--- title: "儘管外國需求激增，5 年期國債拍賣仍然出現尾差，收益率達到盤中高點" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/284253132.md" description: "財政部最近的 5 年期國債拍賣的最高收益率為 3.955%，較上個月略有下降，標誌着連續第 11 次尾標。儘管如此，外國需求激增，間接投標占比達到 72.3%，為 2025 年 5 月以來的最高水平。投標覆蓋率改善至 2.330，但仍低於六次拍賣的平均水平。同時，10 年期國債收益率上升至 4.34% 以上，受到油價上漲的影響" 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) --- # 儘管外國需求激增，5 年期國債拍賣仍然出現尾差，收益率達到盤中高點 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. ### 相關股票 - [OXY.US](https://longbridge.com/zh-HK/quote/OXY.US.md) - [603353.CN](https://longbridge.com/zh-HK/quote/603353.CN.md) - [BP.UK](https://longbridge.com/zh-HK/quote/BP.UK.md) - [IEZ.US](https://longbridge.com/zh-HK/quote/IEZ.US.md) - [SHV.US](https://longbridge.com/zh-HK/quote/SHV.US.md) - [XOP.US](https://longbridge.com/zh-HK/quote/XOP.US.md) - [XLE.US](https://longbridge.com/zh-HK/quote/XLE.US.md) - [BIL.US](https://longbridge.com/zh-HK/quote/BIL.US.md) - [CRAK.US](https://longbridge.com/zh-HK/quote/CRAK.US.md) - [AGG.US](https://longbridge.com/zh-HK/quote/AGG.US.md) - [BNO.US](https://longbridge.com/zh-HK/quote/BNO.US.md) - [TLT.US](https://longbridge.com/zh-HK/quote/TLT.US.md) - [OIH.US](https://longbridge.com/zh-HK/quote/OIH.US.md) - [GOVT.US](https://longbridge.com/zh-HK/quote/GOVT.US.md) - [IEO.US](https://longbridge.com/zh-HK/quote/IEO.US.md) - [UCO.US](https://longbridge.com/zh-HK/quote/UCO.US.md) - [IEF.US](https://longbridge.com/zh-HK/quote/IEF.US.md) - [511010.CN](https://longbridge.com/zh-HK/quote/511010.CN.md) - [511520.CN](https://longbridge.com/zh-HK/quote/511520.CN.md) - [XES.US](https://longbridge.com/zh-HK/quote/XES.US.md) - [511090.CN](https://longbridge.com/zh-HK/quote/511090.CN.md) - [XFIV.US](https://longbridge.com/zh-HK/quote/XFIV.US.md) - [IXC.US](https://longbridge.com/zh-HK/quote/IXC.US.md) - [BND.US](https://longbridge.com/zh-HK/quote/BND.US.md) - [SHY.US](https://longbridge.com/zh-HK/quote/SHY.US.md) - [VDE.US](https://longbridge.com/zh-HK/quote/VDE.US.md) - [USO.US](https://longbridge.com/zh-HK/quote/USO.US.md) ## 相關資訊與研究 - [花旗喊 Brent 原油上看 120 美元 油市低估中東風險](https://longbridge.com/zh-HK/news/286971527.md) - [美上週原油總庫存創紀錄暴跌 1780 萬桶 出口創新高](https://longbridge.com/zh-HK/news/287096913.md) - [TS Lombard 拉響警報：債券拋售潮可能才剛開始 10 年期美債收益率或升至 6%](https://longbridge.com/zh-HK/news/287136442.md) - [美國上週原油庫存減少 786 萬桶](https://longbridge.com/zh-HK/news/287085193.md) - [鉅亨速報 - Factset 最新調查：菲利浦 66(PSX-US) EPS 預估上修至 17.36 元，預估目標價為 192.50 元](https://longbridge.com/zh-HK/news/286961725.md)