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30-year bond auction of 12 March 2009 (reopening)

The 30-year bond sold $11.196 billion at a high yield of 3.640% on , with a bid-to-cover ratio of 2.40.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.640%

Median yield 3.597%

Bid-to-cover

2.40

▲ +0.38 since 12 Feb

Sold

$11.20 billion

$11 billion offered

Indirect bidders

46.2%

Of competitive bids accepted

High yield at the last 36 30-year bond auctions

High yield at each 30-year bond auction, %

High yield at the last 36 30-year bond auctions36 auctions from 8 November 1990 to 12 March 2009; the latest at 3.640%.2.0%4.0%6.0%8.0%10.0%19911992199319941995199619971998199920012006200720082009This auction, 3.640%High yield at the last 36 30-year bond auctions36 auctions from 8 November 1990 to 12 March 2009; the latest at 3.640%.2.0%4.0%6.0%8.0%19951996199719981999200120062007200820093.640%

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
3.6402.40
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–

Against its own history

Against every earlier 30-year bond auction we hold
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.022 of 97 of 9
High yield3.6404.95911 of 121 of 12
Indirect bidders' share46.223.30 of 22 of 2
Direct bidders' share9.88.81 of 21 of 2
Primary dealers' share44.068.02 of 20 of 2
High minus median, basis points4.33.84 of 128 of 12

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

Who bought the 30-year bond?

Indirect bidders took 46.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 February 2009

Indirect bidders took 46.2% of the competitive bids acceptedIndirect bidders 46.2%, Direct bidders 9.8%, Primary dealers 44.0%Indirect bidders46.2%33.9%Direct bidders9.8%16.4%Primary dealers44.0%49.6%Indirect bidders took 46.2% of the competitive bids acceptedIndirect bidders 46.2%, Direct bidders 9.8%, Primary dealers 44.0%Indirect bidders46.2%33.9%Direct bidders9.8%16.4%Primary dealers44.0%49.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.233.9
Direct bidders9.816.4
Primary dealers44.049.6

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 11-Month, reopening
Offering amount$11,000,000,000
Bids received$26,614,636,600
Sold$11,195,666,200
Competitive bids accepted$10,997,479,600
Non-competitive bids accepted$2,543,800
Federal Reserve (SOMA) add-on$195,642,800
Foreign and international (FIMA) non-competitive$0
High yield, %3.640
Median rate, %3.597
Low rate, %3.490
Interest rate (coupon), %3.500
Bids at the high rate filled, %22.68
Bid-to-cover ratio2.40
Indirect bidders accepted$5,079,429,200
Direct bidders accepted$1,076,174,800
Primary dealers accepted$4,841,875,600
Indirect bidders' share, % (ours)46.2
Direct bidders' share, % (ours)9.8
Primary dealers' share, % (ours)44.0
High minus median, basis points (ours)4.3
Treasury par yield curve, 30-year point, same day, %3.63
High yield minus that point, basis points (ours)1.0

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 ratio2.40Since 8 May 20081 of 21 of 22.36
High yield3.640Last 12 auctions11 of 121 of 124.959
High yield3.640Last 24 auctions23 of 241 of 245.714
High yield3.640Since 8 May 20081 of 21 of 24.070
High minus median, basis points4.3Last 12 auctions4 of 128 of 123.8
High minus median, basis points4.3Last 24 auctions4 of 2420 of 242.0
High minus median, basis points4.3Since 8 May 20081 of 21 of 28.0

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 March 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090312_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 March 2009 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2009-03-12.

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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