Bonds Crash Most Since Liberation Day After Catastrophic 5Y Auction; 2nd Biggest Tail On Record

原始链接: https://www.zerohedge.com/markets/bonds-crash-most-liberation-day-after-catastrophic-5y-auction-2nd-biggest-tail-record

今天进行的700亿美元五年期美国国债拍卖表现惨淡，尽管拍卖前收益率大幅飙升，但仍显示出市场需求极度匮乏。此次国债定价收益率为5.033%，创下2007年以来的最高水平，且出现了3.1个基点的“尾部”，为有记录以来的第二大差距。内部指标同样严峻。认购倍数降至2.212，创下2018年以来的最低水平；间接投标人的参与度则跌至2020年3月以来的最低点。因此，一级交易商被迫承接了15.8%的份额，创下2024年5月以来的最高占比。这一疲软的拍卖结果打破了市场预期，并引发了整个收益率曲线的新一轮抛售，10年期美债收益率攀升至5.13%附近。总体而言，此次拍卖是债券市场近期历史上表现最糟糕的日子之一。

原文

Coming into today's 5Y auction, the bond market was collapsing, with yields across the curve soaring but especially the 5Y exploding a crazy 15bps heading into today's auction (of 5 Year treasuries), a massive concession which we thought would lead to "lots of demand" for today's offering.

*TREASURY 5-YEAR YIELD RISES 15 BASIS POINTS ON DAY TO 4.99%
At least there will be lots of demand for paper in today's 5Y auction
— zerohedge (@zerohedge) September 23, 2026

Boy, were we wrong: moments ago the Treasury published results from today's auction and there were absolutely disastrous.

The sale of $70 billion priced at the first 5%+ yield since 2007, 5.033% to be specific (which means the first 5% cash coupon for today's buyers in 19 years), up from 4.391%. But the kicker is that the When Issued traded at 5.001%, meaning the auction tailed by a massive 3.1bps, which is the 2nd highest tail on record.

The bid to cover was ugly: down to 2.212 from 2.371, and the lowest since December 2018.

The internals were even worse: Indirects plunged to 54.31% from 61.51%, the lowest since the depths of covid, in March 2020. And withj Directs inexplicably jumping to 29.92%, the highest since December '25, Dealers were left holding 15.8% of the auction, the most since May 2024.

Overall this was a horrific auction, where demand simply was not there contrary to what the When Issued indicated, and the results sparked a fresh rout acorss the curve, with the 10Y last trading just shy of 5.13% in what is shaping up as the worst day for the bond market since Liberation Day.