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

The 30-year bond sold $13.07 billion at a high yield of 4.520% on , with a bid-to-cover ratio of 2.45.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.520%

Median yield 4.420%

Bid-to-cover

2.45

▲ +0.19 since 12 Nov

Sold

$13.07 billion

$13 billion offered

Indirect bidders

40.2%

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 12 November 1992 to 10 December 2009; the latest at 4.520%.2.0%4.0%6.0%8.0%199319941995199619971998199920012006200720082009This auction, 4.520%High yield at the last 36 30-year bond auctions36 auctions from 12 November 1992 to 10 December 2009; the latest at 4.520%.3.0%4.0%5.0%6.0%7.0%19981999200120062007200820094.520%

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
4.5202.45
4.4692.26
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–

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.364 of 128 of 12
High yield4.5204.3764 of 128 of 12
Indirect bidders' share40.245.16 of 104 of 10
Direct bidders' share6.97.25 of 105 of 10
Primary dealers' share52.948.53 of 107 of 10
High minus median, basis points10.05.82 of 1210 of 12

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

Who bought the 30-year bond?

Primary dealers took 52.9% of the competitive bids accepted

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

Primary dealers took 52.9% of the competitive bids acceptedIndirect bidders 40.2%, Direct bidders 6.9%, Primary dealers 52.9%Indirect bidders40.2%44.0%Direct bidders6.9%12.1%Primary dealers52.9%43.9%Primary dealers took 52.9% of the competitive bids acceptedIndirect bidders 40.2%, Direct bidders 6.9%, Primary dealers 52.9%Indirect bidders40.2%44.0%Direct bidders6.9%12.1%Primary dealers52.9%43.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.244.0
Direct bidders6.912.1
Primary dealers52.943.9

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$13,000,000,000
Bids received$31,900,318,400
Sold$13,069,953,400
Competitive bids accepted$12,981,895,000
Non-competitive bids accepted$18,139,500
Federal Reserve (SOMA) add-on$69,918,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.520
Median rate, %4.420
Low rate, %4.310
Interest rate (coupon), %4.375
Bids at the high rate filled, %40.62
Bid-to-cover ratio2.45
Indirect bidders accepted$5,213,407,000
Direct bidders accepted$902,062,000
Primary dealers accepted$6,866,426,000
Indirect bidders' share, % (ours)40.2
Direct bidders' share, % (ours)6.9
Primary dealers' share, % (ours)52.9
High minus median, basis points (ours)10.0
Treasury par yield curve, 30-year point, same day, %4.50
High yield minus that point, basis points (ours)2.0

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 ratio2.45Since 8 May 20084 of 106 of 102.38
Bid-to-cover ratio2.45All 17 since 8 February 20015 of 1712 of 172.26
High yield4.520Last 24 auctions16 of 248 of 244.766
High yield4.520Since 8 May 20083 of 107 of 104.296
High yield4.520All 84 since 1 November 197976 of 848 of 847.955
Indirect bidders' share40.2All 10 since 8 May 20086 of 104 of 1045.1
Direct bidders' share6.9All 10 since 8 May 20085 of 105 of 107.2
Primary dealers' share52.9All 10 since 8 May 20083 of 107 of 1048.5
High minus median, basis points10.0Last 24 auctions2 of 2422 of 243.8
High minus median, basis points10.0Since 8 May 20082 of 108 of 106.7
High minus median, basis points10.0All 84 since 1 November 19793 of 8481 of 842.0

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 December 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091210_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 December 2009 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2009-12-10.

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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