The number of bids received divided by the amount of debt sold. A ratio of 5.84 means investors wanted 5.84 times as much paper as the government offered.
投标倍数
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Japan's 20-year bond sale sees strongest demand on record 投标倍数 · 第 2 张术语卡 | Tuesday's 5.84 compares with 4.01 at the previous sale and a 12-month average of 3.73 — the strongest on record. 它是拍卖的「温度计」，但不是越高越好到没有上限。倍数高说明需求旺、发行方可以压低票息；倍数低（比如低于 2）说明市场不情愿接手，往往伴随收益率上跳。要注意的是，倍数只反映「量」，不反映「价」——所以还要看尾差（tail），两个指标一起读，才知道这场拍卖是「抢」还是「勉强卖掉」。 |