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30-year bond auction of 14 July 2011 (reopening)

The 30-year bond sold $13 billion at a high yield of 4.198% on , with a bid-to-cover ratio of 2.80.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.198%

Median yield 4.170%

Bid-to-cover

2.80

▲ +0.17 since 9 Jun

Sold

$13.00 billion

$13 billion offered

Indirect bidders

37.8%

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 9 August 2001 to 14 July 2011; the latest at 4.198%.3.5%4.0%4.5%5.0%5.5%6.0%200620072008200920102011This auction, 4.198%High yield at the last 36 30-year bond auctions36 auctions from 9 August 2001 to 14 July 2011; the latest at 4.198%.3.8%4.0%4.3%4.5%4.8%5.0%2009201020114.198%

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
4.1982.80
4.2382.63
4.3802.43
4.5312.83
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.802.703 of 129 of 12
High yield4.1984.3508 of 124 of 12
Indirect bidders' share37.838.47 of 125 of 12
Direct bidders' share21.99.20 of 1212 of 12
Primary dealers' share40.350.311 of 121 of 12
High minus median, basis points2.86.612 of 120 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 8 April 2010 (14 auctions in between).
  • High minus median, basis points: Lowest for a 30-year bond since 10 September 2009 (21 auctions in between).

Who bought the 30-year bond?

Primary dealers took 40.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 June 2011

Primary dealers took 40.3% of the competitive bids acceptedIndirect bidders 37.8%, Direct bidders 21.9%, Primary dealers 40.3%Indirect bidders37.8%38.4%Direct bidders21.9%9.3%Primary dealers40.3%52.3%Primary dealers took 40.3% of the competitive bids acceptedIndirect bidders 37.8%, Direct bidders 21.9%, Primary dealers 40.3%Indirect bidders37.8%38.4%Direct bidders21.9%9.3%Primary dealers40.3%52.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders37.838.4
Direct bidders21.99.3
Primary dealers40.352.3

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$13,000,000,000
Bids received$36,369,975,100
Sold$13,000,003,700
Competitive bids accepted$12,990,828,600
Non-competitive bids accepted$9,175,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.198
Median rate, %4.170
Low rate, %4.100
Interest rate (coupon), %4.375
Bids at the high rate filled, %1.61
Bid-to-cover ratio2.80
Indirect bidders accepted$4,909,300,000
Direct bidders accepted$2,848,528,600
Primary dealers accepted$5,233,000,000
Indirect bidders' share, % (ours)37.8
Direct bidders' share, % (ours)21.9
Primary dealers' share, % (ours)40.3
High minus median, basis points (ours)2.8
Treasury par yield curve, 30-year point, same day, %4.25
High yield minus that point, basis points (ours)-5.2

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 ratio2.80Last 24 auctions6 of 2418 of 242.65
Bid-to-cover ratio2.80Since 8 May 20086 of 2923 of 292.63
Bid-to-cover ratio2.80All 36 since 8 February 20016 of 3630 of 362.50
High yield4.198Last 24 auctions18 of 246 of 244.440
High yield4.198Since 8 May 200821 of 298 of 294.410
High yield4.198All 103 since 1 November 197995 of 1038 of 1037.220
Indirect bidders' share37.8Last 24 auctions13 of 2411 of 2438.4
Indirect bidders' share37.8All 29 since 8 May 200815 of 2914 of 2938.4
Direct bidders' share21.9Last 24 auctions3 of 2421 of 249.2
Direct bidders' share21.9All 29 since 8 May 20083 of 2926 of 299.1
Primary dealers' share40.3Last 24 auctions22 of 242 of 2448.2
Primary dealers' share40.3All 29 since 8 May 200827 of 292 of 2948.9
High minus median, basis points2.8Last 24 auctions23 of 240 of 246.4
High minus median, basis points2.8Since 8 May 200828 of 290 of 296.4
High minus median, basis points2.8All 103 since 1 November 197947 of 10355 of 1032.0

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 14 July 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110714_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 July 2011 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2011-07-14.

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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