歐洲QE預期令西班牙國債受捧

Investors piled into peripheral eurozone debt yesterday ahead of the European Central Bank’s widely expected launch of large-scale bond purchases, even as political resentment mounted over German attempts to water down the programme.

在歐洲央行(ECB)推出市場普遍預期的大規模債券購買計劃之前，投資者昨日大舉認購歐元區外圍國家債券，儘管歐洲政界對德國試圖削弱該計劃的不滿加劇。

Spain made one of its largest ever bond sales at a record low rate, drawing investor orders of close to 23bn from around the world. Last year, Spain paid close to 4 per cent to borrow money for 10 years: yesterday it paid 1.66 per cent.

西班牙以創紀錄低位的收益率完成了該國規模最大的債券發行之一，吸引了全球投資者近230億歐元的買單。去年，西班牙10年期國債的收益率達到近4%，昨日爲1.66%。

Expectations that the ECB will tomorrow launch quantitative easing have driven up demand for government bonds in the eurozone, pushing yields down to historic lows. Countries in the periphery have moved to take advantage by locking in the low rates.

對歐洲央行明日出臺量化寬鬆政策的預期，推高了市場對歐元區成員國政府債券的需求，使收益率降至歷史低點。歐元區外圍國家紛紛採取措施利用這一機會。

As investors cheer, politicians and bankers across Europe are expressing mounting frustration over a key concession the ECB is set to make to mollify German opposition to the QE plan.

在投資者歡呼之際，爲緩和德國對量化寬鬆政策的反對，歐洲央行即將做出一項重要讓步，歐洲政治人士和銀行人士對此感到愈發失望。

The expected announcement by Mario Draghi, the ECB president, will bring the bank closer into line with the US Federal Reserve and the Bank of England, which adopted QE in the wake of the financial crisis. But QE has split the bank’s 25-strong governing council, with both German members voicing opposition in recent weeks.

歐洲央行行長馬里奧•德拉吉(Mario Draghi)預計將發表的聲明，將令歐洲央行的舉措更接近美聯儲(Fed)和英國央行(Bank of England)的步調，後兩家央行在金融危機之後都實施了量化寬鬆政策。但歐洲央行由25人組成的管理委員會對於量寬政策產生分歧，兩名德國成員最近幾周提出反對。

To appease QE’s German opponents, which include the chancellor Angela Merkel herself, Mr Draghi is expected to say that bonds bought will remain with national central banks, so losses will not be spread among eurozone members.

爲了安撫量化寬鬆政策的德國反對者，其中包括德國總理安格拉•默克爾(Angela Merkel)，預計德拉吉將表示，將由各成員國央行負責購買債券，這樣損失將不會在成員國之間蔓延。

But other eurozone countries, as well as the International Monetary Fund, fear the concession could reduce QE’s effectiveness.

但其他歐元區國家以及國際貨幣基金(IMF)擔心，這一讓步將減弱量化寬鬆政策的效果。