The scheduled sale of government debt, where dealers bid for yield. The average accepted yield is the clearing yield.
拍卖
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The tenth of a point that moved the whole curve 拍卖 · 第 8 张术语卡 | Tuesday's ten-year auction cleared at 5.02 per cent, above the market, which means buyers demanded a discount. 拍卖是少数能直接看到「需求有多强」的场合。看三个数：中标收益率（比拍卖前市场高，说明要折价才卖得掉）、投标倍数（总投标量 ÷ 中标量，低于 2.3 算偏弱）、间接投标占比（含外国央行）。三者同时走弱，才是「需求真的差」，不能只看收益率高低。 |
| 5% | U.S. bond-market slide deepens, pushing yields to two-decade highs 拍卖 · 第 6 张术语卡 | “The 5.033 per cent yield required to clear the auction was more than three basis points above the expected level” — buyers demanded extra compensation, and that shortfall of demand is what snapped the five-year past 5%. 看三个指标：① 尾部（tail）= 中标利率高于拍卖前预期，说明需求疲软，这次尾部超过 3 个基点；② 投标倍数（bid-to-cover），这次 2.21 倍，低于此前六次平均 2.33 倍；③ 间接投标人占比（外国央行等）。需求弱 → 期限溢价上升 → 全球借贷成本水涨船高。 |
“Tuesday's ten-year auction cleared at 5.02 per cent, above the market, which means buyers demanded a discount.”
““The 5.033 per cent yield required to clear the auction was more than three basis points above the expected l…”