猫债券，强制抛售和$ 17.5B的生产线：边缘市场

欧洲监管机构正在审查UCITS资金内的猫债券17.5B，认为他们对散户投资者来说太冒险了。潜在的强迫抛售织机。

Cat Bonds, Forced Sell-Offs, and $17.5B on the Line: A Market on Edge

猫债券，强制抛售和$ 17.5B的生产线：边缘市场

European regulators are eyeing $17.5 billion in catastrophe bonds (cat bonds) held within UCITS funds, raising concerns about their suitability for retail investors and sparking fears of a potential forced sell-off. The market is on edge. Here's the lowdown.

欧洲监管机构正在关注UCITS资金中持有的175亿美元的灾难债券（CAT债券），这引起了人们对零售投资者的适用性的担忧，并引发了人们对潜在强迫抛售的担忧。市场处于边缘。这是低点。

The European Regulatory Alert

欧洲监管警报

The European Securities and Markets Authority (ESMA) has signaled to the European Commission that cat bonds might be too complex and risky for UCITS portfolios, which are designed for a broad audience of retail investors. ESMA believes these instruments, linked to extreme natural events, pose an inappropriate level of risk for non-professional savers. This affects a substantial portion of the global cat bond market.

欧洲证券和市场管理局（ESMA）向欧洲委员会表示，猫债券对于UCITS投资组合可能过于复杂和风险，这些投资组合是为散户投资者而设计的。埃斯玛（Esma）认为，这些工具与极端自然事件有关，对非专业储蓄者构成了不适当的风险。这影响了全球猫债券市场的很大一部分。

ESMA cites technical and structural reasons for its warning. Cat bonds require a deep understanding of catastrophe modeling, climate physics, and risk transfer mechanisms between insurers and financial markets.

ESMA引用了警告的技术和结构原因。猫债券需要深入了解保险公司和金融市场之间的灾难建模，气候物理和风险转移机制。

An Industry Divided

一个行业分裂

The warning issued by ESMA isn't universally embraced. Some, like Neuberger Berman and PGGM, agree with the regulator. Peter DiFiore, CEO at Neuberger Berman, questions the liquidity of these products, while Eveline Takken-Somers at PGGM points to systemic risks, noting a single event could significantly impact a portfolio.

ESMA发出的警告并非普遍接受。有些人，例如Neuberger Berman和PGGM，都同意监管机构。 Neuberger Berman的首席执行官Peter DiFiore质疑这些产品的流动性，而PGGM的Eveline Takken-Amers指出了系统性风险，指出一个事件可能会对投资组合产生重大影响。

Conversely, some managers defend keeping cat bonds in UCITS portfolios, citing their strong performance. Daniel Grieger, CIO at Plenum Investments, argues that cat bonds delivered solid returns even during the Covid pandemic and other economic disruptions. He believes ESMA's position contradicts the EU's goal of broadening financial options for small savers.

相反，一些经理以强劲的表现为乌西茨投资组合中的猫债券保存。 Plenum Investments CIO的Daniel Grieger认为，即使在Covid大流行和其他经济中断期间，猫债券也能带来可靠的回报。他认为，ESMA的立场与欧盟的目标相矛盾，该目标是扩大小型储蓄者的财务选择。

The Potential Fallout

潜在的影响

An unfavorable decision could lead to massive sales, reducing liquidity and potentially affecting reinsurers’ financing conditions. Some managers might even withdraw from this asset class entirely, causing a contraction of supply. The European Commission is expected to consult and review technical and political arguments before making a decision.

不利的决定可能会导致大量销售，减少流动性并可能影响再保险公司的融资条件。一些经理甚至可能会完全退出此资产类别，从而导致供应收缩。在做出决定之前，预计欧盟委员会应咨询和审查技术和政治论据。

My Take

我的看法

While cat bonds can offer attractive returns, ESMA's concerns about their complexity and potential illiquidity for retail investors are valid. A forced sell-off could indeed destabilize the market, highlighting the need for careful consideration and perhaps stricter guidelines for these types of investments within retail-focused funds. It's a tricky situation, balancing access to diverse investment opportunities with protecting everyday investors from undue risk. It will be interesting to see how the cookie crumbles.

尽管猫债券可以提供有吸引力的回报，但ESMA对它们的复杂性和对零售投资者潜在的流动性的关注是有效的。强制抛售确实可能破坏市场稳定，强调需要仔细考虑的需求，并可能对以零售为重点的资金中的这类投资进行更严格的准则。这是一个棘手的情况，可以平衡获得多种投资机会的机会，并保护日常投资者免受不当风险的侵害。看到饼干如何崩溃将很有趣。

For now, we wait and see what the European Commission decides. One thing's for sure: the cat bond market is about to get a whole lot more interesting. Stay tuned!

目前，我们拭目以待，看看欧洲委员会的决定。可以肯定的是：猫债券市场将变得更加有趣。敬请关注！