The gap between the average price paid at an auction and the lowest price accepted. A small tail means buyers agreed on the price; a big tail means the government had to discount to clear the sale.
尾差
| 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 尾差 · 第 3 张术语卡 | Tuesday's tail was 0.07, against 0.15 last month — a clean auction, not a distressed one. 尾差是债市里最容易被忽略、却最能说明问题的一个数。倍数高但尾差也大，意味着「来的人多、但出价分歧大」，往往出现在市场对方向没有共识的时候。反过来，倍数高、尾差小，才是真正的「抢购」。日本这次 0.07 的尾差，配上 5.84 的倍数，说明买盘不仅多，而且价格预期一致——这是最健康的组合。 |