债券多头之歌——杠杆搞起来

文/朱轶天

金融博客FT Alphaville作者Matthew C Klein在节日过后，写了一首“债券多头之歌”。歌词中融入了美联储加息、加大杠杆等元素，紧贴当下的货币政策环境。

配以假日歌曲Jingle Bells，以下为Klein所写的歌词。

Rolling down the curve

With my Eurodollar strips

Making tons of money

‘til the Fed hikes 50 bps!

Better hope that yield curve’s steep

So I can keep rolling in my sleep

Cuz when the Fed does hike

Oh, hedging won’t be cheap!

Hey!

Du-ra-tion, du-ra-tion

Lev’rage all the way!

Oh what fun, it is to bet

On the future price of mon-EY!

Du-ra-tion, du-ra-tion

Levered up the a$$!

Oh what fun, it is to bet

On the future price of cash!

They told me they’d be patient

But I’m no representative agent,

So when the Fed did hike

Oh, my fund got totally wiped!

I once had lots of clout

Now my position’s been stopped out

So much for being king

Now that rates are ri-i-sing!

Hey!

[Refrain]

The curve must soon invert

Which surely shall alert

–My clients!–

That the economy could slip

Into a double-dip!

Yes, the Fed will have to ease

And quantitatively please

So let’s go out and buy

Eurodollars ’til I cry!

Hey!

[Refrain]
世界之窗, 金融头条

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