全球债市“冰火两重天” ：一边热烈认购，一边疯狂抛售

Group 1 - The global bond market is experiencing significant fragility and volatility, with many governments forced to finance heavily in a high-debt and high-interest environment, leading to a paradox of strong short-term demand for high-yield products while long-term risks loom [1] - On Tuesday, European bond markets saw a record single-day issuance, with 28 issuers planning to raise at least €49.6 billion (approximately $57.7 billion), potentially surpassing the previous record of €47.6 billion set earlier this year [2] - The UK successfully raised £14 billion through a record 10-year government bond issuance, attracting over £140 billion in orders, with international buyers accounting for 40% of the allocation [2] Group 2 - Despite rising borrowing costs, banks and corporations are actively entering the market, driven by a surge in investment funds flowing into bond funds during the summer [3] - Saudi Arabia attracted approximately $15 billion in orders for its planned issuance of five-year and ten-year Islamic bonds to cover fiscal deficits and support its "Vision 2030" diversification plan [3] - The global bond market is under pressure from ongoing inflation concerns, fiscal discipline issues, and heavy government bond issuance, leading to rising yields and declining bond prices [4] Group 3 - Long-term bond yields have surged to high levels, with Japan's 20-year government bond yield reaching its highest level since 1999, and the UK’s 30-year bond yield climbing to its highest since 1998 [4] - The recent sell-off reflects traders' concerns over high government spending and its potential inflationary impact, with significant corporate bond issuance and ongoing doubts about the independence of the Federal Reserve adding to market pressure [4] - The Bloomberg Global Bond Index fell by 0.4% on Tuesday, marking the largest single-day decline since June 6, indicating ongoing caution in holding long-term debt [5]