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30-year bond auction of 11 August 2011 (new issue)

The 30-year bond sold $16.49 billion at a high yield of 3.750% on , with a bid-to-cover ratio of 2.08.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.750%

Median yield 3.629%

Bid-to-cover

2.08

▼ −0.72 since 14 Jul

Sold

$16.49 billion

$16 billion offered

Indirect bidders

12.2%

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 9 February 2006 to 11 August 2011; the latest at 3.750%.3.5%4.0%4.5%5.0%5.5%20072008200920102011This auction, 3.750%The high yield was the lowest for a 30-year bond since 12 March 200936 auctions from 9 February 2006 to 11 August 2011; the latest at 3.750%.3.5%4.0%4.5%5.0%201020113.750%

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
3.7502.08
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.082.7012 of 120 of 12
High yield3.7504.35012 of 120 of 12
Indirect bidders' share12.238.412 of 120 of 12
Direct bidders' share19.59.21 of 1211 of 12
Primary dealers' share68.350.30 of 1212 of 12
High minus median, basis points12.16.60 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 30-year bond since 12 February 2009 (28 auctions in between).
  • Indirect bidders' share: Lowest of all 30 earlier 30-year bond auctions we hold.
  • Primary dealers' share: Highest for a 30-year bond since 8 May 2008 (29 auctions in between).
  • High minus median, basis points: Highest for a 30-year bond since 12 February 2009 (28 auctions in between).

Who bought the 30-year bond?

Primary dealers took 68.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 14 July 2011

Primary dealers took 68.3% of the competitive bids acceptedIndirect bidders 12.2%, Direct bidders 19.5%, Primary dealers 68.3%Indirect bidders12.2%37.8%Direct bidders19.5%21.9%Primary dealers68.3%40.3%Primary dealers took 68.3% of the competitive bids acceptedIndirect bidders 12.2%, Direct bidders 19.5%, Primary dealers 68.3%Indirect bidders12.2%37.8%Direct bidders19.5%21.9%Primary dealers68.3%40.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders12.237.8
Direct bidders19.521.9
Primary dealers68.340.3

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$33,810,584,000
Sold$16,489,944,000
Competitive bids accepted$15,985,160,000
Non-competitive bids accepted$14,855,600
Federal Reserve (SOMA) add-on$489,928,400
Foreign and international (FIMA) non-competitive$0
High yield, %3.750
Median rate, %3.629
Low rate, %3.537
Interest rate (coupon), %3.750
Bids at the high rate filled, %41.74
Bid-to-cover ratio2.08
Indirect bidders accepted$1,943,974,000
Direct bidders accepted$3,119,654,000
Primary dealers accepted$10,921,532,000
Indirect bidders' share, % (ours)12.2
Direct bidders' share, % (ours)19.5
Primary dealers' share, % (ours)68.3
High minus median, basis points (ours)12.1
Treasury par yield curve, 30-year point, same day, %3.82
High yield minus that point, basis points (ours)-7.0

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 ratio2.08Last 24 auctions24 of 240 of 242.68
Bid-to-cover ratio2.08Since 8 May 200829 of 301 of 302.65
Bid-to-cover ratio2.08All 37 since 8 February 200131 of 376 of 372.51
High yield3.750Last 24 auctions24 of 240 of 244.440
High yield3.750Since 8 May 200828 of 302 of 304.395
High yield3.750All 104 since 1 November 1979102 of 1042 of 1047.100
Indirect bidders' share12.2Last 24 auctions24 of 240 of 2438.1
Indirect bidders' share12.2All 30 since 8 May 200830 of 300 of 3038.1
Direct bidders' share19.5Last 24 auctions6 of 2418 of 2410.0
Direct bidders' share19.5All 30 since 8 May 20086 of 3024 of 309.2
Primary dealers' share68.3Last 24 auctions0 of 2424 of 2448.2
Primary dealers' share68.3All 30 since 8 May 20081 of 3029 of 3048.2
High minus median, basis points12.1Last 24 auctions0 of 2424 of 246.2
High minus median, basis points12.1Since 8 May 20081 of 3029 of 306.2
High minus median, basis points12.1All 104 since 1 November 19792 of 104102 of 1042.0

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 11 August 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110811_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 August 2011 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2011-08-11.

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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