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.
今年早些時候，德意志銀行(Deutsche Bank)悄然決定縮減其對義大利政府債券的敞口。但德銀的做法並非簡單地拋售這些債券；而是通過信用衍生品合約，來買入防範主權違約的「保險」，從而實現了自己的目標。正因如此，這家強悍的德國銀行巨擘報告稱，今年上半年，其對義大利主權債券的敞口已令人矚目地縮減了88%——至少，以淨值衡量是如此——從80億歐元降到了不足10億歐元。
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