Group 1 - The UK government is preparing to issue £9 billion (approximately $11.8 billion) more in government bonds than previously planned, raising the total issuance for the fiscal year to £308 billion, the highest level since 2021 and the second highest annual issuance ever [1] - The UK Debt Management Office (DMO) typically updates bond issuance forecasts during budget announcements, with the Chancellor of the Exchequer, Rachel Reeves, set to release the Autumn Budget on November 26 [4] - Investors are concerned about the potential for bond sell-offs if the budget does not meet expectations, especially following a recent spike in bond yields [4] Group 2 - The UK government has a significant public finance gap to fill, which may require either substantial spending cuts or breaking tax promises, creating uncertainty in the bond market [4] - Despite the anticipated increase in borrowing, there is speculation that the DMO may cancel some scheduled bond issuances, as they have already completed nearly 75% of their annual target in just eight months [5] - Analysts suggest that if the Chancellor can create additional fiscal buffers and implement measures to reduce inflation, it could lead to a favorable moment for UK bonds on the day of the budget announcement [5]
财政压力下英国拟增发90亿英镑国债 全年发行规模或创史上第二高
Zhi Tong Cai Jing·2025-11-20 10:45