波士顿咨询集团的Pierre Pour query认为，考虑到基金面对上升的赎回率和保证金要求，下一波冲击的受害者可能来自持有大量掉期合约的对冲基金倒闭。

The next shock could be the failure of a hedge fund with a big swap book, given the spike in redemptions and margin calls many funds face, thinks Pierre Pourquery of the Boston Consulting Group.

youdao

杠杆率掉期能够获得比通常较低的筹资成本，但如果利率升高就会使借款人有复杂风险的互换。

Leveraged swap a swap that achieves a lower cost of funding than is normally available, but exposes the borrower to compounded risk if interest rates rise.

youdao

杠杆率掉期能够获得比通常较低的筹资成本，但如果利率升高就会使借款人有复杂风险的互换。

Leveraged SwapA swap that achieves a lower cost of funding than is normally available, but exposes the borrower to compounded risk if interest rates rise.

youdao

在Montier先生看来，就算股息增长率仅有2%，掉期交易都是大有价值的。

Even a dividend growth rate of 2% would make the swaps good value, in Mr Montier's view.

youdao

然而在金融危机前，主权信用违约掉期在国债利益率中的比例还是个位数。

Before the financial crisis, sovereign credit-default swaps traded in single digits.

youdao

尽管如此，今年7月以来2027年到期的全球债券收益率已经上升了270个基点，达到13.5%，而5年期信用违约掉期(CDS)利差扩大了557个基点，达到1494个基点(参见图标5.1)。

Nevertheless, the 2027 global bond yield has increased 270 BPS to 13.5% since late July and 5-year CDS spreads widened 557 BPS to 1494 BPS (Chart 5.1).

youdao

尽管如此，今年7月以来2027年到期的全球债券收益率已经上升了270个基点，达到13.5%，而5年期信用违约掉期(CDS)利差扩大了557个基点，达到1494个基点(参见图标5.1)。

Nevertheless, the 2027 global bond yield has increased 270 BPS to 13.5% since late July and 5-year CDS spreads widened 557 BPS to 1494 BPS (Chart 5.1).

youdao