Last night’s 30-year U.S. Treasury auction data performed quite well overall, exceeding market expectations and effectively easing concerns about weak demand for long-term U.S. Treasuries. Here’s the detailed auction data: 1. Winning Yield: 5.618%, higher than the pre-issuance yield (5.618% is basically in line with the pre-issuance yield, with no significant tail spread), marking the highest level since 2000. This reflects investors’ demand for higher risk compensation on long-term U.S. Treasuries. 2. Bid-to-Cover Ratio: 2.54, higher than the recent auction average (previous six auctions averaged 2.41), indicating strong bidding demand and ample funds in the market. 3. Investor Allocation: - Indirect Bidders: 72.3% - Direct Bidders: 20.9% - Primary Dealers: 6.8% Indirect Bidders (mainly overseas institutions, foreign central banks, etc.): Allocation ratio reached a historically high level of 72.3%, showing strong demand from overseas funds for U.S. Treasuries. Direct Bidders (U.S. domestic institutions, hedge funds, etc.): Allocation ratio of 20.9%, a relatively high level recently, indicating good domestic demand as well. Primary Dealers (forced backstop buyers): Allocation ratio of only 6.8%, a historically low level, suggesting strong actual market demand, leaving little for dealers to backstop. Overall, the high winning yield attracted significant funds to participate in the bidding, with both overseas and domestic funds showing strong willingness to take on the supply. The low backstop pressure on primary dealers reflects the strong appeal of long-term U.S. Treasuries at current yield levels. This auction result should largely ease market concerns about yields continuing to rise. Sponsored by @bitget_zh: "Bitget Buy U.S. Stocks: Instant Entry, Smooth Trading