Cooper James H
AMS Health Care Mortgage Corporation, Jacksonville, Fla., USA.
Healthc Financ Manage. 2012 Mar;66(3):58-60.
The flight to high-quality assets resulting from Standard & Poor's downgrade of the U.S. government's credit rating has dropped the yield on U.S. Treasury securities as investors have sought refuge amid uncertain market conditions. Consequently, hospitals can now obtain mortgage insurance from the U.S. government to finance expansions and refinance their debt with GNMA securities at taxable interest rates that are often more favorable than tax-exempt bond fixed rates. Because GNMA certificates can be sold in a forward purchase transaction that locks in a fixed interest rate while avoiding payment of interest until construction funds are disbursed, they can help avoid the effects of negative arbitrage.
由于标准普尔下调美国政府信用评级，引发了对优质资产的追逐，美国国债收益率因此下降，因为投资者在市场状况不明朗时寻求避险。因此，医院现在可以从美国政府获得抵押贷款保险，以便为扩张项目融资，并以通常比免税债券固定利率更优惠的应税利率，用政府国民抵押贷款协会（GNMA）证券为其债务再融资。由于GNMA债券可以在远期购买交易中出售，锁定固定利率，同时在建设资金支付之前无需支付利息，所以它们有助于避免负套利的影响。
