机构警告：荷兰养老基金改革恐怕会对债市构成干扰

Core Viewpoint - The demand for long-term interest rate hedging among major buyers in Europe is collapsing, which may lead to turmoil in the bond market [1] Group 1: Market Dynamics - The Dutch pension fund industry is transitioning to a fixed contribution model rather than a fixed income model, which is expected to impact demand [1] - This transition is a gradual process but is anticipated to create disruptions around key trading dates [1] Group 2: Market Volatility - Significant volatility is expected before and after the transition dates, indicating a severe supply-demand imbalance in the long-term market [1] - The warning comes from a seasoned professional with nearly 15 years of experience in euro interest rate swap trading, highlighting the seriousness of the situation [1]