本周二举行的南非政府债券每周拍卖吸引了四个月以来的最强需求。由于该国国债收益率位居新兴市场前列，那些刚刚收到债券利息、手头资金充裕的投资者纷纷出手。
A weekly auction of government debt on Tuesday attracted the strongest demand in four months as yields among the highest in emerging markets enticed investors flush with cash from coupon payments.
在南非财政部组织的固定利率债券拍卖中，一级交易商们共下单认购了163亿兰特（约合9.84亿美元）的债券，这一数额是原计划发行量25.5亿兰特的六倍有余。此前两场拍卖也出现了类似的认购倍数，均远高于9月初的需求水平。
Primary dealers placed orders for 16.3 billion rand ($984 million) at the National Treasury’s sale of fixed-rate bonds, more than six times the 2.55 billion rand offered. That follows similar bid-to-cover ratios at the previous two auctions, double the demand seen at the beginning of September.
受全球范围内政策利率上升及能源价格高企引发的债券抛售潮影响，过去一个月里南非10年期国债收益率累计上涨逾50个基点，目前已突破9%。在主要新兴市场国家中，仅有墨西哥、巴西、哥伦比亚和土耳其的国债收益率高于这一水平。据彭博社测算，9月份投资者从南非国债中获得的利息收入总计约177亿兰特，这些资金正被用于新的投资。
South Africa’s 10-year yield climbed more than 50 basis points in the past month to above 9% amid a global bond selloff sparked by rising policy rates and elevated energy prices. Among major emerging markets, only Mexico, Brazil, Colombia and Turkey offer higher returns. That tempted investors looking to allocate about 17.7 billion rand of coupon payments received from South African government bonds in September, according Bloomberg’s calculations.
标准银行集团全球市场交易部的销售交易员汤姆·盖尔表示：“本次拍卖的债券期限结构并无特殊苛刻要求，考虑到近期的市场抛售行情，这样的收益率水平理应能吸引大量认购。债券利息的持续发放也进一步增加了市场流动性。”本次拍卖的整体认购倍数达到6.3倍，高于上周的5.9倍，也创下了6月2日以来新高。其中2037年到期的债券最受追捧，原计划发行8.5亿兰特，最终收到的认购额却高达70亿兰特；2033年到期的债券也获得了49.7亿兰特的认购申请，2040年到期的债券也吸引了43亿兰特的订单。
“The auction slate was not particularly demanding from a duration perspective and given the recent selloff we expected a decent take-up with these yields,” said Tom Gale, a sales trader on Standard Bank Group Ltd.’s global markets trading desk. “Coupons continue to add liquidity.”The overall bid-to-cover ratio of 6.3 compared with about 5.9 at last week’s sale, and was the highest since the auction of June 2. Debt maturing in 2037 saw the strongest demand, with orders of 7 billion rand for 850 million rand on offer. Notes due 2033 drew orders of 4.97 billion rand and 2040 securities attracted bids of 4.3 billion rand.
截至约翰内斯堡当地时间下午1点21分，2037年到期债券的收益率下降了6个基点，降至9.07%。与此同时，南非兰特对美元汇率上涨0.7%，达到1美元兑换16.53兰特的水平。
The yield on the 2037 bonds declined six basis points to 9.07% by 1:21 p.m. in Johannesburg. The rand strengthened 0.7% to 16.53 per dollar.