On the eve of the US Treasury's expanded repurchase program, funds flow into long-term US bonds ETF
金十数据
08-20 14:22
Ai Focus
On the eve of the US Treasury Department's expansion of long-term US debt repurchases, ZROZ raised $123 million in a single day, with the market betting on a decline in long-term interest rates.
Helpful
No.Help

在美国长期国债收益率持续走高之际,一笔大额资金提前流入对长端利率极为敏感的美债 ETF。财政部随后上调长期国债回购操作上限,推动长债收益率回落,也让这笔交易迅速成为市场焦点。

ZROZ单日吸金创纪录

Pimco 旗下 25 年以上零息美国国债指数 ETF——ZROZ,周二录得 1.23 亿美元净流入,创下该基金历史最高单日纪录。当天成交量达到 520 万股,接近 2024 年前高的两倍。

ZROZ 主要持有剥离式国债,即将本金和利息拆分后的零息证券。基金有效久期约为 28 年,意味着一旦长期收益率回落,基金净值弹性会明显放大。

财政部公布新措施后,ZROZ 周三上涨 3.2%,创 2024 年 11 月以来最大单日涨幅。不过在通胀和财政赤字担忧持续背景下,该基金年内仍累计下跌 5.4%。

财政部上调回购上限

美国财政部当天表示,将把 10 年期至 30 年期名义付息国债的流动性支持回购单次操作上限至少提高一倍,升至每笔至少 40 亿美元。消息公布后,30 年期美债收益率出现回落。

与约 32.2 万亿美元的美国国债市场相比,这一操作规模并不大,但市场更在意其时点和信号意义。财政部两周前才公布旧券回购计划,如今再次加码,被视为对长端利率上行的直接回应。

机构称难改长期压力

摩根大通认为,这次操作短期内缓解了部分借贷成本压力,但没有触及美国财政面的根本问题。该行指出,长期利率上升背后仍是结构性财政赤字扩大,以及通胀预期走强。

该行还表示,如果财政部更频繁介入市场,可能推高风险溢价,因为这意味着美国国债市场正偏离“定期且可预测”的传统操作原则。渣打也认为,本轮收益率上升更像是市场对财政与通胀前景的重新定价,而非短期失序波动。

多家机构判断,若美国政府不压缩财政赤字,仅靠扩大回购难以持续压低长期收益率。未来几个财政年度,美国仍面临超过 3.5 万亿美元融资缺口,长期债券供给压力并未消失。

Tip
$0
Like
1
Save
1
Views 197
HKWDB reminds readers to view blockchain rationally, stay aware of risks, and beware of virtual token issuance and speculation. All content on this site represents market information or related viewpoints only and does not constitute any form of investment advice. If you find sensitive content, please click“Report”,and we will handle it promptly。
Submit
Comment 0
Hot
Latest
No comments yet. Be the first!
Related
Google Files Appeal Against EU's Requirement to Open Android System and Share Search Data
According to Bloomberg, Google has filed an appeal with the European General Court against the requirements imposed by the European Commission under the Digital Markets Act, which prohibit it from opening up the Android system to competitors of AI and providing search data to competing service providers. Google claims that these requirements may undermine user security and privacy.
The Block
·2026-09-29 14:24:57
9
Google confirms that Chromebook will cease ChromeOS updates in 2034
Google stated that it will gradually stop pushing ChromeOS system updates for Chromebook by the middle of 2034; some new models of Chromebook will be eligible to migrate to the Googlebook operating system, with the related device management functions expected to be launched in the second half of 2027.
The Block
·2026-09-29 14:03:56
16
SEMIFIVE Signs a $52 Million AI Accelerator Contract with a U.S. Fabless Company
SEMIFIVE announces signing a contract worth approximately 70.3 billion Korean won (equivalent to 52 million US dollars) with an American AI fabless company to develop the next-generation AI inference accelerator. This is its first “Spec Hand - off” project in North America and also represents the company's largest single contract to date. Production is expected to begin in the first half of 2027, with global mass production starting in 2028.
PR Newswire
·2026-09-29 14:03:54
14
Petrus on Tata Motors' bid for Iveco: Fair value should be paid
Petrus indicates that it holds approximately 3.8% of the ordinary shares of Iveco Group, and has issued a document outlining its views on a voluntary all-cash tender offer for Tata Motors at €14.10 per share. Petrus claims that this bid does not reflect the fair value of Iveco's shareholders, citing reasons such as a significant undervaluation compared to peers, shareholders not receiving a reasonable portion of the transaction synergies, and the need for compensation for the 15-month waiting period between the announcement of the transaction and its anticipated completion.
PR Newswire
·2026-09-29 13:55:31
18
Chainlink rose by 6% after the launch of CCIP 2.0, but faced resistance at $15, testing the rebound of LINK
The LINK token of Chainlink rose by about 6% against the trend after the launch of CCIP 2.0, expanding its 30-day gain to 30.3%. The new version allows institutions to join their own cross-chain transaction verifiers, but analysis indicates that LINK has encountered resistance near $15, with $12 to $13 possibly serving as a support range.
CoinJournal
·2026-09-29 13:55:28
22
View More