MBS

同上司吹開水先留意到，原來 MBS 係美國發明嘅玩法，好多地方都唔係咁興。所以香港好少 fixed rate mortgage。某程度上咁樣係令香港啲銀行少咗啲 interest rate risk (因為係用戶自負)

然後發現個「香港按揭證券有限公司」(由香港外匯基金擁有嘅公司) 2021 年開始搞香港MBS。雖然 MBS 喺 2023 唔係主角，但啲定息按揭將利息風險轉咗去銀行度，都係美國銀行易咗爆煲嘅主因。

望落貌似英國係興 ~2-5 年 fixed rate 然後 variable rate。

歐洲就一半半 (https://www.ecb.europa.eu/pub/pdf/other/mb200411_focus01.en.pdf)

The available estimates for 2004 suggest that the share of mortgages where the interest rate is

fixed for at least ten years is around 50% of the total outstanding mortgage debt in the euro area.

By contrast, the share of mortgages which are exposed to a change in interest rates in the year

ahead is estimated to be around one-third of the outstanding stock. However, it should be borne

in mind that, due to the underlying caveats regarding the data, these euro area-wide estimates

can only be considered as benchmark indicators and should be interpreted with caution.

https://www.lemonde.fr/en/economy/article/2023/03/18/european-real-estate-caught-in-the-variable-interest-rates-trap_6019810_19.html :

In this context, Europe is divided in two. France, Germany and the Netherlands, which operate mainly with fixed rates, are relatively spared. This is not the case in Greece, Portugal, Spain and Italy, where "households are facing higher interest rates and therefore higher repayments and a higher cost of living," explained Alessandro Pighi, an analyst at the rating agency Fitch.

咁真係難怪美國啲銀行會爆先。(至於 Credit Suisse 就真係咁啱喺瀕死嗰陣遇上呢個風暴⋯)