Ugly 7Y Auction Tails As Foreign Demand Slides Despite Record High Yield

原始链接: https://www.zerohedge.com/markets/ugly-7y-auction-tails-foreign-demand-slides-despite-record-high-yield

继昨天令人沮丧的5年期国债拍卖导致收益率升至数十年高点后，美国财政部刚刚完成了本周最后一次附息国债拍卖，以440亿美元的价格售出了7年期国债。这又是一场难看的拍卖，尽管没有昨天的表现那么糟糕。此次拍卖的最高中标收益率为5.085%，高于上个月的4.512%，创下7年期国债的历史最高收益率纪录。该结果较拍卖前（When-Issued）的5.078%出现了0.7个基点的尾部（tail），为3月份以来的最大偏差。内部需求同样疲软，外国需求从60.8%降至57.2%，创下2025年11月以来的最低水平。与此同时，直接投标者（Directs）比例跃升至30.3%，创下历史最高水平之一，交易商（Dealers）则被迫承接了12.5%的份额，与近期平均水平持平。总的来说，这是一次低于标准的拍卖，但远没有昨天的5年期拍卖那么糟糕——正如我们当时所指出的，那简直是一场灾难。需求的匮乏未能对二级市场提供任何支撑，10年期国债收益率迅速回升至接近盘中高点，最新交易价格为5.15%，创下近20年来的最高水平。

After yesterday's dismal 5Y aucton which pushed yields to multi-decade highs, moments ago the Treasury completed its last coupon auction of the week, selling $44 billion in 7Y paper. It was another ugly auction, if not quite as ugly as yesterday's shitshow.

The sale stopped at a high yield of 5.085%, up from 4.512% a month ago and the highest yield on record for 7 Year paper!

It was tailed the When Issued 5.078% by 0.7bps, the highest tail since March.

The internals were also poor as foreign demand slumped from 60.8% to 57.2%, the lowest since Nov '25. And with Directs jumping to 30.3%, one of the highest on record, Dealers were left holding 12.5%, in line with the recent average.

Overall, this was a subpar auction yet it wasn't nearly as bad as yesterday's 5Y which as we noted at the time, was an absolute nuke. The lack of demand did nothing to help the secondary market and 10Y yields promptly pushed back near session highs, last trading at 5.15% and the highest going back almost 2 decades.