さらに巨額のタームレポ需要があり、流動性危機継続

Another Massively Oversubscribed Term Repo Confirms Persisting Liquidity Woes

by Tyler Durden

Thu, 02/06/2020 - 08:44

Two days after dealers unexpectedly flooded the first reduced term-repo (from $35BN previously to $30BN) offered by the Fed, the liquidity shortage in the repo market - which was supposed to be temporary and few if any strategists said would continue beyond year-end - persists, and today the Fed announced that in its latest 2-week term repo (maturing Feb 20), it was $57.25BN in submissions ($35.75BN in TSYs, $21.5BN in MBS) for a maximum $30BN in available reserves.

当初FED供給が削減（＄３０Bから＄３５Bへ）されたタームレポにディーラーが予想外に殺到してから二日後、一時的と思われていたレポ市場での流動性不足が継続し、今日になってFEDは直近２週のタームレポを開示した（２月２０日満期）、なんと＄５７．２５Bにもなる（＄３５．７B政府短期証券、＄２１．５BのMBS)一方準備していたのは最大で＄３０Bだった。


This means that for the second time in three days, the term repo operation saw a massive oversubscription, which at 1.9x was the 4th highest ever since the Fed restarted term-repos in late September, and just shy of the 2.0x submitted-to-accepted ratio recorded on Monday.

３日で二回目となるわけで、タームレポ市場操作は巨額になった、倍率１．９ということは、FEDが９月にタームレポ市場操作を始めて以来４番めの大きさだ、月曜の記録的 subitted-to-accepted ratio ２．０ｘに迫るものだ。

As we concluded on Monday, "the massive demand for term repo today means that the liquidity crisis that continues to percolate just below the surface of the market and has clogged up the critical plumbing within the US financial system, is getting worse, not better, and today's massive oversubscription indicates that one or more entities continues to face a dire shortage of reserves, i.e., cash."

月曜にZeroHedgeが結論づけたように、「今日の巨額のタームレポ需要の意味するところは、市場の水面下では流動性危機が持続しており、米国金融市場はパイプが詰まった状態でこれがさらに悪化している、今日の巨額の過剰申込みが意味するところは複数の金融機関で現金不足が生じていることの証左だ。」

We hope that eventually someone at the Fed will address this ongoing issue which was supposed to be resolved over a month ago.


もう一つ期もまえに解消されたと思われていたが、どこかの時点でFEDがこの現在進行中の問題について言及してほしいものだ。