丑陋、尾随的 20 年期国债拍卖使收益率从盘中低点回升

丑陋、尾随的 20 年期国债拍卖使收益率从盘中低点回升
Ugly, Tailing 20Y Auction Lifts Yields From Session Lows

原始链接: https://www.zerohedge.com/markets/ugly-tailing-20y-auction-lifts-yields-session-lows

在本周唯一的息票拍卖中，不久前美国以 19 年期、1100 万年期 cusip UF3 重新开放的形式出售了 130 亿美元的 20 年期票据，这充其量是丑陋的。 4.686%的高收益率为4月以来最高，高于11月的4.680%，较发行时的4.671%低1.5个基点，连续第四个尾。回补出价为 2.50，高于 2.34，但为 3 月份以来第二低，因此明显低于六次拍卖平均水平 2.57%。内部情况也令人失望：间接下降了 62.0%，低于 69.5%，是 2 月份以来的最低水平。直接授予的比例为 20.1%，为 1 月份以来的最高水平，经销商在拍卖中的份额为 17.9%，低于上个月的 22.6%，但高于六次拍卖的平均水平 13.3%。低于标准的拍卖结果将 10 年期国债收益率从盘中低点 4.37% 提升 1 个基点至 4.38%，此前曾触及 3 周高点 4.44%。

In the week's lone coupon auction, moments ago the US sold $13BN in 20Y paper in the form of 19Y, 11M reopening of cusip UF3, which ugly at best.

The high yield of 4.686% was the highest since April, above November's 4.680% and tailed the When Issued 4.671% by 1.5bps, the 4th tail in a row.

The bid to cover was 2.50, up from 2.34 but the second lowest since March and thus clearly below the six auction average of 2.57%.

The internals were also disappointing: Indirects took down 62.0%, down from 69.5% and the lowest since February. And with Directs awarded 20.1%, or the most since January, Dealers were left holding 17.9% of the auction, below last month's 22.6% but above the six auction average of 13.3%.

The subpar auction results lifted the 10Y yield by 1 basis point to 4.38% from a session low of 4.37%, having previously hit a 3 week high of 4.44%.

丑陋、尾随的 20 年期国债拍卖使收益率从盘中低点回升 Ugly, Tailing 20Y Auction Lifts Yields From Session Lows

丑陋、尾随的 20 年期国债拍卖使收益率从盘中低点回升
Ugly, Tailing 20Y Auction Lifts Yields From Session Lows