘、愛爾蘭和葡萄牙接受國際紓困的水平。
Madrid also sold six-month bills on Tuesday at an average yield of 5.23 per cent, up from 3.30 per cent last month. A total of €2.98bn ($4.03bn) of bills was sold with the highest yields in 14 years.
西班牙周二還發行了一批6個月期短期國債，平均收益率為5.23%，遠高於上月的3.30%。西班牙當日共發行了29.8億歐元（合40.3億美元）短期國債，收益率為14年來最高水平。
Fitch, the credit rating agency, said the incoming Spanish government “must positively surprise investors with an ambitious and radical fiscal and structural reform programme”.
信用評級機構惠譽(Fitch)表示，西班牙新政府“必須拿出雄心勃勃、大刀闊斧的財政和結構改革計劃，給投資者帶來驚喜”。
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