十年期美国国债拍卖因外国需求激增而低于预期收益率成交

十年期美国国债拍卖因外国需求激增而低于预期收益率成交
Stellar 10Y Auction Stops Through Thanks To Surge In Foreign Demand

原始链接: https://www.zerohedge.com/markets/stellar-10y-auction-stops-through-thanks-surge-foreign-demand

继昨天表现平平的3年期国债拍卖之后，美国财政部刚刚完成了一场出色的10年期国债（CUSIP QQ7）重启发行。此次发行的390亿美元9年11个月期债券中标收益率为4.538%，高于上月的4.468%，但比发行时的预发行利率（When Issued）4.539%低了0.1个基点。这是该期限国债连续四次拍卖表现不佳后的首次“截标”（即中标利率低于预发行利率）。投标倍数从2.402升至2.565，远高于六次拍卖平均水平，并创下9月25日以来的新高。内部数据表现亮眼：间接投标者比例从63.95%大幅跃升至78.21%，位居历史前五高位；我们上一次看到如此强劲的海外需求还是在9月25日。此外，直接投标者比例降至仅9.5%，为1月以来的最低水平；交易商获配比例为12.32%，远低于近期21.39%的平均水平。总体而言，这是一场非常出色的10年期国债拍卖，较昨天（表现尚可的）3年期拍卖有显著改善。至少从债券市场的反应来看，这表明今日发布的CPI数据无需担忧。

After yesterday's mediocre 3Y auction, moments ago the Treasury held a stellar 10Y reopening (of cusip QQ7).

The sale of $39 billion in 9 Year-11 Month paper priced at a high yield of 4.538%, up from 4.468% last month, and 0.1bp through the 4.539% When Issued. This was the first stop through following 4 sequential tails for the tenor.

The bid to cover rose from 2.402 to 2.565, well above the six-auction average and the highest since Sept 25.

Internals were impressive: indirects surged to 78.21% from 63.95%, which was one of the 5 highest on record; the last time we saw such feverish foreign demand was in Sept 25.

And with Directs sliding to just 9.5%, the lowest since January, Dealers were left with 12.32%, far below the 21.39 recent average.

Overall, this was a stellar 10Y auction, a big improvement to yesterday's 3Y (which wasn't bad), and a sign from the bond market at least that today's CPI was nothing to be concerned about.

十年期美国国债拍卖因外国需求激增而低于预期收益率成交 Stellar 10Y Auction Stops Through Thanks To Surge In Foreign Demand

十年期美国国债拍卖因外国需求激增而低于预期收益率成交
Stellar 10Y Auction Stops Through Thanks To Surge In Foreign Demand