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30-year bond auction of 10 September 2009 (reopening)

The 30-year bond sold $12.025 billion at a high yield of 4.238% on , with a bid-to-cover ratio of 2.92.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.238%

Median yield 4.210%

Bid-to-cover

2.92

▲ +0.38 since 13 Aug

Sold

$12.03 billion

$12 billion offered

Indirect bidders

46.5%

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 13 February 1992 to 10 September 2009; the latest at 4.238%.2.0%4.0%6.0%8.0%1992199319941995199619971998199920012006200720082009This auction, 4.238%High yield at the last 36 30-year bond auctions36 auctions from 13 February 1992 to 10 September 2009; the latest at 4.238%.3.0%4.0%5.0%6.0%7.0%199719981999200120062007200820094.238%

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
4.2382.92
4.5412.54
4.3032.36
4.7202.68
4.2882.14
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–

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.922.250 of 1212 of 12
High yield4.2384.53610 of 122 of 12
Indirect bidders' share46.546.23 of 74 of 7
Direct bidders' share2.05.96 of 71 of 7
Primary dealers' share51.547.32 of 75 of 7
High minus median, basis points2.84.210 of 122 of 12

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

  • Bid-to-cover ratio: Highest of all 14 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Primary dealers took 51.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 August 2009

Primary dealers took 51.5% of the competitive bids acceptedIndirect bidders 46.5%, Direct bidders 2.0%, Primary dealers 51.5%Indirect bidders46.5%48.1%Direct bidders2.0%8.8%Primary dealers51.5%43.1%Primary dealers took 51.5% of the competitive bids acceptedIndirect bidders 46.5%, Direct bidders 2.0%, Primary dealers 51.5%Indirect bidders46.5%48.1%Direct bidders2.0%8.8%Primary dealers51.5%43.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.548.1
Direct bidders2.08.8
Primary dealers51.543.1

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$12,000,000,000
Bids received$35,016,885,000
Sold$12,025,435,000
Competitive bids accepted$11,980,450,000
Non-competitive bids accepted$19,613,600
Federal Reserve (SOMA) add-on$25,371,400
Foreign and international (FIMA) non-competitive$0
High yield, %4.238
Median rate, %4.210
Low rate, %4.100
Interest rate (coupon), %4.500
Bids at the high rate filled, %85.35
Bid-to-cover ratio2.92
Indirect bidders accepted$5,567,450,000
Direct bidders accepted$239,000,000
Primary dealers accepted$6,174,000,000
Indirect bidders' share, % (ours)46.5
Direct bidders' share, % (ours)2.0
Primary dealers' share, % (ours)51.5
High minus median, basis points (ours)2.8
Treasury par yield curve, 30-year point, same day, %4.19
High yield minus that point, basis points (ours)4.8

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 ratio2.92Since 8 May 20080 of 77 of 72.40
Bid-to-cover ratio2.92All 14 since 8 February 20010 of 1414 of 142.15
High yield4.238Last 24 auctions22 of 242 of 245.189
High yield4.238Since 8 May 20085 of 72 of 74.303
High yield4.238All 81 since 1 November 197979 of 812 of 818.000
Indirect bidders' share46.5All 7 since 8 May 20083 of 74 of 746.2
Direct bidders' share2.0All 7 since 8 May 20086 of 71 of 75.9
Primary dealers' share51.5All 7 since 8 May 20082 of 75 of 747.3
High minus median, basis points2.8Last 24 auctions13 of 2411 of 243.3
High minus median, basis points2.8Since 8 May 20087 of 70 of 76.1
High minus median, basis points2.8All 81 since 1 November 197926 of 8155 of 812.0

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 10 September 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090910_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 September 2009 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2009-09-10.

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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