SEB的Erica Dalsto在一份报告中称，挪威央行周三进行的40亿挪威克朗政府债券拍卖规模大于往常，这 可能反映出近期外国对挪威政府债券的强劲需求。这位首席挪威策略师称，这种强劲的需求在一定程度 上反映了2月19日一只债券到期所释放的390亿挪威克朗资金。"不过，长端需求也一直坚挺，"她说。她 说，因此，选择期限分别于2029年9月和2035年6月到期的债券也就不足为奇。SEB预计此次拍卖将顺利 进行。 ...

Core Viewpoint - The Japanese bond market is facing significant volatility risks ahead of the upcoming 40-year government bond auction, with analysts warning of potential "collapse" similar to previous events due to rising yields and political uncertainties [1][2]. Group 1: Auction Risks - Traders are cautious about the upcoming auction of 40-year Japanese government bonds, which follows a recent spike in yields to historical highs [1]. - Barclays Securities strategists highlighted that risks related to fiscal policy could exacerbate yield pressures, potentially leading to disappointing auction results [1]. - Weak auction outcomes could trigger a sell-off in long-term bonds, putting additional pressure on the yen and increasing speculation about government intervention in the foreign exchange market [1]. Group 2: Political Uncertainty - The current market environment is unfavorable for bond auctions due to uncertainties surrounding election outcomes and food tax reductions, prompting a more cautious investor stance [2]. - The Japanese government is reportedly prepared to take action to prevent further depreciation of the yen and rising bond yields, as indicated by recent comments from Prime Minister Fumio Kishida [2]. - Polls show a slight decline in Kishida's approval ratings, indicating potential risks associated with the decision to hold early elections [2]. Group 3: Future Bond Auctions - Upcoming auctions for 10-year and 30-year Japanese government bonds will serve as critical tests for investor demand for long-term bonds [3]. - Concerns over food tax reductions are heightening cautious sentiment regarding all government bond auctions during the election period [3].

Group 1 - The core viewpoint of the article highlights that the demand for Japan's 2-year government bond auction has reached its lowest level since 2009, driven by investor expectations of an imminent interest rate hike by the Bank of Japan [1] - The bid-to-cover ratio for the auction was 2.84, marking the lowest level since September 2009, compared to a ratio of 4.47 in the previous auction held in July [1] - The average price in this auction showed a gap of 0.022 yen from the minimum accepted price, which is wider than the previous auction's gap of 0.005 yen [1]

Core Points - A correction has been made regarding the maturity dates for bonds DK0009549933 and DK0009549859, changing the maturity date from 10 January 2029 to 1 October 2029 due to an internal error [1][6] Group 1: Auction Terms - All other terms related to the bond auctions remain unchanged [2] - The auction for DK0009549933 is scheduled for 20 August 2025, with a total offering of DKK 11,800 million [4] - The auction for DK0009549859 is scheduled for 21 August 2025, with a total offering of DKK 16,400 million [4] Group 2: Additional Information - Questions regarding the bond sale can be directed to Nykredit Realkredit A/S, Group Treasury [2] - The Nykredit Group is not obligated to sell the announced offering, and changes may occur following loan disbursements during the auction period [4] - A determination of sufficient purchasers for the covered bonds must be made by the second-last business day of the quarter, with immediate market notification required [5]

Core Points - The U.S. Treasury auctioned $18 billion of 10-year Treasury Inflation-Protected Securities (TIPS) with a winning yield of 2.220% [1] - The bid-to-cover ratio for the auction was 2.36, indicating strong demand for the securities [1] Summary by Category Auction Details - The auction involved $18 billion of 10-year TIPS [1] - The winning yield was recorded at 2.220% [1] - The bid-to-cover ratio was 2.36, reflecting robust investor interest [1]