创纪录的直接投标者挽救了糟糕的3年期拍卖，外国需求下滑导致自5月以来最大尾差

创纪录的直接投标者挽救了糟糕的3年期拍卖，外国需求下滑导致自5月以来最大尾差
Record Directs Save Ugly 3Y Auction, As Slide In Foreign Demand Leads To Biggest Tail Since May

原始链接: https://www.zerohedge.com/markets/record-directs-save-ugly-3y-auction-slide-foreign-demand-leads-biggest-tail-may

在本周第一场票息拍卖中（因退伍军人节期间现金债券休市交易，我们采用加速时间表），财政部以 mediocre 的方式售出580亿美元3年期债券。4.627%的高收益率低于上月的4.932%（本十年第二高），但与10月拍卖的stop through不同，今天的拍卖较发行前收益率4.622%高0.5个基点，是5月以来最大尾差。投标倍数表现糟糕，从上月的2.616下滑至2.528，为2025年8月以来最低。内部数据同样糟糕：间接投标从57.6%下滑至55.5%，也是2025年8月以来最低。而直接投标创纪录地达到35.04%......交易商仅获得9.5%，为历史最低之一。总体而言，这是一场明显低于标准的拍卖，投标倍数和外国需求的下滑表明，与近期几个月相比，短端债券的需求已明显更具挑战性。

In the week's first coupon auciton (we have an accelerated schedule due to Veteran's Day when cash bonds are shut for trading), the Treasury sold $58BN in 3 Year paper in what was a mediocre sale.

The high yield of 4.627% was below last month's 4.932% (the second highest this decade), but unlike the October auction which stopped through, today's sale tailed the When Issued 4.622% by 0.5bps, the biggest tail since May.

The bid to cover was ugly, sliding to 2.528 from last month's 2.616 and the lowest since August 2025.

The internals were just as ugly: Indirects slumped to 55.5% from 57.6%, also the lowest since August 2025. And with Directs taking a record 35.04%...

... Dealers were left with just 9.5%, one of the lowest on record.

Overall, this was a clearly subpar auction, where the slide in bid to cover and foreign demand, suggested that demand for short-end paper has gotten notably more challenging than in recent months.

创纪录的直接投标者挽救了糟糕的3年期拍卖，外国需求下滑导致自5月以来最大尾差 Record Directs Save Ugly 3Y Auction, As Slide In Foreign Demand Leads To Biggest Tail Since May

创纪录的直接投标者挽救了糟糕的3年期拍卖，外国需求下滑导致自5月以来最大尾差
Record Directs Save Ugly 3Y Auction, As Slide In Foreign Demand Leads To Biggest Tail Since May