Earlier this year, Deutsche Bank quietly decided to reduce its exposure to Italian government bonds. But it did not do that by simply selling debt; instead it achieved this partly by buying protection against sovereign default with credit derivatives contracts. That duly enabled the doughty German giant to report that its exposure to Italian sovereign bonds had dropped an impressive 88 per cent during the first half of the year – at least, when measured on a net basis – from €8bn to less than €1bn.
今年早些时候，德意志银行(Deutsche Bank)悄然决定缩减其对意大利政府债券的敞口。但德银的做法并非简单地抛售这些债券；而是通过信用衍生品合约，来买入防范主权违约的“保险”，从而实现了自己的目标。正因如此，这家强悍的德国银行巨头报告称，今年上半年，其对意大利主权债券的敞口已令人瞩目地缩减了88%——至少，以净值衡量是如此——从80亿欧元降到了不足10亿欧元。
您已阅读10%（687字），剩余90%（6007字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。