利率火花：全球长端因英国央行获得些许喘息

关键论点

• 英国央行将保留约1200亿英镑期限最长的国债于资产负债表，2049年后到期的债券不纳入主动出售。
• 主动出售暂停至2027年4月，央行将探索将国债转移至英国财政部；政府出资的量化紧缩不会减少总供给，因为购买需通过新发债融资。
• 该决定改变了期限结构，实质上以较短期限发行替代较长期国债，这是30年期国债反应积极的原因。
• 法国10年期OAT与德债利差达96个基点，仍为2012年以来最阔，反映明年总统选举前的紧张情绪；2027年最终预算仍未确定。

对应原文证据

1. For one, around £120bn gilts with the longest maturities will remain on the central bank’s balance sheet, which means bonds maturing after 2049 will not be part of the active sales. · 2049
2. But perhaps a stronger signal to markets was the decision to pause active sales until April 2027 and explore a mechanism to transfer gilts from the Bank of England to the UK government treasury. · April 2027
3. Friday’s events and market view We will get the eurozone current account for July and the European Central Bank will release results of its inflation survey, where longer-run consumer expectations are expected to have nudged up on the back of energy prices.