--- title: "尽管外国需求激增，5 年期国债拍卖仍然出现尾差，收益率达到盘中高点" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/284253132.md" description: "财政部最近的 5 年期国债拍卖的最高收益率为 3.955%，较上个月略有下降，标志着连续第 11 次尾标。尽管如此，外国需求激增，间接投标占比达到 72.3%，为 2025 年 5 月以来的最高水平。投标覆盖率改善至 2.330，但仍低于六次拍卖的平均水平。同时，10 年期国债收益率上升至 4.34% 以上，受到油价上涨的影响" datetime: "2026-04-27T17:22:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284253132.md) - [en](https://longbridge.com/en/news/284253132.md) - [zh-HK](https://longbridge.com/zh-HK/news/284253132.md) --- # 尽管外国需求激增，5 年期国债拍卖仍然出现尾差，收益率达到盘中高点 After a mediocre 2Y auction to start the week's coupon issuance this morning, moments ago the Treasury sold 5Y notes in another average auction. The sale of $70BN in 5 Year paper stopped at a high yield of 3.955%, down fractionally from 3.980% last month, and tailing the When Issued 3.950% by 0.5bps. This was an improvement from last month's 1.4bps tail, but more concerningly this was the 11th tail in a row for 5Y issues. The bid to cover was also on the muted side, at 2.330, up from 2.287, it was below the six-auction average of 2.348. The internals improved notably, however, with Indirects awarded 72.3%, above last month's 61.9% and also well above the recent average of 62.1%. In fact this was the highest award for foreign buyers since May 2025. And with Directs dropping to 15.03%, Dealers were left with just 12.7%, the lowest since January. Overall, this was a stronger auction than this morning's 2Y sale thanks to the surge in foreign buyers, which probably offset concerns about the 11th tail in a row. Even so, 10Y yields have pushed to session highs, rising above 4.34% although that's due to the continued rise in oil which remains the only thing that the bond market is focused on for now. ### 相关股票 - [OXY.US](https://longbridge.com/zh-CN/quote/OXY.US.md) - [603353.CN](https://longbridge.com/zh-CN/quote/603353.CN.md) - [BP.UK](https://longbridge.com/zh-CN/quote/BP.UK.md) - [IEZ.US](https://longbridge.com/zh-CN/quote/IEZ.US.md) - [SHV.US](https://longbridge.com/zh-CN/quote/SHV.US.md) - [XOP.US](https://longbridge.com/zh-CN/quote/XOP.US.md) - [XLE.US](https://longbridge.com/zh-CN/quote/XLE.US.md) - [BIL.US](https://longbridge.com/zh-CN/quote/BIL.US.md) - [CRAK.US](https://longbridge.com/zh-CN/quote/CRAK.US.md) - [AGG.US](https://longbridge.com/zh-CN/quote/AGG.US.md) - [BNO.US](https://longbridge.com/zh-CN/quote/BNO.US.md) - [TLT.US](https://longbridge.com/zh-CN/quote/TLT.US.md) - [OIH.US](https://longbridge.com/zh-CN/quote/OIH.US.md) - [GOVT.US](https://longbridge.com/zh-CN/quote/GOVT.US.md) - [IEO.US](https://longbridge.com/zh-CN/quote/IEO.US.md) - [UCO.US](https://longbridge.com/zh-CN/quote/UCO.US.md) - [IEF.US](https://longbridge.com/zh-CN/quote/IEF.US.md) - [511010.CN](https://longbridge.com/zh-CN/quote/511010.CN.md) - [511520.CN](https://longbridge.com/zh-CN/quote/511520.CN.md) - [XES.US](https://longbridge.com/zh-CN/quote/XES.US.md) - [511090.CN](https://longbridge.com/zh-CN/quote/511090.CN.md) - [XFIV.US](https://longbridge.com/zh-CN/quote/XFIV.US.md) - [IXC.US](https://longbridge.com/zh-CN/quote/IXC.US.md) - [BND.US](https://longbridge.com/zh-CN/quote/BND.US.md) - [SHY.US](https://longbridge.com/zh-CN/quote/SHY.US.md) - [VDE.US](https://longbridge.com/zh-CN/quote/VDE.US.md) - [USO.US](https://longbridge.com/zh-CN/quote/USO.US.md) ## 相关资讯与研究 - [美债日债大风暴，如何化解？](https://longbridge.com/zh-CN/news/286897361.md) - [通胀忧虑升温，日债收益率再度飙升，全球股市普遍下挫，油价下跌](https://longbridge.com/zh-CN/news/286867199.md) - [TS Lombard 拉响警报：债券抛售潮可能才刚开始 10 年期美债收益率或升至 6%](https://longbridge.com/zh-CN/news/287136442.md) - [通胀忧虑引爆全球债市，30 年期美债收益率冲上 5.18%，创 2007 年以来新高](https://longbridge.com/zh-CN/news/286932754.md) - [债市风暴越刮越猛！ 花旗预警：30 年期美债收益率下一关口直指 5.5%](https://longbridge.com/zh-CN/news/286913959.md)