Solid 7Y Auction Prices "On The Screws" With Solid Foreign Demand

原始链接: https://www.zerohedge.com/markets/solid-7y-auction-prices-screws-solid-foreign-demand

今天进行的160亿美元20年期国债拍卖被视为一次稳健的成功，尽管其风头被即将公布的联邦公开市场委员会（FOMC）会议纪要所掩盖。该批债券的得标利率为5.122%，为该品种拍卖史上的第二高位，且与拍卖前的“发行时”收益率完全一致。尽管投标倍数降至2.55，创下自2月以来的最低点，但拍卖的内部结构表现强劲。间接投标人的获配比例达到67.67%，超过了近期平均水平；交易商的获配比例则降至9.4%的历史低位附近。总体而言，市场需求依然旺盛，这可能得益于油价下跌带动了收益率的适度回落。 *（注：原文摘要中曾提及“7年期国债拍卖”，但此次拍卖实际为20年期国债，原文此处存在细微偏差。）*

Today's lone coupon auction, the sale of $16BN in 20Y notes, took place at 1pm, just an hour ahead of the FOMC Minutes release, and the auction was generally very strong, with maybe a one glitch.

The sale stopped at a high yield of 5.122%, up from 4.883% in April, and the second highest in the history of the 20Y auction with just the 5.257% in October '23 printing higher. The yield stopped on the screws with the When Issued 5.122%, and followed two stopping through auctions, and 11 of the past 12).

The bid to cover was 2.55, down from 2.68 in April and arguably the only weak spot in today's auction, as it was the lowest since February.

The internals were solid, with Indirects awarded 67.67%, up from 67.39% and the 63.5% recent average. And with Directs taking 22.9%, unchanged from the previous month, Dealers were left with 9.4%, down from 9.7% and one of the lowest Dealer awards on record.

Overall, this was a solid 7Y auction and one which had no problem finding buyers despite, or perhaps because of the recent surge in yields which today has reversed modestly thanks to lower oil prices.