詹姆斯·平井撰稿 英国政府将在即将到来的10年期债券拍卖中支付自1999年以来的最高收益率，因为投资者要求额外溢价以补偿持续的通胀以及下个月预算案中支出增加的前景。
By James Hirai The UK government is set to pay the highest yield since 1999 at an upcoming auction of 10-year debt, as investors demand additional premiums to compensate for persistent inflation and the prospect of spending increases in next month’s budget.
英国债务管理办公室定于周二发行最多42.5亿英镑（56亿美元）的4.875%票面利率、2036年7月到期的债券。上个月同种债券的拍卖平均收益率达到5.16%，已是近二十年来的最高水平。此后，10年期收益率进一步攀升，周一触及19年高点5.38%。周二收益率报于5.41%。
Britain’s Debt Management Office is scheduled to sell up to £4.25 billion ($5.6 billion) of 4.875% coupon bonds maturing in July 2036 on Tuesday. A sale of the same security last month notched an average yield of 5.16%, already the highest in nearly two decades. Since then, 10-year yields have climbed further, hitting a 19-year peak of 5.38% on Monday. Yields stood at 5.41% on Tuesday.
英国国债收益率的飙升是全球借贷成本上升的一部分，高企的能源价格加剧了通胀将长期维持高位的担忧，迫使央行进一步收紧政策。此外，市场担忧公共借贷规模巨大，导致偿债负担加重。
The surge in gilt yields is part of the global increase in borrowing costs, as elevated energy prices fan fears that inflation will remain higher for longer, forcing central banks to tighten policy further. In addition, there are concerns over the huge scale of public borrowing and the resulting increase in the debt-servicing burden.
“借贷数据依然极具挑战性，而中东局势毫无平息迹象，因此能源成本将保持高位，”Quilter Cheviot Limited固定收益研究主管理查德·卡特表示。“除非增长前景突然改变，否则对财政纪律的渴望可能会落空。”
“Borrowing figures remain incredibly challenged, while events in the Middle East show no sign of calming and thus energy costs will remain raised,” said Richard Carter, head of fixed interest research at Quilter Cheviot Limited. “That desire for fiscal discipline could be left wanting unless growth prospects suddenly change.”
债市大洗牌锁定5%利率世界“直到出现崩盘” 在英国，交易员预期英格兰银行将在11月加息，预计到2027年底最多将加息五次。
Read: Great Bond Shakeout Locks In a 5% World ‘Until Something Breaks’ In the UK, traders expect the Bank of England to raise interest rates in November, pricing as many as five rate hikes by end-2027.
同时，10月28日的预算案将成为财政大臣约翰·希利的高风险时刻，他一直试图让投资者放心，首相安迪·伯纳姆的政府将严格控制财政支出。周一，他在首份预算案中竭力承诺财政克制。
Meanwhile, the Oct. 28 budget will be a high-stakes moment for Chancellor of the Exchequer, John Healey, who has sought to reassure investors that Prime Minister Andy Burnham’s government will keep tight control of the purse strings. On Monday, he went to lengths to pledge fiscal restraint in his debut budget.
尽管如此，较高的收益率正吸引部分投资者买入。上个月的10年期国债招标认购倍数超过3.6倍，需求强劲程度创2020年4月以来新高。英国央行决定暂停量化紧缩计划，不再向市场抛售长期债券，这也可能为英国国债提供支撑。
Still, higher yields are enticing some investors to buy. Last month’s 10-year auction was oversubscribed more than 3.6 times, the strongest demand since April 2020. Gilts may also get support from the BOE’s decision to pause its quantitative tightening program and no longer sell long-dated debt into the market.
债券招标投标于伦敦时间上午10点截止，结果将在几分钟后公布。
Bidding for the bond auction closes at 10 a.m. in London, with the results announced a few minutes later.