全球对冲基金围攻英国央行：回购“折减”新规将打压金边债吸引力

Core Viewpoint - Global hedge funds are opposing the Bank of England's proposal to impose a "minimum haircut" on gilt repurchase agreements, arguing that such regulations will harm liquidity and the attractiveness of the UK bond market on a global scale [1][2]. Group 1: Hedge Fund Opposition - The Alternative Investment Management Association and the Managed Funds Association, representing hedge funds, expressed their disapproval of the proposed minimum haircut for gilt repurchase agreements, stating it would limit the cash assets that investors can borrow against gilt collateral, thereby restricting hedge funds' leverage capabilities [1][2]. - Hedge funds are increasingly active in the gilt market, with net borrowing based on repos rising to £77 billion (approximately $102 billion) as of early June, the highest level since records began in 2016 [3]. Group 2: Regulatory Concerns - The Bank of England's proposals aim to prevent market collapses similar to the significant sell-off of UK government bonds following former Prime Minister Liz Truss's mini-budget in 2022, which was exacerbated by leveraged pension fund strategies [2]. - Concerns have been raised that implementing a minimum haircut could lead to perceptions of increased risk associated with UK government debt, potentially reducing the attractiveness of gilt bonds and increasing borrowing costs for the UK government [2][4]. Group 3: Market Dynamics - The repo market has become a focal point for global regulatory agendas, with officials eager to control risks associated with non-bank financial institutions (NBFIs) increasing leverage [3]. - Over half of the gilt repo transactions that did not go through central clearing were conducted at zero or near-zero haircuts, allowing non-bank financial institutions to build significant leverage at minimal cost [4]. Group 4: Calls for Comprehensive Approach - Market participants, including hedge fund industry organizations, argue that merely observing haircut data is insufficient, advocating for a more holistic approach to risk management that considers overall trading exposure rather than just individual repo transactions [5]. - The Bank of England has proposed increasing the central clearing ratio for gilt repo transactions, with hedge funds urging regulators to provide incentives rather than enforce mandatory measures, suggesting that the current market size is not yet adequate for such mandates [5].