By Gertrude Chavez-Dreyfuss

通过距离

NEW YORK, March 9 (Reuters) - U.S. Treasury yields dropped on Tuesday, pulling back from a recent 13-month high on the benchmark note, as investors bought back bonds in a sell-off that market participants have deemed overextended.

路透纽约3月9日电- - -美国公债收益率(殖利率)周二下跌，从近期触及的13个月高位回落，因投资者在市场参与者认为过度抛售的情况下回购公债。

Since late January, the 10-year yield has risen about 60 basis points.

自1月底以来，10年期国债收益率已上涨约60个基点。

The rally in Treasuries came ahead of an auction of U.S. 10-year and 30-year debt on Wednesday and Thursday, with investors seeking to cover massive shorts on both maturities.

周三和周四美国将标售10年期和30年期公债，投资者寻求回补这两种公债的大量空头。

Tuesday's auction of $58 billion in U.S. 3-year notes was well received, meanwhile, with the high yield of 0.355% coming below the expected rate at the bid deadline. The bid-to-cover ratio, a gauge of demand, was 2.69, stronger than both the 2.39 ratio in February and the 2.40 average ratio.

与此同时，周二标售的580亿美元3年期美国国债反响不错，0.355%的高收益率在标售截止日期时低于预期利率。衡量需求的投标倍数为2.69，高于2月份的2.39和平均2.40。

"The relatively solid 3-year sale brought a big sigh of relief to the Treasury market and yields are moving back down to or near their richest levels of the day," Action Economics said in its blog after the auction.

"相对稳健的3年期公债标售令美国公债市场松了一口气，收益率回落至或接近当日最高水平，" Action Economics在标售结束后在其博客中称。

"After the dog of a 7-year sale, there were fears developing that demand for Treasuries is eroding. But this sale dispensed with that notion, at least for today."

“在经历了7年期国债的抛售之后，市场开始担心对美国国债的需求正在下降。但这次拍卖摒弃了这种观念，至少在今天是这样。”

The U.S. yield curve flattened on Tuesday for a second straight session, with the spread between 2-year and 10-year notes at 137.4 basis points US2US10=TWEB, after hitting its steepest level since September 2015 on Friday.

美国公债收益率曲线周二连续第二个交易日趋平，两年期和10年期公债利差US2US10=TWEB报137.4个基点，上周五触及2015年9月以来最大水准。

"This the first time since the last few hours of February that we've had four consecutive four-hour periods of stronger prices in the Treasury market," said Guy LeBas, chief fixed income strategist, at Janney Montgomery Scott in Philadelphia. "So there's a good amount of oomph behind the move in prices."

费城Janney Montgomery Scott首席固定收益策略师Guy LeBas表示，"这是自2月最后几个小时以来，美国公债市场首次出现连续四个四小时价格走强。"“因此，价格变动背后有很大的推动力。”

In afternoon trading, U.S. 10-year yields were down 5 basis points at 1.543% after rising to 1.613% on Monday, just below their recent peak at the highest since February 2020. US10YT=RR

午后交易中，美国10年期国债收益率下跌5个基点，至1.543%，周一曾升至1.613%，略低于2020年2月以来的最高水平。公债US10YT = RR

Following a surge in short positions, the cost of borrowing 10-year U.S. Treasuries in the repurchase agreement market turned negative in recent sessions and remained that way on Tuesday.

在空头仓位激增后，10年期美国公债回购协议市场的借贷成本在最近几日转为负值，周二仍维持在这一水平。

The average cost to borrow the 10-year was -3.32% on Tuesday, from Monday's -2.91%.

周二，10年期国债的平均借贷成本为-3.32%，低于周一的-2.91%。

Janney's LeBas said the negative repo rate suggests the current on-the-run, or newer 10-year, notes have a lot of shorts against it.

Janney的LeBas表示，负回购利率表明，目前正在发行或更新的10年期债券有许多空头做空。

"The auction will probably be a time to close the shorts because the cost of shorting on-the-run 10s are pretty high," he added.

