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Gilts可以多么低?

尽管英国政府的债务高,但这10年的债券仍被认为是一个避风港。

从10年来的产量,政府债券首次下降了2%,因为它们在超过半个世纪前推出,将他们的声誉作为全球投资市场最重要的避风港之一。

预测率的U.K.主权债券所谓的吉尔茨 - 将在2011年结束时下沉,以纪录低级,似乎在今年年初看起来很古怪,鉴于U.K.政府的高债务和缺乏缺陷。

尽管如此,镀金收益率在去年关闭的周五下降140个基点至于1.997% - 尽管普遍存在的潜在看跌因素。其中包括税收收入和经济增长比2011年的预期低于预期,担心2012年恢复经济衰退,以及高通货膨胀。他们周二终止了2.04%。

投资者主要信贷收益率吉尔ts’ growing safe-haven status amid fears about euro zone sovereign debt. Many also attribute high gilt prices to the unusually long maturity of U.K. government debt, which decreases the risk that the supply of debt that has to be issued will exceed the demand for it from investors. George Buckley, chief U.K. economist at Deutsche Bank, said that because of this prolonged maturity “the current debt burden looks sustainable over the next decade.”

The fall in yields on gilts is closely bound up with countervailing trends in other sovereign markets. Ten-year Italian yields are, at 6.97 percent, 210 bp higher than at the end of 2010. Moreover, although rates for Bunds closed 9 bp below gilts on Friday, at 1.95 percent, the Bund market has gyrated in recent weeks on fears that the German government’s debt burden could rise to unsustainable levels should it be forced to bail out Italy and other troubled euro zone states. For this reason, in November Bund yields briefly rose above those of gilts for the first time in more than two years. Although the return since then to high Bund prices shows that many investors still see them as a safe place to park money, some are still anxious to avoid any euro zone government debt at all because of the bloc’s debt imbroglio.

由于经济增长令人失望,吉尔斯也从今年的全球航班中获益,远离股票的风险资产。它专门旨在吸引投资者的整体吉尔,而不是英镑资产:富时100指数的大型U.K.股票在星期五下午5,513岁,去年下方8.3%。U.K.股票市场的秋季反映了U.K.经济增长的脾气性,对企业收入令人沮丧的期望。周四公布的官方统计数据显示,虽然经济在第三季度增长了0.6%,但它未能在第二季度扩展。最近的调查数据表明,产出可能在今年最后季度缩减,施罗德的经济学家预计2012年由于财政紧缩而在2012年收缩0.5%。

英国不太可能结合低经济增长,紧张的财政裁员和恒星政府债券业绩困惑着许多人,包括大部分法国政府。其总理,财政部长,甚至是其央行的负责人最近几天回应了法国可能会失去其珍贵的三重债务评级,提出u.k.在比第五次共和国的财政状况更差。法国10年的债务在周五-98 BP上方的3.02%以上的同等吉尔特。

镀金公牛说,这一推理有三个主要原因。

U.K.在14年的平均债务成熟年份几乎是双重法国,远高于任何其他欧洲国家,允许它避免其他国家倾向于倾向的流动性危机。意大利已经处于流动资金危机,因为投资者怀疑它在即将到来的欧元兑数十亿欧元的债务中达到超过数十亿欧元的能力。

The U.K. coalition government which came to power last year has set out a plan to cut the deficit through severe retrenchment, and markets have so far believed ministers’ repeated assertion that there is “no Plan B” for fiscal policy based on a liberal loosening of the purse strings. Britain’s fiscal deficit is expected to stretch to 9.4 percent of national income this year, compared with only 5.7 percent in France for example. But analysts regard the deficit’s likely downward direction of travel as more important than the size of the deficit itself.

Analysts also see as crucial the Bank of England’s ability to rescue the government from default by buying its debt in massive quantities. The European Central Bank—the central bank for France and the other euro zone member states—has no such carte blanche.

出于所有这些原因,尽管英国未吸引的经济展望 - 虽然即使是镀金的公牛的警告,但镀金产量仍然落下,但他们变得如此之低,因为他们在新的一年里进一步下降了很少的空间。