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30-year bond auction of 8 October 2009 (reopening)

The 30-year bond sold $12.094 billion at a high yield of 4.009% on , with a bid-to-cover ratio of 2.37.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.009%

Median yield 3.930%

Bid-to-cover

2.37

▼ −0.55 since 10 Sep

Sold

$12.09 billion

$12 billion offered

Indirect bidders

34.5%

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 7 May 1992 to 8 October 2009; the latest at 4.009%.2.0%4.0%6.0%8.0%1992199319941995199619971998199920012006200720082009This auction, 4.009%High yield at the last 36 30-year bond auctions36 auctions from 7 May 1992 to 8 October 2009; the latest at 4.009%.3.0%4.0%5.0%6.0%7.0%19981999200120062007200820094.009%

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
4.0092.37
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–

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.386 of 126 of 12
High yield4.0094.49510 of 122 of 12
Indirect bidders' share34.546.35 of 83 of 8
Direct bidders' share8.55.03 of 85 of 8
Primary dealers' share57.048.52 of 86 of 8
High minus median, basis points7.94.22 of 1210 of 12

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

Who bought the 30-year bond?

Primary dealers took 57.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 September 2009

Primary dealers took 57.0% of the competitive bids acceptedIndirect bidders 34.5%, Direct bidders 8.5%, Primary dealers 57.0%Indirect bidders34.5%46.5%Direct bidders8.5%2.0%Primary dealers57.0%51.5%Primary dealers took 57.0% of the competitive bids acceptedIndirect bidders 34.5%, Direct bidders 8.5%, Primary dealers 57.0%Indirect bidders34.5%46.5%Direct bidders8.5%2.0%Primary dealers57.0%51.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders34.546.5
Direct bidders8.52.0
Primary dealers57.051.5

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$12,000,000,000
Bids received$28,534,828,800
Sold$12,093,852,800
Competitive bids accepted$11,981,124,000
Non-competitive bids accepted$18,882,700
Federal Reserve (SOMA) add-on$93,846,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.009
Median rate, %3.930
Low rate, %3.825
Interest rate (coupon), %4.500
Bids at the high rate filled, %27.53
Bid-to-cover ratio2.37
Indirect bidders accepted$4,133,865,000
Direct bidders accepted$1,022,000,000
Primary dealers accepted$6,825,259,000
Indirect bidders' share, % (ours)34.5
Direct bidders' share, % (ours)8.5
Primary dealers' share, % (ours)57.0
High minus median, basis points (ours)7.9
Treasury par yield curve, 30-year point, same day, %4.09
High yield minus that point, basis points (ours)-8.1

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 ratio2.37Since 8 May 20085 of 83 of 82.47
Bid-to-cover ratio2.37All 15 since 8 February 20016 of 159 of 152.16
High yield4.009Last 24 auctions22 of 242 of 244.959
High yield4.009Since 8 May 20086 of 82 of 84.296
High yield4.009All 82 since 1 November 197980 of 822 of 827.990
Indirect bidders' share34.5All 8 since 8 May 20085 of 83 of 846.3
Direct bidders' share8.5All 8 since 8 May 20083 of 85 of 85.0
Primary dealers' share57.0All 8 since 8 May 20082 of 86 of 848.5
High minus median, basis points7.9Last 24 auctions2 of 2422 of 243.3
High minus median, basis points7.9Since 8 May 20082 of 86 of 85.2
High minus median, basis points7.9All 82 since 1 November 19793 of 8279 of 822.0

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 8 October 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091008_2.pdf. Compiled by 500metrics, "30-year bond auction of 8 October 2009 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2009-10-08.

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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