En toch is het zo. Diezelfde overheden hebben nieuwe rgelgeving die banken en verzekeraars dwingen zich helemaal vol te laden met swpas. Die swaps zijn dus om van te watertanden en verdienen daardoor een lagere rente dan staatsleningen. Zij kopen nu liever swaps dan staatsleningen.
Bloomberg verwoordt het zo: Regulatory Crisis http://www.bloomberg.com/news/articles/2015-11-15/debt-market-distortions-go-global-as-nothing-makes-sense-anymore
One of those rules has moved swaps to central clearinghouses, which has pushed down costs by eliminating most of the counterparty risks of trading directly with banks. Another has been the so-called supplementary leverage ratio, an addendum from U.S. regulators to global capital regulations known as Basel III. In one part of the provisions, government bonds are considered just as risky as corporate debt.
That’s made banks less willing to own sovereigns and pushed them toward swaps, which eat up less cash and aren’t subject to the same capital requirements. U.S. commercial banks cut their Treasury holdings for the first time in two years in the three months ended September, even as their total government debt positions, including those backed by federal agencies, have continued to rise, Fed data show.
The Wall Street Journal – The Fed’s Inconsistent Capital Rules