财政疑虑挥之不去 英国30年期金边债需求创2022年以来最低

Core Insights - The demand for 30-year UK government bonds has unexpectedly dropped to its lowest level since 2022, highlighting a significant decline in market appetite for long-term gilt amid rising government budget deficits [1][4] - UK Chancellor Rachel Reeves is attempting to persuade the market to accept her fiscal spending plan, but concerns remain regarding the government's recent £18 billion overshoot in borrowing [1][4] Group 1: Demand and Auction Results - The UK Debt Management Office (DMO) auctioned £1.5 billion of long-term gilts maturing in 2056, receiving bids worth £4.6 billion (approximately $6.2 billion), indicating a threefold oversubscription, yet the auction size is the smallest in three years [1][4] - The "tail" measure, which reflects the difference between the weighted average and the lowest accepted bid, widened to 1.4 basis points, up from 0.8 basis points in July, indicating weakened demand [4] Group 2: Market Reactions and Future Outlook - Following the auction, the yield on 30-year UK government bonds fell by 4 basis points to 5.51%, after previously declining by more than 5 basis points before the auction [4] - Despite increased volatility in the secondary market, overall performance in recent auctions for various maturities of gilts has been robust, with demand for a recent 10-year gilt auction nearing record levels [4][5] Group 3: Policy Adjustments - The upcoming gilt issuance is the last long-term gilt auction of the year, with the Bank of England announcing a reduction in the proportion of certain long-term gilts sold under its quantitative tightening (QT) plan to 20% to help mitigate market volatility [5]