他补充称，"标售可能将是结清空头的时机，因为做空10年期公债的成本相当高。"

Speculators piled into short positions across the Treasury curve last week, adding $45 billion in 10-year net short positions, the largest increase on record, Penglu Zhao, quantitative strategist at TD Securities, said in a note, citing the Commodity Futures Trading Commission data released on Friday.

道明证券(TD Securities)定量策略师赵鹏璐(Penglu Zhao)在一份报告中援引商品期货交易委员会(cftc)周五公布的数据称，投机客上周大举建立美国国债曲线空头仓位，新增450亿美元10年期净空头仓位，为有史以来最大增幅。

The so-called "belly" of the curve continued to underperform on Tuesday. After five-year yields rose more than longer-dated peers on Monday, they recovered less on Tuesday, down 3 basis points at 0.818%. US5YT=RR, while the 7-year yield was down 4 basis points at 1.23%.

周二，所谓的“腹部”曲线继续表现不佳。5年期国债收益率周一涨幅高于较长期国债，但周二反弹幅度较小，下跌3个基点，至0.818%。US5YT=RR, 7年期公债收益率下跌4个基点，报1.23%。

Analysts said the rise in the intermediate maturities - 5 to 7 years - suggested that the market is pricing in an earlier than expected interest rate increase.

分析师们表示，5至7年期中间期限债券的上涨表明，市场预期的加息时间将早于预期。

The eurodollar futures market, which tracks short-term interest rate expectations, has priced in a 90% chance of a rate hike in December 2022, fully pricing in that rate rise by March 2023. Prior to this year's surge in yields, economists on Wall Street had forecast the first rate hike sometime in 2024.

追踪短期利率预期的欧洲美元期货市场已经消化了2022年12月加息90%的可能性，完全消化了2023年3月加息的可能性。在今年收益率飙升之前，华尔街的经济学家曾预测，美联储将在2024年某个时候首次加息。

March 9 Tuesday 3:02PM New York / 2002 GMT

3月9日星期二下午3:02纽约/格林尼治时间2002

Price

价格

Current Yield %

当期收益率%

Net Change (bps)

净改变(bps)

Three-month bills US3MT=RR0.040.0406-0.005

三个月期国库券US3MT = rr0.040.0406 - 0.005

Six-month bills US6MT=RR0.060.0609-0.002

六个月的账单US6MT = rr0.060.0609 - 0.002

Two-year note US2YT=RR99-236/2560.16470.002

两年期公债US2YT = RR99-236/2560.16470.002

Three-year note US3YT=RR99-104/2560.3283-0.011

三年注意US3YT = rr99 - 104/2560.3283 - 0.011

Five-year note US5YT=RR98-114/2560.8197-0.030

五年期公债US5YT = rr98 - 114/2560.8197 - 0.030

Seven-year note US7YT=RR99-76/2561.2305-0.049

七年注意US7YT = rr99 76/2561.2305 - 0.049

10-year note US10YT=RR96-40/2561.5437-0.050

10年期公债US10YT = rr96 40/2561.5437 - 0.050

20-year bond US20YT=RR95-120/2562.1558-0.044

20年期公债US20YT = rr95 120/2562.1558 - 0.044

30-year bond US30YT=RR91-184/2562.257-0.047DOLLAR SWAP SPREADS

30年期债券US30YT= rr91 -184/2562.257-0.047美元互换价差

Net Change (bps)

净改变(bps)

U.S. 2-year dollar swap spread8.25-0.25

美元2年期美元掉期息差为8.25-0.25

U.S. 3-year dollar swap spread10.25-0.25

美国3年期美元掉期息差为10.25-0.25

U.S. 5-year dollar swap spread7.50-0.25

5年期美元掉期利差为7.50-0.25

U.S. 10-year dollar swap spread1.75-1.25

10年期美元掉期利差为1.75-1.25

U.S. 30-year dollar swap spread-29.50-2.00

30年期美元掉期价差为29.50-2.00

(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by by Yoruk Bahceli and Abhinav Ramnarayan in London; Edited by Alex Richardson and Jonathan Oatis)

(Gertrude Chavez-Dreyfuss报道;Yoruk Bahceli和Abhinav Ramnarayan伦敦补充报道;由Alex Richardson和Jonathan Oatis编辑)