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30-year bond auction of 10 February 2011 (new issue)

The 30-year bond sold $16.367 billion at a high yield of 4.750% on , with a bid-to-cover ratio of 2.51.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.750%

Median yield 4.670%

Bid-to-cover

2.51

▼ −0.16 since 13 Jan

Sold

$16.37 billion

$16 billion offered

Indirect bidders

43.1%

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 August 1998 to 10 February 2011; the latest at 4.750%.3.0%4.0%5.0%6.0%7.0%19992001200620072008200920102011This auction, 4.750%High yield at the last 36 30-year bond auctions36 auctions from 13 August 1998 to 10 February 2011; the latest at 4.750%.3.5%4.0%4.5%5.0%2009201020114.750%

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
4.7502.51
4.5152.67
4.4102.74
4.3202.31
3.8522.49
3.8202.73
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–

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.739 of 123 of 12
High yield4.7504.3651 of 1211 of 12
Indirect bidders' share43.136.52 of 1210 of 12
Direct bidders' share8.017.412 of 120 of 12
Primary dealers' share48.946.44 of 128 of 12
High minus median, basis points8.05.82 of 129 of 12

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

  • Direct bidders' share: Lowest for a 30-year bond since 14 January 2010 (12 auctions in between).

Who bought the 30-year bond?

Primary dealers took 48.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 January 2011

Primary dealers took 48.9% of the competitive bids acceptedIndirect bidders 43.1%, Direct bidders 8.0%, Primary dealers 48.9%Indirect bidders43.1%37.8%Direct bidders8.0%12.4%Primary dealers48.9%49.9%Primary dealers took 48.9% of the competitive bids acceptedIndirect bidders 43.1%, Direct bidders 8.0%, Primary dealers 48.9%Indirect bidders43.1%37.8%Direct bidders8.0%12.4%Primary dealers48.9%49.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.137.8
Direct bidders8.012.4
Primary dealers48.949.9

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$40,536,763,000
Sold$16,367,142,000
Competitive bids accepted$15,957,319,000
Non-competitive bids accepted$42,709,700
Federal Reserve (SOMA) add-on$367,113,300
Foreign and international (FIMA) non-competitive$0
High yield, %4.750
Median rate, %4.670
Low rate, %4.600
Interest rate (coupon), %4.750
Bids at the high rate filled, %66.45
Bid-to-cover ratio2.51
Indirect bidders accepted$6,875,169,000
Direct bidders accepted$1,274,900,000
Primary dealers accepted$7,807,250,000
Indirect bidders' share, % (ours)43.1
Direct bidders' share, % (ours)8.0
Primary dealers' share, % (ours)48.9
High minus median, basis points (ours)8.0
Treasury par yield curve, 30-year point, same day, %4.75
High yield minus that point, basis points (ours)0.0

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 ratio2.51Last 24 auctions14 of 2410 of 242.64
Bid-to-cover ratio2.51Since 8 May 200814 of 2410 of 242.64
Bid-to-cover ratio2.51All 31 since 8 February 200114 of 3117 of 312.46
High yield4.750Last 24 auctions1 of 2423 of 244.365
High yield4.750Since 8 May 20081 of 2423 of 244.365
High yield4.750All 98 since 1 November 197973 of 9825 of 987.450
Indirect bidders' share43.1All 24 since 8 May 20088 of 2416 of 2437.6
Direct bidders' share8.0All 24 since 8 May 200817 of 247 of 249.4
Primary dealers' share48.9All 24 since 8 May 200811 of 2413 of 2447.4
High minus median, basis points8.0Last 24 auctions6 of 2417 of 246.2
High minus median, basis points8.0Since 8 May 20086 of 2417 of 246.2
High minus median, basis points8.0All 98 since 1 November 19797 of 9890 of 982.0

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 February 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110210_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 February 2011 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2011-02-10.

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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