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

The 30-year bond sold $13 billion at a high yield of 3.310% on , with a bid-to-cover ratio of 2.85.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.310%

Median yield 3.285%

Bid-to-cover

2.85

▲ +0.77 since 11 Aug

Sold

$13.00 billion

$13 billion offered

Indirect bidders

39.4%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 105 earlier auctions we hold

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond of all 105 earlier auctions we hold36 auctions from 10 August 2006 to 14 September 2011; the latest at 3.310%.3.0%3.5%4.0%4.5%5.0%5.5%20072008200920102011This auction, 3.310%The high yield was the lowest for a 30-year bond of all 105 earlier auctions we hold36 auctions from 10 August 2006 to 14 September 2011; the latest at 3.310%.3.0%3.5%4.0%4.5%5.0%201020113.310%

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
3.3102.85
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.852.651 of 1211 of 12
High yield3.3104.35012 of 120 of 12
Indirect bidders' share39.438.14 of 128 of 12
Direct bidders' share17.39.22 of 1210 of 12
Primary dealers' share43.351.69 of 123 of 12
High minus median, basis points2.56.912 of 120 of 12

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

  • High minus median, basis points: Lowest for a 30-year bond since 10 May 2007 (32 auctions in between).

Who bought the 30-year bond?

Primary dealers took 43.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 August 2011

Primary dealers took 43.3% of the competitive bids acceptedIndirect bidders 39.4%, Direct bidders 17.3%, Primary dealers 43.3%Indirect bidders39.4%12.2%Direct bidders17.3%19.5%Primary dealers43.3%68.3%Primary dealers took 43.3% of the competitive bids acceptedIndirect bidders 39.4%, Direct bidders 17.3%, Primary dealers 43.3%Indirect bidders39.4%12.2%Direct bidders17.3%19.5%Primary dealers43.3%68.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders39.412.2
Direct bidders17.319.5
Primary dealers43.368.3

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$37,072,010,200
Sold$13,000,034,200
Competitive bids accepted$12,985,241,000
Non-competitive bids accepted$14,793,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.310
Median rate, %3.285
Low rate, %3.240
Interest rate (coupon), %3.750
Bids at the high rate filled, %74.48
Bid-to-cover ratio2.85
Indirect bidders accepted$5,111,942,600
Direct bidders accepted$2,251,854,400
Primary dealers accepted$5,621,444,000
Indirect bidders' share, % (ours)39.4
Direct bidders' share, % (ours)17.3
Primary dealers' share, % (ours)43.3
High minus median, basis points (ours)2.5
Treasury par yield curve, 30-year point, same day, %3.32
High yield minus that point, basis points (ours)-1.0

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 ratio2.85Last 24 auctions5 of 2419 of 242.68
Bid-to-cover ratio2.85Since 8 May 20085 of 3126 of 312.63
Bid-to-cover ratio2.85All 38 since 8 February 20015 of 3833 of 382.50
High yield3.310Last 24 auctions24 of 240 of 244.395
High yield3.310Since 8 May 200831 of 310 of 314.380
High yield3.310All 105 since 1 November 1979105 of 1050 of 1056.980
Indirect bidders' share39.4Last 24 auctions9 of 2415 of 2437.8
Indirect bidders' share39.4All 31 since 8 May 200813 of 3118 of 3137.8
Direct bidders' share17.3Last 24 auctions8 of 2416 of 2410.8
Direct bidders' share17.3All 31 since 8 May 20088 of 3123 of 319.3
Primary dealers' share43.3Last 24 auctions19 of 245 of 2449.4
Primary dealers' share43.3All 31 since 8 May 200825 of 316 of 3148.9
High minus median, basis points2.5Last 24 auctions24 of 240 of 246.4
High minus median, basis points2.5Since 8 May 200831 of 310 of 316.4
High minus median, basis points2.5All 105 since 1 November 197950 of 10555 of 1052.0

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 September 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110914_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 September 2011 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2011-09-14.

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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