英国主权债券市场延续动荡行情，30年期金边债券收益率攀升至1998年以来峰值5.747%，10年期品种收益率触及4.860%的七个半月高位。此次抛售潮在周二的猛烈涨势基础上持续发酵，伦敦证券交易所集团（LSEG）数据显示，英国长债收益率曲线正以2022年迷你预算危机以来最快速度陡峭化。

　　市场分析师指出，虽然此次抛售与全球债市调整同步，但英国债券尤其脆弱——公共债务占GDP比重已达104%，叠加CPI同比增速持续高于央行目标的3.2%，共同削弱了投资者信心。财政大臣蕾切尔·里夫斯（Rachel Reeves）为填补财政缺口，正评估在秋季预算案中引入新税种的可行性，这种政策不确定性进一步加剧了债市波动。

　　值得关注的是，英国债务管理局（DMO）本财年计划发行2778亿英镑国债，同比激增45%。市场对海量债券供给的消化能力，以及通胀黏性与财政扩张政策的交互作用，正在重塑英债的风险溢价定价逻辑。

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责任编辑：王许宁

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