CLOの世界最大保有国は日本である

東京新聞。
大手金融機関が、信用力の低い米国企業向けの貸出債権を束ねた金融商品「ローン担保証券」(CLO)への投資を急増させている。
CLOの仕組みは、二〇〇八年にリーマン・ショックを引き起こしたサブプライム住宅ローンの関連商品と類似する。
米国の景気次第で価格が大きく下がる懸念もあり、日銀はリスクに留意するよう促す報告書をまとめた。(森本智之)。
九月末時点の国内のCLOの保有額は、農林中央金庫(農林中金)が突出しており、七兆九千億円。
三菱UFJフィナンシャル・グループが二兆四千七百三十三億円で続き。
ゆうちょ銀行も一兆五千二百四十一億円に上る。
この三つの金融機関の保有分が国内の残高の大半を占める。
三社を中心に国内金融機関のCLO保有額はここ数年で膨らんでいる。
日銀が十月に公表した「金融システムリポート」によると、二〇一八年度は三年前の二・五倍以上の約十二兆七千億円で、世界全体の15%に達する。
保有額が増えたのは、日銀の大規模な金融緩和で低金利が続き、資金の運用難が続いているためだ。
CLOは損失リスクがある一方、利回りも高いことから、収益源として重視する傾向が強まった。
ただ、日銀のリポートでは、リーマン・ショック級の経済危機が起きると、米国企業の破綻などでCLOの価格は二~三割程度、下落する可能性があると分析。
場合によっては日本の金融機関も大規模な損失を被りかねないと、注意を喚起した。
CLO、ローン担保証券コラタライズドローンオブリゲーションの略。
金融機関が複数の企業への貸出(ローン)債権を束ねて発行した証券。
米国の金融機関が米国企業への債権を集めてつくったものが多く、その一部を日本の金融機関が購入している。
ブルームバーグ。
農林中央金庫の2019年9月末のローン担保証券(CLO)保有残高は、前四半期比で微減となり、8兆円を割り込んだもようだ。
投資拡大を続けてきたCLO保有残高の減少は6四半期ぶりとなる。
非公開情報として匿名を条件に語った複数の関係者によると、減少は保有証券の償還によるもので、売却によるものではないという。
CLOが裏付け資産とする米レバレッジドローン指標のS&P・LISTAトータル・リターン指数が低下するなど市場環境は悪化しており、慎重な投資姿勢を取ったことで償還分が投資分を上回ったと見られる。
農林中金のCLO保有残高は、18年3月末の約3兆8000億円から四半期ごとに増加し、19年6月末に8兆円にまで拡大。
投資対象は全て「AAA」格に限定しており、市場運用資産に占める割合は約13%となっていた。
農林中金の広報担当者は、保有残高についての言及は避けた上で、「リスクリターンを見極めながら引き続き慎重に投資をしていく」と述べた。
21日に予定している決算発表で、直近のCLO投資残高についても公表する見通し。
低金利の長期化を背景に、農林中金など日本の大手金融機関は近年、CLO投資を増加させてきた。
日本銀行が先月発表した金融システムリポートによると、CLO市場での邦銀の投資残高は足元で15%を占める。
同リポートによると、邦銀が多く保有する最上位「AAA」格のトランシェについてはリーマンショック級のストレスが発生した場合でも、「信用リスクの面での頑健性は相応に高い」としているが、「AA」や「A」格に格下げされた場合には、2割から3割程度の価格下落が発生するとして注意が必要とも指摘している。
ブルームバーグの試算によると、農林中金は今年夏頃まで6000億ドル(約66兆円)規模のCLO市場で圧倒的なプレゼンスを持ち、欧米では昨年10-12月期(第4四半期)に最高格付けのCLOの最大半分を購入していた。
それが記録的な市場の成長を支えた半面、金融庁などの監視に拍車を掛け、同市場における農林中金の動向に関心が集まっていた。
利回りを渇望する投資家の人気を受けてCLO市場の活況は続いている。
19年の発行額はすでに約1000億ドルを超え、過去最高だった昨年の1130億ドルに並ぶ水準となっている。
東京新聞もブルームバーグも11月の記事である。
ひと月経過し、農林中央金庫・三菱UFJフィナンシャル・グループ・ゆうちょ銀行の三行、さらに。
ロイターは三井住友銀行・みずほ銀行・三井住友信託・りそなホールディングス・新生銀行・あおぞら銀行にもアンケートを実施している。
CLOの購入状況・リスク管理・今後の取り扱いに関するアンケートである。
世界のCLOの三分の一を日本が購入している。
日本の購入によりCLOの市場が1兆ドルを突破した。
AAAトリプルA格付けのCLOの四分の三は日本が購入している。
逆に言えば、今年に入り世界の投資家がCLOの危険性に嫌気がさして売り始めた。
世界で売られた分すべてを日本が購入している。
新聞記事では「リーマンショック級のストレスが生じれば、トリプルAでも危ない。」とお茶を濁している。
ローンを返済する能力の無い低所得者に組ませたローンがサブプライムローンである。
サブプライムローンから信用取引・オプション取引でローンを組ませた権利を債権化した商品がサブプライムモーゲージ債である。
サブプライムモーゲージ債が破綻する直前、ベアースターンズが破綻し、サブプライムモーゲージ債の破綻後、リーマンブラザーズが破綻した。
リーマンショックである。
金融機関から個人へのローンである。
レバレッジドローンは返済能力の低い危ない会社に貸し付けるローンである。
レバレッジドローンから信用取引・オプション取引でローンを組ませた権利を債権化した商品がCLOである。
金融機関から企業へのローンである。
個人と企業、破綻する時の破壊力は、どちらが強いだろう。
農林中央金庫ショック・三菱UFJショック・ゆうちょ銀行ショックは避けられるのか。
農林中央金庫は農林水産業者の共同組織により設立された民間銀行・金融機関であり、日本最大の機関投資家・ヘッジファンドでもある。
ウェルズファーゴ・JPモルガンよりも大量のCLOを農林中央金庫が保有している。
サブプライイムモーゲージ債の最後のカモはみずほ証券だった。
ウォール街の伝統である。
危険なCLOを、日本に押し付けた、後は爆発待ちである。
クレディスイス・ゴールドマンサックス・JPモルガン・オランダ銀行辺りが日経平均株価をコントロールし、ダウ先物チャートと日経平均チャートを同じ軌道でコントロールしているのは、最早、明らかにCLOの爆発規模の観察の為である。
12月9日、今日の日経株価チャートなど、微妙にダウ先物とズレ始めている。
ウォール街は株式市場にも爆弾を仕掛けているのか。
避難が始まったのか。
今日の危機を招いたのはアベノミクスによる黒田東彦のマイナス金利の長期化である。
マイナス金利でリターンを出せない日本の機関投資家が、高リスクのハイイールド債CLOを購入して高リスクが国内で爆発する。
そして、農林水産省からの農林中央金庫への天下り役人の無能さである。
CLOの危険性にも気づかずに、よくも農林中央金庫のポスト・役職に座れたものだ。
どれだけ面の皮が厚いのか。
親の顔が見たい。

“CLOの世界最大保有国は日本である” への496件の返信

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