30年期美债拍卖惨淡

Core Viewpoint - The recent U.S. Treasury bond auctions have shown weak results, particularly the 30-year bond auction, indicating a decline in demand for government debt [1] Group 1: Auction Results - The yield on the 30-year bond auction exceeded the pre-issue yield, marking the largest tail risk spread in a year, which suggests weak demand [1] - The bid-to-cover ratio for the 30-year bond auction was 2.27, the lowest since November 2023, and significantly below the average of the last six auctions [1] - The indirect bid ratio, which reflects foreign demand, fell to 59.5%, the lowest since May and the second lowest since 2021 [1] Group 2: Domestic Demand - The direct bid ratio, indicating domestic demand, dropped to 23.03%, lower than both the previous month and the average of the last six auctions [1] - The allocation to primary dealers reached the highest level since August 2024, highlighting insufficient actual demand [1]