根据乔治亚·霍尔（Georgia Hall）的报道，英格兰银行警告称：对冲基金在英国国债（gilts）市场的杠杆率过高，加之它们对人工智能相关资产和企业债务的敞口较大，这些因素增加了市场压力蔓延的风险。英格兰银行在其季度金融稳定性报告中指出，这使得市场更容易受到同时出现的各种负面冲击的影响。目前，英国10年期政府债券的收益率已接近2008年金融危机期间的水平。
By Georgia Hall The Bank of England warned that elevated hedge fund leverage in gilts, alongside exposure to artificial intelligence assets and corporate debt, raise the risk of stress spilling across markets. That leaves markets more vulnerable to strains that “crystallise at the same time,” the BOE noted in its quarterly financial stability record. That warning comes with the UK 10-year government bond yield already near levels last seen during the 2008 financial crisis.
英格兰银行表示，其货币政策委员会正在研究相关措施，以增强英国国债回购市场的韧性，并应对过去18个月以来市场杠杆率上升所带来的风险；这些措施预计将于2027年初公布。
The BOE pointed to the financial policy committee’s ongoing consideration of measures to improve gilt repo market resilience and manage “risks both from the increase in market leverage already seen over the past 18 months,” which will likely be released in early 2027.
英格兰银行的决策者写道：“尽管对冲基金在英国国债市场的杠杆率保持稳定，但仍然处于较高水平；由于各风险因素之间的关联性较强，市场出现剧烈调整的风险依然存在。这凸显了英格兰银行在提升国债回购市场韧性方面所做工作的必要性。”此前，英格兰银行也曾多次强调对冲基金杠杆率过高所带来的风险；鉴于这些对冲基金同时持有科技资产和主权债券，来自本已紧张的债务市场的跨资产风险传导可能会进一步加剧市场动荡。
“Although hedge fund leverage in the gilt market has been stable, it remains elevated, and deeper interconnections between vulnerabilities means the risk of a sharp adjustment persists,” the BOE policymakers wrote. “This underlines the importance of the Bank’s work on gilt repo market resilience.”The BOE has previously cited risks from elevated hedge fund leverage in the gilt market, but given funds’ exposure to both tech assets and sovereign bonds, cross-asset spillovers from already strained debt markets could create further tension.
近年来，英镑回购市场（即机构通过国债进行融资的市场）规模不断扩大，导致越来越多的投资者依赖国债市场来获取资金。如果这些投资者被迫平仓，市场压力有可能进一步扩散。英格兰银行引用了《英镑货币市场日报》（Sterling Money Market Daily）的数据：自2023年以来，国债回购交易商向非银行金融机构提供的净贷款金额已增至2000亿英镑（约合2660亿美元）。
Sterling repurchase, or repo, markets — where institutions borrow cash against gilts to finance leveraged trades — have grown in recent years, leaving more investors reliant on gilt markets for funding. That has increased the potential for stress to spread if they are forced to unwind positions. The BOE cited Sterling Money Market Daily data showing that since 2023, gilt repo dealers’ net cash lending to non-bank financial institutions has doubled to £200 billion ($266 billion).
英国国债收益率随全球政府债券市场一同飙升，原因是中东冲突导致能源价格高企，加剧了人们对通胀将长期维持高位并迫使各国央行进一步收紧政策的担忧。
Gilt yields have jumped alongside global government bond markets, as elevated energy prices stemming from the Middle East conflict fuel concerns that inflation will remain higher for longer and force central banks to tighten policy further.
英国央行写道：“冲突的再度升级以及随之而来的石油、天然气和成品油价格上涨，正导致全球经济面临更持久的负面能源供应冲击。”
“The re-escalation of the conflict and the associated rises in oil, gas and refined product prices are leading to a more protracted negative energy supply shock to the global economy,” the BOE wrote.
随着欧洲天然气库存水平承受压力，能源价格上涨进一步加剧了形势。再加上沉重的公共借贷、不断上升的债务偿还成本以及人工智能相关债务发行的增加，这些因素正对收益率构成上行压力，并考验着英国国债市场在不出现剧烈价格波动的情况下吸收冲击的能力。
Higher energy prices are adding to pressure as European gas storage levels come under strain. Combined with heavy public borrowing, rising debt-servicing costs and increased AI debt issuance, that is putting upward pressure on yields and testing the gilt market’s ability to absorb shocks without sharp price moves.
英国央行表示：“持续走高的主权债券收益率可能会导致家庭和企业的融资条件收紧，加剧市场波动，并限制发达经济体应对未来冲击的能力。”
“Persistently higher sovereign yields could contribute to tighter financing conditions for households and businesses, increase market volatility and constrain advanced economies’ capacity to respond to future shocks,” the BOE said.