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30-year bond auction of 10 March 2011 (reopening)

The 30-year bond sold $13 billion at a high yield of 4.569% on , with a bid-to-cover ratio of 3.02.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.569%

Median yield 4.530%

Bid-to-cover

3.02

▲ +0.51 since 10 Feb

Sold

$13.00 billion

$13 billion offered

Indirect bidders

40.7%

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 5 November 1998 to 10 March 2011; the latest at 4.569%.3.0%4.0%5.0%6.0%7.0%19992001200620072008200920102011This auction, 4.569%High yield at the last 36 30-year bond auctions36 auctions from 5 November 1998 to 10 March 2011; the latest at 4.569%.3.5%4.0%4.5%5.0%2009201020114.569%

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
4.5693.02
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–

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.022.730 of 1212 of 12
High yield4.5694.3653 of 129 of 12
Indirect bidders' share40.737.13 of 129 of 12
Direct bidders' share6.414.212 of 120 of 12
Primary dealers' share53.046.42 of 1210 of 12
High minus median, basis points3.95.810 of 122 of 12

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

  • Bid-to-cover ratio: Highest of all 32 earlier 30-year bond auctions we hold.
  • Direct bidders' share: Lowest for a 30-year bond since 14 January 2010 (13 auctions in between).

Who bought the 30-year bond?

Primary dealers took 53.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 February 2011

Primary dealers took 53.0% of the competitive bids acceptedIndirect bidders 40.7%, Direct bidders 6.4%, Primary dealers 53.0%Indirect bidders40.7%43.1%Direct bidders6.4%8.0%Primary dealers53.0%48.9%Primary dealers took 53.0% of the competitive bids acceptedIndirect bidders 40.7%, Direct bidders 6.4%, Primary dealers 53.0%Indirect bidders40.7%43.1%Direct bidders6.4%8.0%Primary dealers53.0%48.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.743.1
Direct bidders6.48.0
Primary dealers53.048.9

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$39,263,097,500
Sold$13,000,018,600
Competitive bids accepted$12,981,221,100
Non-competitive bids accepted$18,797,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.569
Median rate, %4.530
Low rate, %4.459
Interest rate (coupon), %4.750
Bids at the high rate filled, %45.51
Bid-to-cover ratio3.02
Indirect bidders accepted$5,278,001,000
Direct bidders accepted$824,720,100
Primary dealers accepted$6,878,500,000
Indirect bidders' share, % (ours)40.7
Direct bidders' share, % (ours)6.4
Primary dealers' share, % (ours)53.0
High minus median, basis points (ours)3.9
Treasury par yield curve, 30-year point, same day, %4.53
High yield minus that point, basis points (ours)3.9

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 ratio3.02Last 24 auctions0 of 2424 of 242.57
Bid-to-cover ratio3.02Since 8 May 20080 of 2525 of 252.60
Bid-to-cover ratio3.02All 32 since 8 February 20010 of 3232 of 322.48
High yield4.569Last 24 auctions6 of 2418 of 244.365
High yield4.569Since 8 May 20087 of 2518 of 254.410
High yield4.569All 99 since 1 November 197979 of 9920 of 997.400
Indirect bidders' share40.7Last 24 auctions10 of 2414 of 2438.1
Indirect bidders' share40.7All 25 since 8 May 200810 of 2515 of 2537.8
Direct bidders' share6.4Last 24 auctions19 of 245 of 249.4
Direct bidders' share6.4All 25 since 8 May 200819 of 256 of 259.1
Primary dealers' share53.0Last 24 auctions5 of 2419 of 2447.4
Primary dealers' share53.0All 25 since 8 May 20086 of 2519 of 2547.4
High minus median, basis points3.9Last 24 auctions19 of 245 of 246.4
High minus median, basis points3.9Since 8 May 200819 of 256 of 256.4
High minus median, basis points3.9All 99 since 1 November 197932 of 9967 of 992.0

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 March 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110310_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 March 2011 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2011-03-10.

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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