500metrics

All sources checked Checked

30-year bond auction of 12 August 2010 (new issue)

The 30-year bond sold $16.958 billion at a high yield of 3.954% on , with a bid-to-cover ratio of 2.77.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.954%

Median yield 3.890%

Bid-to-cover

2.77

▼ −0.12 since 14 Jul

Sold

$16.96 billion

$16 billion offered

Indirect bidders

46.0%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond since 12 March 2009

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond since 12 March 200936 auctions from 8 August 1996 to 12 August 2010; the latest at 3.954%.3.0%4.0%5.0%6.0%7.0%199719981999200120062007200820092010This auction, 3.954%The high yield was the lowest for a 30-year bond since 12 March 200936 auctions from 8 August 1996 to 12 August 2010; the latest at 3.954%.3.5%4.0%4.5%5.0%5.5%20072008200920103.954%

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
3.9542.77
4.0802.89
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–

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.772.644 of 128 of 12
High yield3.9544.50512 of 120 of 12
Indirect bidders' share46.037.12 of 1210 of 12
Direct bidders' share18.614.15 of 127 of 12
Primary dealers' share35.346.412 of 120 of 12
High minus median, basis points6.44.74 of 128 of 12

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

  • Primary dealers' share: Lowest of all 18 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 46.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 14 July 2010

Indirect bidders took 46.0% of the competitive bids acceptedIndirect bidders 46.0%, Direct bidders 18.6%, Primary dealers 35.3%Indirect bidders46.0%37.4%Direct bidders18.6%16.1%Primary dealers35.3%46.4%Indirect bidders took 46.0% of the competitive bids acceptedIndirect bidders 46.0%, Direct bidders 18.6%, Primary dealers 35.3%Indirect bidders46.0%37.4%Direct bidders18.6%16.1%Primary dealers35.3%46.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.037.4
Direct bidders18.616.1
Primary dealers35.346.4

About these figures

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

Treasury's published result

FieldValue
Offered as30-Year, new issue
Offering amount$16,000,000,000
Bids received$45,232,062,300
Sold$16,958,140,300
Competitive bids accepted$15,946,538,000
Non-competitive bids accepted$53,470,900
Federal Reserve (SOMA) add-on$958,131,400
Foreign and international (FIMA) non-competitive$0
High yield, %3.954
Median rate, %3.890
Low rate, %3.800
Interest rate (coupon), %3.875
Bids at the high rate filled, %55.98
Bid-to-cover ratio2.77
Indirect bidders accepted$7,341,960,000
Direct bidders accepted$2,971,000,000
Primary dealers accepted$5,633,578,000
Indirect bidders' share, % (ours)46.0
Direct bidders' share, % (ours)18.6
Primary dealers' share, % (ours)35.3
High minus median, basis points (ours)6.4
Treasury par yield curve, 30-year point, same day, %3.94
High yield minus that point, basis points (ours)1.4

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 ratio2.77Last 24 auctions4 of 2420 of 242.42
Bid-to-cover ratio2.77Since 8 May 20084 of 1814 of 182.57
Bid-to-cover ratio2.77All 25 since 8 February 20014 of 2521 of 252.40
High yield3.954Last 24 auctions22 of 242 of 244.525
High yield3.954Since 8 May 200816 of 182 of 184.480
High yield3.954All 92 since 1 November 197990 of 922 of 927.655
Indirect bidders' share46.0All 18 since 8 May 20085 of 1813 of 1837.1
Direct bidders' share18.6All 18 since 8 May 20085 of 1813 of 189.3
Primary dealers' share35.3All 18 since 8 May 200818 of 180 of 1846.9
High minus median, basis points6.4Last 24 auctions7 of 2417 of 244.2
High minus median, basis points6.4Since 8 May 20087 of 1811 of 184.8
High minus median, basis points6.4All 92 since 1 November 19798 of 9284 of 922.0

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 August 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100812_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 August 2010 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2010-08-12.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.