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30-year bond auction of 12 February 2009 (new issue)

The 30-year bond sold $14.713 billion at a high yield of 3.540% on , with a bid-to-cover ratio of 2.02.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.540%

Median yield 3.415%

Bid-to-cover

2.02

▼ −0.67 since 8 May

Sold

$14.71 billion

$14 billion offered

Indirect bidders

33.9%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 75 earlier auctions we hold

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond of all 75 earlier auctions we hold36 auctions from 9 August 1990 to 12 February 2009; the latest at 3.540%.2.0%4.0%6.0%8.0%10.0%19911992199319941995199619971998199920012006200720082009This auction, 3.540%The high yield was the lowest for a 30-year bond of all 75 earlier auctions we hold36 auctions from 9 August 1990 to 12 February 2009; the latest at 3.540%.2.0%4.0%6.0%8.0%199419951996199719981999200120062007200820093.540%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 30-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.5402.02
4.5992.69
4.4491.82
4.8381.97
4.8122.46
5.0801.77
4.5302.05
5.5202.16
5.4601.95
6.144–
5.298–
5.300–
5.598–
5.830–
6.207–
6.452–
6.660–
6.625–
6.778–
6.130–
6.909–
7.660–
6.430–
6.350–
6.980–
7.220–
7.660–
7.290–
8.000–
7.930–
8.010–
8.190–
8.240–
7.980–
8.720–
8.880–

Against its own history

Against every earlier 30-year bond auction we hold
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.022.014 of 84 of 8
High yield3.5405.18912 of 120 of 12
Indirect bidders' share33.912.70 of 11 of 1
Direct bidders' share16.41.10 of 11 of 1
Primary dealers' share49.686.31 of 10 of 1
High minus median, basis points12.53.30 of 1212 of 12

The table scrolls sideways; the first column stays in place.

  • High minus median, basis points: Highest for a 30-year bond since 5 November 1981 (66 auctions in between).

Who bought the 30-year bond?

Primary dealers took 49.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 8 May 2008

Primary dealers took 49.6% of the competitive bids acceptedIndirect bidders 33.9%, Direct bidders 16.4%, Primary dealers 49.6%Indirect bidders33.9%12.7%Direct bidders16.4%1.1%Primary dealers49.6%86.3%Primary dealers took 49.6% of the competitive bids acceptedIndirect bidders 33.9%, Direct bidders 16.4%, Primary dealers 49.6%Indirect bidders33.9%12.7%Direct bidders16.4%1.1%Primary dealers49.6%86.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders33.912.7
Direct bidders16.41.1
Primary dealers49.686.3

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as30-Year, new issue
Offering amount$14,000,000,000
Bids received$28,992,552,100
Sold$14,712,903,100
Competitive bids accepted$13,967,376,000
Non-competitive bids accepted$32,642,800
Federal Reserve (SOMA) add-on$712,884,300
Foreign and international (FIMA) non-competitive$0
High yield, %3.540
Median rate, %3.415
Low rate, %3.300
Interest rate (coupon), %3.500
Bids at the high rate filled, %45.13
Bid-to-cover ratio2.02
Indirect bidders accepted$4,738,372,500
Direct bidders accepted$2,297,000,000
Primary dealers accepted$6,932,003,500
Indirect bidders' share, % (ours)33.9
Direct bidders' share, % (ours)16.4
Primary dealers' share, % (ours)49.6
High minus median, basis points (ours)12.5
Treasury par yield curve, 30-year point, same day, %3.47
High yield minus that point, basis points (ours)7.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (30-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 30-year bond auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.02Since 8 May 20081 of 10 of 12.69
High yield3.540Last 12 auctions12 of 120 of 125.189
High yield3.540Last 24 auctions24 of 240 of 245.980
High yield3.540Since 8 May 20081 of 10 of 14.599
High minus median, basis points12.5Last 12 auctions0 of 1212 of 123.3
High minus median, basis points12.5Last 24 auctions0 of 2424 of 241.6
High minus median, basis points12.5Since 8 May 20080 of 11 of 13.5

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 12 February 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090212_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 February 2009 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2009-02-12.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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