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2021-06-23

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Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>收益率跃升至15个月高点，令人失望的2年期拍卖尾部</blockquote>

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This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将IOER和RRP分别推高5个基点至15个基点和5个基点，这对所有短期收益率产生了下游影响，今天的2年期拍卖就是一个例子。点印刷利率为0.249%，为2020年3月以来的最高收益率，较发行时的0.244%落后0.5个基点。这是自2020年7月拍卖滞后0.9个基点以来2年期最大的尾部。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的2年期拍卖也不全是坏事：回补出价从2.736下降到2.540，但即便如此，它仍高于6次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也一致，间接因素下降了50.6%，低于上个月的57.1%，略低于近期平均水平52.4%。直接分配18.5%，略高于5月份的18.0%，但低于4月份的18.5%，交易商持有30.9%，也高于近期31.1%的平均水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然此次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，美联储加息后2年期国债收益率大幅走高的预期，情况可能会更糟。投资者由于该票据新的和改进的利差状况。然而，正如Newsquawk指出的那样，值得注意的是，2s在盘中早些时候一直在走高，可能会在拍卖时有所降低。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>一句话：这不是一场漂亮的拍卖，但从各方面考虑，情况可能会更糟。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>收益率跃升至15个月高点，令人失望的2年期拍卖尾部</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisappointing 2Y Auction Tails As Yield Jumps To 15 Month High<blockquote>收益率跃升至15个月高点，令人失望的2年期拍卖尾部</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-23 15:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.</p><p><blockquote>上周美联储进行技术性调整后，短期利率大幅走高，将IOER和RRP分别推高5个基点至15个基点和5个基点，这对所有短期收益率产生了下游影响，今天的2年期拍卖就是一个例子。点印刷利率为0.249%，为2020年3月以来的最高收益率，较发行时的0.244%落后0.5个基点。这是自2020年7月拍卖滞后0.9个基点以来2年期最大的尾部。</blockquote></p><p> And yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.</p><p><blockquote>然而，今天的2年期拍卖也不全是坏事：回补出价从2.736下降到2.540，但即便如此，它仍高于6次拍卖的平均水平。</blockquote></p><p> The internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.</p><p><blockquote>内部因素也一致，间接因素下降了50.6%，低于上个月的57.1%，略低于近期平均水平52.4%。直接分配18.5%，略高于5月份的18.0%，但低于4月份的18.5%，交易商持有30.9%，也高于近期31.1%的平均水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6e8c02d689feb21b4def802af2cbb5cd\" tg-width=\"1280\" tg-height=\"803\"></p><p><blockquote></blockquote></p><p> And while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.</p><p><blockquote>虽然此次拍卖表面上令人失望，但由于市场更激进的加息定价和IOER/RRP上调，美联储加息后2年期国债收益率大幅走高的预期，情况可能会更糟。投资者由于该票据新的和改进的利差状况。然而，正如Newsquawk指出的那样，值得注意的是，2s在盘中早些时候一直在走高，可能会在拍卖时有所降低。</blockquote></p><p> Bottom line: not a pretty auction, but it could have been far worse all things considered.</p><p><blockquote>一句话：这不是一场漂亮的拍卖，但从各方面考虑，情况可能会更糟。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/disappointing-2y-auction-tails-yield-jumps-15-month-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154606680","content_text":"Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term yields, and today's 2Y auction was a case in point printing at 0.249%, the highest yield since March 2020 and a 0.5bps tail to the When Issued 0.244%. This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.\nAnd yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.\nThe internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.\n\nAnd while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. However, as Newsquawk notes, it's worth noting that 2s had been grinding higher earlier in the session, likely reducing the allure somewhat by the time of the auction.\nBottom line: not a pretty auction, but it could have been far worse all things considered.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":276,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/123420925"}