又一北欧养老基金抛售美债

Core Viewpoint - European pension funds are gradually reducing their holdings of U.S. Treasury bonds due to increasing policy risks and uncertainties in the U.S. market [1][2]. Group 1: Actions of Pension Funds - Danish pension fund Akademiker Pension announced it will liquidate its $100 million U.S. Treasury bond holdings by the end of the month [1]. - Sweden's largest pension fund, Alecta, sold off the majority of its U.S. Treasury bonds, amounting to approximately 70 to 80 billion Swedish Krona, equivalent to about $7.7 to $8.8 billion [1][2]. Group 2: Market Impact - The actions of Danish and Swedish pension funds are expected to increase volatility in both European and U.S. bond markets, influencing global financial markets and prompting other institutions to reconsider their investment strategies [3]. - Following U.S. President Trump's threats of tariffs on European countries, U.S. stock markets, the dollar, and Treasury bonds experienced declines, leading investors to seek safe-haven assets [3]. Group 3: Political Developments - President Trump announced a delay in imposing tariffs on EU countries after reaching a framework agreement with NATO Secretary General Mark Rutte regarding Greenland, resulting in a slight uptick in U.S. stock markets [4]. - The market is observing whether other major Nordic institutions will join the bond sell-off, with significant holdings of U.S. debt by countries like Japan, the UK, and China, as well as European nations [4]. Group 4: Analysis from Financial Institutions - Morgan Stanley reported that despite escalating geopolitical tensions, European countries are unlikely to engage in large-scale sell-offs of U.S. Treasury bonds due to structural differences in bondholder composition and healthy investor positioning [5]. - Most U.S. Treasury bonds held by Europe are in private hands, making it difficult for governments to enforce sales, and current investor positions in U.S. bonds are relatively light, reducing the risk of significant yield spikes [5].