英日两国调整融资结构 分析师警告利率波动风险

Core Viewpoint - The UK and Japan are responding to investor demand by increasing short-term borrowing, which reduces government interest payments but exposes them to potential high costs from interest rate fluctuations during debt rollovers [1] Group 1: UK Government Actions - The UK has significantly reduced long-term bond sales to a record low and is considering expanding its ultra-short-term note market [1] - Traditional buyers, such as pension funds, have historically purchased long-term bonds to match liabilities, allowing the UK to extend the average maturity of its bond issuances well beyond its peers [1] - Many pension plans are now gradually winding down their long-term bond purchases [1] Group 2: Japan Government Actions - In Japan, the government is responding to calls for increased short-term debt issuance following a sell-off of long-term bonds [1] - The shift towards short-term borrowing reflects inflationary pressures and a weakening demand for long-term debt from traditional buyers [1] Group 3: Risks and Considerations - According to Mizuho Securities strategist Evelyne, the risk of increasing short-term debt is that if interest rates rise, interest expenses could suddenly increase significantly [1]