--- title: "平庸的 2 年期國債拍賣以自 2025 年 2 月以來的最高收益率定價" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/287665213.md" description: "今天的 2 年期國債拍賣的最高收益率為 4.071%，是自 2025 年 2 月以來的最高水平，比上個月上升了 26 個基點。這次 690 億美元的拍賣的投標覆蓋率為 2.640，略低於上個月的 2.653。間接投標者佔拍賣的 57.6%，而直接投標者佔 30.1%。總體而言，此次拍賣被認為表現平平，統計數據和內部情況都不盡如人意，市場的關注點則集中在國債和石油上，寄希望於伊朗協議的即將達成" datetime: "2026-05-26T17:29:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287665213.md) - [en](https://longbridge.com/en/news/287665213.md) - [zh-HK](https://longbridge.com/zh-HK/news/287665213.md) --- # 平庸的 2 年期國債拍賣以自 2025 年 2 月以來的最高收益率定價 With Treasury yields sliding 4 days in a row, today's 2Y auction was not seen as especially concerning (certainly not as much as a week ago, when the 10Y was knocking on 4.70%'s door, vs 4.50% where it trades today). Still, while the auction did have it strong sides, it was hardly stellar. Starting at the top, the $69BN sale of 2Y paper priced at a high yield of 4.071%, up 26bps from 3.812% a month ago, and the highest since Feb 2025. The auction also priced on the screws with the When Issued 4.071%, following three straight tailing auctions, so a modest improvement there. The bid to cover was 2.640, which was down modestly from 2.653 a month ago, but above the 2.62 six-auction average. The internals were in line: Indirects (aka foreign buyers) took down 57.6%, up from 56.48% a month ago but below the 57.9% recent average; and with Directs almost flat at 30.1% (down from 31.65% in April, and above the 29.3% recent average), Dealerswere left holding 12.30%, up from 11.87% a month ago and just below the 6-auction average of 12.84%. Overall, this was a forgettable auction with mediocre stats and internals. Then again, with the market trading treasuries and oil as one asset class today (while stocks do their own thing again), and sending sharply much lower on **hopes that this time the Iran deal is definitely imminent (unlike all the previous times),** it's not like anyone was paying attention to bond market internals today... or frankly anything else for that matter. ### 相關股票 - [IEF.US](https://longbridge.com/zh-HK/quote/IEF.US.md) - [SGOV.US](https://longbridge.com/zh-HK/quote/SGOV.US.md) - [MINT.US](https://longbridge.com/zh-HK/quote/MINT.US.md) - [MMKT.US](https://longbridge.com/zh-HK/quote/MMKT.US.md) - [BIL.US](https://longbridge.com/zh-HK/quote/BIL.US.md) - [GOVT.US](https://longbridge.com/zh-HK/quote/GOVT.US.md) - [VGSH.US](https://longbridge.com/zh-HK/quote/VGSH.US.md) - [SHV.US](https://longbridge.com/zh-HK/quote/SHV.US.md) - [XTWO.US](https://longbridge.com/zh-HK/quote/XTWO.US.md) - [GMMF.US](https://longbridge.com/zh-HK/quote/GMMF.US.md) - [SCHO.US](https://longbridge.com/zh-HK/quote/SCHO.US.md) - [SHY.US](https://longbridge.com/zh-HK/quote/SHY.US.md) - [TLT.US](https://longbridge.com/zh-HK/quote/TLT.US.md) ## 相關資訊與研究 - [國債收益率在特朗普暗示伊朗協議談判取得進展後下跌](https://longbridge.com/zh-HK/news/287111205.md) - [美國4週期國庫券最高利率為3.610%](https://longbridge.com/zh-HK/news/287245940.md) - [狂歡落幕？美股 “最強財報季” 見頂，下週三大宏觀重磅恐引爆美債風暴](https://longbridge.com/zh-HK/news/287386350.md) - [實時市場-週五數據：貿易逆差收窄，庫存增長，中西部工廠活動加速](https://longbridge.com/zh-HK/news/288092444.md)