财政前景堪忧！英国新国债发行接连遇冷 认购需求创近两年新低

Core Insights - The latest five-year UK government bond auction recorded the lowest oversubscription rate in nearly two years, indicating that despite high bond yields, concerns over fiscal outlook are deterring investors [1][3] - The UK Debt Management Office planned to issue £4.75 billion (approximately $6.4 billion) of bonds maturing in 2030, achieving a subscription amount of 2.80 times the issuance size [1] - The long-term bond yields have surged to multi-decade highs, yet the demand for new bond issues has shown signs of weakening, particularly with the recent five-year and thirty-year bonds [3] Demand Indicators - The five-year bond auction's bid-to-cover ratio was 2.80, while the thirty-year bond auction saw the lowest demand since 2022 [1][3] - The bid spread for the five-year bonds was 0.4 basis points, indicating a healthy demand, compared to 1.4 basis points for the thirty-year bonds, which reflects a more cautious market sentiment [3] - The five-year UK government bond yield remains stable at 4.10% as of now [3] Market Adjustments - The UK Debt Management Office is gradually adjusting the bond issuance structure in response to investor feedback, reducing the proportion of long-term bonds issued [3] - The Bank of England announced plans to shift its bond sale focus towards short-term and medium-term bonds starting next month [3]