尽管连续第12次出现尾部溢价，但得益于强劲的海外需求，5年期国债拍卖表现稳健。

尽管连续第12次出现尾部溢价，但得益于强劲的海外需求，5年期国债拍卖表现稳健。
Solid 5Y Auction Despite 12th Consecutive Tail, Thanks To Stellar Foreign Demand

原始链接: https://www.zerohedge.com/markets/solid-5y-auction-despite-12th-consecutive-tail-thanks-stellar-foreign-demand

美国财政部 700 亿美元的 5 年期国债拍卖需求稳健，尽管出现了微小的技术性“尾部”（tail）。此次国债的最高收益率为 4.182%，创下 2025 年 1 月以来的新高，比发行前收益率高出 0.1 个基点。这是该期限国债连续第 12 次拍卖出现尾部，创下了有记录以来的最长连跌纪录。然而，其他指标显示出更强劲的迹象。认购倍数略有改善，达到 2.34，与近期平均水平一致。最值得注意的是，此次拍卖吸引了大量的外国参与，间接投标者（Indirect bidders）买入了 74.85%，为有记录以来的最高水平之一。虽然交易商（Dealers）最终持有的份额为 12.8%，略高于平均水平，但强劲的外国投标掩盖了微小的尾部差异，分析师将整体结果描述为财政部的一次稳健表现。

原文

After a mediocre 2Y auction on Tuesday, moments ago the Treasury sold the week's second coupon auction when it auctioned off $70BN in 5Y paper to solid demand, some superficial weakness notwithstanding.

The auction stopped at a high yield of 4.182%, up from 3.955% in April and the highest yield since Jan 2025. The auction also tailed the 4.181% When Issued by 0.1bp, which was the 12th consecutive tailing auction for the tenor, the longest stretch on record.

The bid to cover was 2.34, up from 2.33 last month, and right on top of the 6-auction average 2 339. What is notable here is just how much the BTC has flatlined in the past 3 years.

The internals were also solid with Indirects awarded 74.85%, the highest since May 2025 and one of the highest on record. And with Directs awarded 12.34%, the lowest since March 2025, Dealers were left with 12.8% of the auction, up fractionally from 12.7% in April and above the recent average of 12.0%.

Overall, this was a solid auction with impressive foreign demand, where the only blemish was the tiny tail, which however one can ignore considering the impressive foreign bid.

尽管连续第12次出现尾部溢价，但得益于强劲的海外需求，5年期国债拍卖表现稳健。 Solid 5Y Auction Despite 12th Consecutive Tail, Thanks To Stellar Foreign Demand

尽管连续第12次出现尾部溢价，但得益于强劲的海外需求，5年期国债拍卖表现稳健。
Solid 5Y Auction Despite 12th Consecutive Tail, Thanks To Stellar Foreign Demand