（文章来源：每日经济新闻） 每经AI快讯，10月9日，美国财政部拍卖四周期国债，得标利率4.030%，投标倍数2.92；拍卖八周期国 债，得标利率3.955%，投标倍数2.88。 ...

每经AI快讯，10月9日，美国财政部拍卖四周期国债，得标利率4.030%，投标倍数2.92；拍卖八周期国 债，得标利率3.955%，投标倍数2.88。 ...

每经AI快讯，9月25日，美国财政部拍卖四周期国债，得标利率4.080%，投标倍数2.61。拍卖八周期国 债，得标利率4%，投标倍数2.65。 ...

Series RIKB 42 0217Settlement Date 09/24/2025Total Amount Allocated (MM) 1,643All Bids Awarded At (Price / Yield) 78.600/6.680Total Number of Bids Received 17Total Amount of All Bids Received (MM) 3,243Total Number of Successful Bids 9Number of Bids Allocated in Full 9Lowest Price / Highest Yield Allocated 78.600/6.680Highest Price / Lowest Yield Allocated 79.471/6.580<td st ...

Group 1 - The auction of 20-year U.S. Treasury bonds showed robust demand, with the direct bidder allocation ratio reaching a historical high and the allocation to primary dealers at one of the lowest levels in history [1] - The awarded yield for the 20-year bonds was 4.613%, significantly lower than the previous month, marking the lowest since October 2024 [1] - The bid-to-cover ratio was 2.74, higher than in July and the second highest since March, indicating strong actual demand [1] Group 2 - The average fixed-rate mortgage loan rate for 30-year terms dropped significantly by 12 basis points to 6.13%, the lowest since the end of 2022 [1] - Historical trends suggest that in a recessionary environment, rate cuts may lower long-term yields, while in a non-recessionary environment, the impact on long-term rates may be minimal [1] - There is a possibility that the market may react by "buying the rumor, selling the fact," leading to a slight sell-off of 10-year Treasuries after the Federal Reserve announces a rate cut [1]

SeriesRIKB 27 0415RIKB 38 0215ISINIS0000036291IS0000037265Maturity Date04/15/202702/15/2038Auction Date09/05/202509/05/2025Settlement Date09/10/202509/10/202510% addition09/09/202509/09/2025 Buyback issueRIKS 26 0216 Buyback price (clean)97.7400 On the Auction Date, between 10:30 a.m. and 11:00 a.m., the Government Debt Management will auction Treasury bonds in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Article 6 of the General Terms of Auction for Treasury ...

Group 1 - The Bank of Japan (BOJ) maintains a neutral stance despite market speculation about potential interest rate hikes as early as October, leading to a rise in long-term bond yields and a weak demand for short-term bond auctions [2][3] - BOJ committee member Junko Nakagawa emphasized that the central bank will continue to raise policy rates if economic and inflation conditions allow, while also highlighting trade-related uncertainties [3] - The yield on Japan's 10-year government bonds reached a 17-year high earlier this week, driven by stable economic activity and persistent inflation, further fueling speculation about interest rate hikes [3] Group 2 - The auction demand for Japan's two-year government bonds fell to its weakest level in 16 years, with an average bid-to-cover ratio of 2.84, the lowest since 2009 [4] - The weak auction results are attributed to speculation about BOJ interest rate hikes and expectations of increased short-term bond issuance, making it difficult for investors to establish positions at the short end of the curve [4] - Overall, the poor auction results across various maturities indicate weakening market demand amid improved economic prospects and hawkish signals from the BOJ [4]

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]

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]

每经AI快讯，8月7日，美国财政部拍卖四周期国债，得标利率4.3%(7月31日为4.290%)，投标倍数 2.82(前次为2.63)。拍卖八周期国债，得标利率4.235%(前次为4.290%)，投标倍数3.16(前次为2.52)。 ...