Yesterday was the auction of 10-year U.S. Treasury bonds, and today is the auction of 30-year U.S. Treasury bonds. The data confirms the result of poor liquidity of U.S. Treasury bonds and poor demand for long-term bonds.
Let's look at the data first.
The U.S. 30-year Treasury bond auction to July 11 - winning interest rate, previous value 4.403%, this period 4.405%
The U.S. 30-year Treasury bond auction to July 11 - winning interest rate allocation percentage, previous value 8.49%, this period 88.8%
The U.S. 30-year Treasury bond auction to July 11 - bid multiple, previous value 2.49, this period 2.3
The target interest rate increased slightly from the previous value, proving that investors are concerned about future economic expectations and inflation, so they require an increase in interest rates.
The winning multiple decreased slightly from the previous value, proving that the funds participating in the bidding for 30-year Treasury bonds in this period have decreased.
The most interesting thing is the percentage of the winning bid rate allocation. The previous value was 8.39%, and this period is 88.8%.
The percentage of the winning bid rate allocation is adjusted according to the total amount of voting and the actual amount of bonds issued after the bidding is completed. If the bid is 10 billion and the actual amount of bonds issued is 5 billion, then each bidder can only get 50% of the current bid share.
According to the data comparison, the current US 30-year Treasury bonds have obviously insufficient demand, and the value of 88.8% can appear, proving that the amount of participating in the bidding has been significantly reduced.
At the same time, the allocation ratio of 88.8% in this period is also the highest value since 2024. The last time it appeared was the auction in December 23.
Combined with yesterday's 10-year Treasury bond data, although the auction of 10-year Treasury bonds is slightly insufficient in liquidity, it seems much more optimistic than 30-year Treasury bonds.
However, the sales data of each period of US long bonds fluctuates greatly. I will continue to pay attention to similar data and make the best reference.
Bold assumptions, careful analysis, welcome to Uncle Cat's encrypted "channel"
