每日新闻更新 — 欧盟的争吵/德国国债的套利 The Daily Update - EU squabbling / Bund arbitrage

对于欧盟领导人来说,这是一个漫长的夜晚,因为他们继续争论究竟应该让谁来担任新一届的欧洲议会和欧洲央行的领导人以及欧盟驻布鲁塞尔首席外交官这些职位。欧盟应该如何坚定地实现自己应对气候变化的目标也是一个缠手的问题。

柏林和巴黎很自然都表现出各自的兴趣,特别是在今年晚些时候应该由谁接任欧盟委员会的执行官,这不仅仅是因为该职位要对欧盟的竞争进行监管。其实,这个职位包括了对各个领域的监管,从成员国的预算到诸多领域政策的提出,再从技术监管到气候变化的应对。似乎中右翼的德国人曼弗雷德·韦伯(Manfred Weber)得到了默克尔(Merkel)的支持,而马克龙(Macron)更想要一个自由主义和社会主义思想更为强烈的领导人。

在对气候变化进行近乎苛刻的立法方面,马克龙和默克尔的立场是一致的。然而,许多欧盟国家反对欧盟承诺到2050年实现零碳排放净的想法。

在其他新闻中,本周早些时候欧洲央行行长德拉吉(Draghi)的评论好像让德国财政部得到了很好的交易机会。

该交易就是通过买入意大利债券来套利发行德国债券。目前,在发行的57只债券中,只有6只传统的德国国债的收益率为正,而所有这6只债券都将在20年内到期。因此,德国财政部可以发行20年期的债券,向投资者提供负收益率,然后将所得款项用于投资意大利的10年期主权债券,以获得约为2.45%的收益率。还有一种选择就是,德国财政部可以发行债务并用它来增加财政支出。当大家都在寻求得票之时,这肯定是德国政客的胜利。

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