美债市场警报拉响：7年期国债标售遇冷，海外需求持续萎靡

Weak 7-Year Treasury Auction Sounds Alarm in U.S. Bond Market as Overseas Demand Stays Sluggish

【环球网财经综合报道】周四（4月24日），本周最后一场附息美国国债标售落下帷幕，7年期美债标售需求相对冷淡。美国财政部当天发行了440亿美元的7年期美债。此前，周二的2年期美债拍卖因海外需求大幅下降表现惨淡，周三的5年期美债拍卖虽整体稳健，但海外需求依然下降。

[Global A lackluster sale of $44 billion in 7-year Treasury notes on Thursday (April 24) capped a week of U.S. debt auctions. The week's events were marked by tepid investor interest, following a Tuesday 2-year auction where overseas demand slumped and a Wednesday 5-year sale that, while overall steady, recorded subdued foreign participation.

最终，这批7年期美债标售的得标利率为4.123%，较3月份上一批次下降了11个基点，但仍较4.121%的预发行利率高出0.2个基点，连续第二次出现反映需求疲软的尾部利差。本次拍卖的投标倍数为2.55倍，低于过去六次拍卖的平均值2.67倍。

The $44 billion seven-year note sale was awarded at a high yield of 4.123%. This was 11 basis points (bps) below March's level but resulted in a tail of 0.2 bps over the 4.121% when-issued rate, marking the second consecutive auction to produce this sign of weak demand. The bid-to-cover ratio of 2.55 also came in below the 2.67 average from the prior six sales..

标售结果显示，直接投标者需求较为稳健，获配比例达25.44%，但仍较上月的26.1%有所下降。而间接投标者（外国买家）仅拿下59.3%的份额，低于3月的61.2%，创2021年12月以来最低水平。一级交易商获配比例达15.3%，为2024年5月以来最高水平，反映标售整体需求疲软。

The auction results showed direct bidders, a group that includes domestic money managers, held relatively steady and were awarded 25.44% of the notes, though down from 26.1% in March. Indirect bidders, a proxy for foreign demand, took down 59.3%, a drop from 61.2% and the smallest share since December 2021. Consequently, primary dealers were left to absorb 15.3%, their largest portion since May 2024, underscoring the overall weak demand.

值得一提的是，各期限美债收益率周四整体延续了前一天的回落态势，指标10年期美债收益率尾盘报4.31%，较周三低约8个基点。不过，市场人士仍态度谨慎，Crown Agents Investment Management固定收益主管Slawomir Soroczynski表示，美国政策波动对市场影响的不确定性仍然很高。（陈十一）

U.S. Treasury yields extended their retreat across maturities on Thursday. The benchmark 10-year yield edged lower to 4.31% in late trading, down roughly 8 basis points from Wednesday. Despite the calmer tone, a cautious tone persisted. Slawomir Soroczynski, Head of Fixed Income at Crown Agents Investment Management, struck a note of caution, noting that "significant uncertainty remains regarding the market impact of U.S. policy volatility."