菜鳥請教經濟問題

誰能解釋一下這家夥的最後一部分？偶看不懂他的邏輯。謝謝！

Treasury 發表評論於 2011-08-09 14:57:26

Understand Treasury - First, let's understand how treasury works.

To make it simple, US treasuries have a face value ($100) and coupon rate (% interest paid based face value). When you bid for a certain treasury, you either pay with a discount (less than $100, so the yield will be higher than coupon) or with a premium (more than $100, so the yield will be lower than coupon).

Now to the market.

US auctions its debt (treasuries) regularly. Once a round of treasury auction is over, US government is set to receive the bid amount and pay interest over the terms. The holders of those treasuries can choose to hold them to maturity to receive the interest payments and finally the face value, or dump them on the secondary market. Either way, it doesn't change US' liability to pay on them.

For the holders to dump, they have to find an alternative instrument that provides the same or better yield/risk ratio. So far, US treasury is THE safe haven of the financial world, and people always pay premium for US treasuries.

So, China what's your alternatives?

What about the down grade.

The question is what happens after the S&P downgrade. In theory, if S&P ratings carry any weight at all, in the new round of US treasury auction, there will be less demand, buyers would bid lower, yield would go higher.

So what happened in reality? In the new round of auction after the down grade, treasury yields went all time low, meaning the demand is so high, that people paid the highest premium ever for US treasuries.

I wonder who's buying, China?

所有跟帖： 

• 中國牛，中國就買，需求就高，同時yield低，PREMIU就一定高（花高價買麵值相對低價的債券）。 -TBLACK- ♂ (0 bytes) () 08/09/2011 postreply 20:01:28

• 回複：菜鳥請教經濟問題 -皇家同花順- ♂ (199 bytes) () 08/10/2011 postreply 17:19:56