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30-year bond auction of 10 June 2010 (reopening)

The 30-year bond sold $13.075 billion at a high yield of 4.182% on , with a bid-to-cover ratio of 2.87.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.182%

Median yield 4.140%

Bid-to-cover

2.87

▲ +0.27 since 13 May

Sold

$13.08 billion

$13 billion offered

Indirect bidders

36.0%

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 10 August 1995 to 10 June 2010; the latest at 4.182%.3.0%4.0%5.0%6.0%7.0%1996199719981999200120062007200820092010This auction, 4.182%High yield at the last 36 30-year bond auctions36 auctions from 10 August 1995 to 10 June 2010; the latest at 4.182%.3.5%4.0%4.5%5.0%5.5%6.0%200620072008200920104.182%

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
4.1822.87
4.4902.60
4.7702.73
4.6792.89
4.7202.36
4.6402.68
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–

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.872.572 of 1210 of 12
High yield4.1824.53011 of 121 of 12
Indirect bidders' share36.040.48 of 124 of 12
Direct bidders' share20.38.74 of 128 of 12
Primary dealers' share43.746.910 of 122 of 12
High minus median, basis points4.25.67 of 124 of 12

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

Who bought the 30-year bond?

Primary dealers took 43.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 May 2010

Primary dealers took 43.7% of the competitive bids acceptedIndirect bidders 36.0%, Direct bidders 20.3%, Primary dealers 43.7%Indirect bidders36.0%32.5%Direct bidders20.3%21.8%Primary dealers43.7%45.7%Primary dealers took 43.7% of the competitive bids acceptedIndirect bidders 36.0%, Direct bidders 20.3%, Primary dealers 43.7%Indirect bidders36.0%32.5%Direct bidders20.3%21.8%Primary dealers43.7%45.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.032.5
Direct bidders20.321.8
Primary dealers43.745.7

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$37,409,399,400
Sold$13,075,029,400
Competitive bids accepted$12,974,030,000
Non-competitive bids accepted$25,970,900
Federal Reserve (SOMA) add-on$75,028,500
Foreign and international (FIMA) non-competitive$0
High yield, %4.182
Median rate, %4.140
Low rate, %4.080
Interest rate (coupon), %4.375
Bids at the high rate filled, %84.84
Bid-to-cover ratio2.87
Indirect bidders accepted$4,674,600,000
Direct bidders accepted$2,634,420,000
Primary dealers accepted$5,665,010,000
Indirect bidders' share, % (ours)36.0
Direct bidders' share, % (ours)20.3
Primary dealers' share, % (ours)43.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 30-year point, same day, %4.25
High yield minus that point, basis points (ours)-6.8

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 ratio2.87Since 8 May 20082 of 1614 of 162.50
Bid-to-cover ratio2.87All 23 since 8 February 20012 of 2321 of 232.37
High yield4.182Last 24 auctions21 of 243 of 244.570
High yield4.182Since 8 May 200813 of 163 of 164.505
High yield4.182All 90 since 1 November 197987 of 903 of 907.660
Indirect bidders' share36.0All 16 since 8 May 20089 of 167 of 1638.5
Direct bidders' share20.3All 16 since 8 May 20084 of 1612 of 168.7
Primary dealers' share43.7All 16 since 8 May 200814 of 162 of 1647.4
High minus median, basis points4.2Last 24 auctions12 of 2411 of 244.2
High minus median, basis points4.2Since 8 May 200810 of 165 of 165.6
High minus median, basis points4.2All 90 since 1 November 197916 of 9073 of 902.0

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 June 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100610_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 June 2010 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2010-06-10.

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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