30年期美国国债拍卖自3月以来首次以高于预期的收益率成交。

30年期美国国债拍卖自3月以来首次以高于预期的收益率成交。
Strong 30Y Bond Auction Stops Through For First Time Since March

原始链接: https://www.zerohedge.com/markets/strong-30y-bond-auction-stops-through-first-time-march

继昨日出色的10年期国债拍卖之后，今天下午进行的30年期国债拍卖表现更为抢眼。美国政府以5.058%的收益率发行了220亿美元债券，这是自2007年以来的最高水平，而纽约时间下午1点投标截止时的发行前收益率为5.061%。这是自3月以来首次出现“止损”（即中标收益率低于发行前收益率，幅度为0.3个基点），此前已连续三次出现糟糕的“尾部”（即中标收益率高于发行前收益率，6月份的续发是自2024年7月以来表现最差的一次）。此次认购倍数为2.44倍，高于过去六次续发2.39倍的平均水平。交易商获配比例：10.05%（前值14.7%，六次拍卖平均值为10.9%）直接投标人获配比例：12.24%（前值25.3%，六次拍卖平均值为24.0%）间接投标人获配比例：77.74%（前值60.0%，六次拍卖平均值为65.1%）内部数据也是有记录以来表现最好的之一：外国买家（即间接投标人）获得了77.7%的配额，高于6月份的78.21%，为有记录以来的第二高水平。总体而言，这是一次极其强劲的拍卖，是2026年表现最好的拍卖之一。随着“去美元化”的传闻逐渐减弱，高收益率显然吸引了外国需求。

On the heels of yesterday's stellar 10Y auction, this afternoon saw an even more stellar-er 30Y auction with the US government selling $22 billion bonds at 5.058%, the highest result since 2007, vs a 5.061% when-issued yield at the 1 p.m. New York time bidding deadline.

That is the first stop-through (0.3bps) since March (after three ugly tails - June's reopen was the weakest since July 2024)...

The 2.44 bid-to-cover ratio compares well with the 2.39 average for the past six reopenings

Dealer: 10.05% (prev. 14.7%, six-auction average 10.9%)
Direct: 12.24% (prev. 25.3%, six-auction average 24.0%)
Indirect: 77.74% (prev. 60.0%, six-auction average 65.1%)

The internals were also some of the best on record: foreign buyers (i.e., indirects) were awarded 77.7% of the auction, up from 78.21% in June and the 2nd highest on record.

Overall, this was an extremely strong auction, among the best of 2026 as the high yields have clearly attracted foreign demand as tales of de-dollarization continue to ebb.

30年期美国国债拍卖自3月以来首次以高于预期的收益率成交。 Strong 30Y Bond Auction Stops Through For First Time Since March

30年期美国国债拍卖自3月以来首次以高于预期的收益率成交。
Strong 30Y Bond Auction Stops Through For First Time Since March