本次30年期国债拍卖的投标倍数为2.27，是2023年11月以来最低，且远低于近六次拍卖的平均水平。衡 量海外需求的间接认购比例降至59.5%，创下5月以来的最低水平，也是自2021年以来的第二低。衡量 美国国内需求的直接认购比例也降至23.03%，低于上月和近六次拍卖的平均水平。一级交易商获配比 例升至2024年8月以来最高，凸显实际需求不足。 本周美国国债拍卖结果持续不佳，本周最后一场有息美国国债拍卖，即30年期国债拍卖结果尤为糟糕。 30年期国债拍卖的得标利率高于预发行收益率，出现一年来最大的尾部利差，表明需求疲软。 ...

Core Viewpoint - The recent 30-year U.S. Treasury bond auction revealed weak market demand, raising concerns about the overall interest in U.S. debt securities [1][2] Group 1: Auction Results - The U.S. Treasury issued $25 billion in long-term bonds with a winning yield of 4.813%, exceeding pre-auction market yields by over 2 basis points, indicating investors' demand for higher returns [1] - Following the auction results, the 30-year Treasury yield rose to 4.829%, reflecting investor disappointment and a decline in bond prices [1] - This marks the third consecutive weak auction this week, following lackluster demand in the 3-year and 10-year bond auctions [1] Group 2: Investor Participation - Primary dealers, seen as market "backstop buyers," subscribed to 17.5% of the issuance, the highest since August 2024, indicating they are taking on more of the subscription when other investors show less interest [2] - Indirect bidders, including foreign central banks, accounted for 59.5% of the auction, below the average of over 61% from the past three auctions [2] - Direct bidders, such as domestic pension funds, subscribed to 23%, slightly below recent averages [2] Group 3: Market Sentiment - The limited interest in the 30-year Treasury bonds is not surprising, as previous auctions in February, March, and May also faced weak demand due to the higher interest rate risk associated with long maturities [2] - The overall trend of weak demand across different maturities suggests that investors are dissatisfied with current Treasury yields, believing that fair value should be higher [2] - This situation poses challenges for the new administration, which is more focused on controlling federal borrowing costs, as weak demand may force the Treasury to issue bonds at higher rates, increasing government debt interest burdens [2]

Group 1 - The U.S. Treasury auctioned $44 billion in seven-year bonds with a winning yield of 4.092%, an increase from the previous rate of 4.022% reported on June 26 [1] - The bid-to-cover ratio was 2.79, which is higher than the previous ratio of 2.53, indicating stronger demand for the bonds [1]

美国财政部拍卖700亿美元五年期国债，得标利率3.983%（6月25日为3.879%），投标倍数2.31（前次为 2.36）。 ...

Core Viewpoint - The U.S. Treasury Department auctioned three-month Treasury bills with a winning yield of 4.235% and a bid-to-cover ratio of 3.21 [1] Summary by Categories Auction Details - The three-month Treasury bills were auctioned with a winning yield of 4.235% [1] - The bid-to-cover ratio for the auction was recorded at 3.21, indicating strong demand for the securities [1]

Group 1 - The U.S. Treasury auctioned 4-week and 8-week Treasury bills with a high yield of 4.245% and 4.265% respectively [1] - The bid-to-cover ratio for the 4-week Treasury bill was 2.69, indicating strong demand [1] - The bid-to-cover ratio for the 8-week Treasury bill was 2.63, also reflecting solid interest from investors [1]

Core Viewpoint - The U.S. Treasury conducted auctions for both four-year and eight-year government bonds, with slight changes in yield rates and bid-to-cover ratios compared to previous auctions [1] Summary by Category Four-Year Treasury Auction - The awarded yield rate was 4.245%, an increase from the previous rate of 4.230% [1] - The bid-to-cover ratio was 2.69, down from the prior ratio of 2.91 [1] Eight-Year Treasury Auction - The awarded yield rate was 4.265%, slightly lower than the previous rate of 4.270% [1] - The bid-to-cover ratio was 2.63, an increase from the previous ratio of 2.60 [1]

Group 1 - The U.S. Treasury auctioned a four-month Treasury bill with a winning yield of 4.225%, slightly down from 4.230% on July 16 [1] - The bid-to-cover ratio was 3.55, indicating strong demand compared to the previous ratio of 3.02 [1]

Group 1 - The U.S. Treasury auctioned six-month Treasury bills with a winning yield of 4.260%, which is the same as the previous auction on July 15 [1] - The bid-to-cover ratio was 2.85, slightly down from the previous ratio of 2.92, indicating a decrease in demand for the securities [1]

Group 1 - The U.S. Treasury auctioned 13-week (3-month) bills with a winning yield of 4.240%, slightly down from 4.245% on July 14 [1] - The bid-to-cover ratio for the 13-week bills was 2.98, compared to 3.10 in the previous auction [1] - The auction of 26-week (6-month) bills had a winning yield of 4.115%, down from 4.125% in the last auction [1] Group 2 - The bid-to-cover ratio for the 26-week bills was 3.06, also lower than the previous ratio of 3.10 [1]