美债长期通胀保值债券拍卖需求强劲 中标利率低于市场水平

投资观察
Aug 21

周四,美国财政部发行的长期通胀保值债券(TIPS)拍卖显示出需求回暖迹象,彼时美债收益率正处高位。此次半年一度的拍卖共售出90.3亿美元、期限为29年半的TIPS,最高中标利率为2.973%。而据伦敦证交所集团(LSEG)数据,当时市场对应收益率约为2.993%。中标利率低于二级市场水平,这通常被视作需求旺盛的信号。

投标倍数——这一衡量投资者认购热情的关键指标——达到2.82倍,较2月份拍卖时的2.75倍有所抬升。间接投标者(包括外国机构买家在内)在本次拍卖中拿下84.4%的份额,同样高于上月的水平。

值得注意的是,在最近一次30年期美债拍卖中,最高收益率录得5.216%,为2001年以来之最。这一高位背景下,长端通胀保值债券仍能获得如此认购,愈发凸显出市场对通胀风险对冲工具的偏好正在升温。

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