中信证券研报称美国放松补充杠杆率(SLR)监管规则的改革方向颇具确定性改革方案有望在未来数月内公布并落地直接下调SLR的

智通财经
Jun 20, 2025
中信证券研报称美国放松补充杠杆率(SLR)监管规则的改革方向颇具确定性改革方案有望在未来数月内公布并落地直接下调SLR的要求数值底线或缩窄SLR分母的统计口径都可达到放松监管的效果。放松SLR监管规则能直接改善美债市场流动性但仅可带来接近两千亿美元的增量美债需求(基于eSLR最低要求降至3.5%~ 4.25%的假设)我们估算后者大致相当于受“大美丽法案”第899条款潜在影响的存量美债规模的九分之一。这一改革难以直接促进长端美债收益率的明显下行但可能为美债市场的互换利差带来上行空间与之对应的基差交易可能存在投资机会。

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