贝莱德、道富调整规则保住法债仓位欧元区“黄金位置”岌岌可危

智通财经2025-10-21

智通财经APP获悉，全球多家头部资产管理公司管理的债券基金正通过修改投资规则，避免强制抛售法国国债。据知情人士透露，道富集团一只规模10亿欧元(约合12亿美元)的基金，以及贝莱德集团一只规模2.89亿欧元的产品，近期均不再将设有严格AA级信用评级标准的指数作为业绩基准。此举使其即便在法国信用评级被下调、跌破该门槛的情况下，仍能维持对法国国债的持仓。这种主动调整已初见成效。上周五，标普全球评级(S&...

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(USD) ACC","BK4504":"桥水持仓"},"translate_title":"BlackRock, State Street adjust rules to keep French debt positions, euro zone's \"golden position\" is in jeopardy","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159831":1.5,"159934":0.6,"518880":0.6,"IAU":0.6,"1OZmain":1.5,"DUST":0.6,"MGCmain":1.5,"GDX":0.6,"GCmain":1.5,"NUGT":0.6,"SGCmain":0.6,"QOmain":1.5,"STBK":1.5,"SGUmain":0.6,"BLK":1.5},"content_text":"智通财经APP获悉，全球多家头部资产管理公司管理的债券基金正通过修改投资规则，避免强制抛售法国国债。据知情人士透露，道富集团一只规模10亿欧元(约合12亿美元)的基金，以及贝莱德集团一只规模2.89亿欧元的产品，近期均不再将设有严格AA级信用评级标准的指数作为业绩基准。此举使其即便在法国信用评级被下调、跌破该门槛的情况下，仍能维持对法国国债的持仓。这种主动调整已初见成效。上周五，标普全球评级(S&P Global Ratings)突然下调评级，导致欧洲最大债券发行国法国失去了在三大评级机构中的AA级平均评级。这将迫使其他设有极严格投资标准的基金抛售法国国债。“调整相关标的指数，是为响应客户的明确需求。”道富投资管理的发言人表示。贝莱德发言人则拒绝置评。穆迪评级(Moody’s Ratings)将于本周五对法国信用评级展开新一轮评估。目前穆迪对法国的评级为Aa3(其评级体系中最低的AA级)，展望为稳定。今年9月，惠誉评级(Fitch Ratings)已将法国信用评级从AA-下调至A+。法国并非唯一面临评级压力的发行方，且多数基金仍可投资其国债。但法国未偿债券规模接近3万亿欧元，若部分基金因规则限制被迫抛售，需大幅调整资产配置，而此时其他基金或也在进行抛售操作。这不仅会产生高额交易成本，还会导致投资组合集中于少数发行方，最终结果未必符合客户利益。比利时的前车之鉴贝莱德这只交易所交易基金(ETF)及时调整规则，成功规避了法国评级下调的影响。而促使其采取行动的，是今年6月比利时的评级遭惠誉下调至A+一事，当时贝莱德被迫抛售比利时国债。该基金此前的业绩基准(由标普全球指数业务部门提供)明确规定：若某只债券被任一主要评级机构评为A+或更低级别，“将在下次指数调整时被剔除”。这一标准比其他指数方法更严格，后者通常采用多家机构的评级平均值。也正因此，贝莱德当时不得不减持比利时长期国债。而法国带来的风险更大：该国国债占该基金投资组合的比例接近三分之一。在比利时国债被剔除出指数后的几周内，贝莱德找到了解决方案。7月18日，标普指数部门提议将该基准指数的最低信用评级要求下调至BBB级，同时还划定了一份合格国家名单，以确保指数构成与比利时国债被剔除前的状态保持一致。该提议随后获批，并于9月底指数调整时正式生效。如今，即便未来数月法国评级进一步下调，其国债仍可留在指数中;与此同时，比利时国债也重新回到了该基金的持仓中。贝莱德在致该ETF投资者的信中表示，此次方法调整将避免“指数成分股换手率上升及指数多样性下降”。定制化解决方案另一边，道富集团旗下的“欧元核心国债10年期以上指数基金”(IUT Euro Core Treasury 10+ Year Bond Index Fund)，此前一直跟踪ICE美银欧元区10年期以上AAA-AA级政府债券指数(ICE BofA 10+ Year AAA-AA Euro Government Index)。但基金文件显示，该基金已于今年6月转而采用洲际交易所(Intercontinental Exchange Inc.)编制的“定制指数”。定制指数的规则和标准由客户指定，不同于“一刀切”的通用型公开基准指数。截至9月底，法国国债在该道富基金中的持仓占比达39%。市场中还有其他机构更早采取行动，将法国排除在评级要求限制之外。市场情绪转变诚然，即便经历近期评级下调，法国国债仍稳稳处于投资级范畴，这是债券基金投资标准中的关键门槛。晨星固定收益策略评级高级主管马拉·多布雷斯库(Mara Dobrescu)指出，对于少数设有AA级投资标准的投资者而言，强制抛售反而会为其他基金创造机会，以“折价价格”吸纳法国国债。但法国评级若进一步下调，更大的影响可能体现在全球投资者情绪上。多年来，外国投资者一直青睐法国国债：其收益率高于德国国债，同时信用质量更优，且不像意大利国债那样波动剧烈。有分析师表示，“法国有可能落后于其他欧元区发行方，失去其长期以来在欧元区国债中的‘黄金位置’——正是这一位置长期吸引着全球投资者。”“其代价将是国债收益率结构性走高。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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贝莱德、道富调整规则保住法债仓位 欧元区“黄金位置”岌岌可危

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贝莱德、道富调整规则保住法债仓位欧元区“黄金位置”岌岌可危