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30-year bond auction of 13 October 2011 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.120% on , with a bid-to-cover ratio of 2.94.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.120%

Median yield 3.095%

Bid-to-cover

2.94

▲ +0.09 since 14 Sep

Sold

$13.00 billion

$13 billion offered

Indirect bidders

28.7%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 106 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 106 earlier auctions we hold36 auctions from 8 February 2007 to 13 October 2011; the latest at 3.120%.3.0%3.5%4.0%4.5%5.0%2008200920102011This auction, 3.120%The high yield was the lowest for a 30-year bond of all 106 earlier auctions we hold36 auctions from 8 February 2007 to 13 October 2011; the latest at 3.120%.3.0%3.5%4.0%4.5%5.0%201020113.120%

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
3.1202.94
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.942.651 of 1211 of 12
High yield3.1204.35012 of 120 of 12
Indirect bidders' share28.738.411 of 121 of 12
Direct bidders' share29.510.00 of 1212 of 12
Primary dealers' share41.950.311 of 121 of 12
High minus median, basis points2.56.911 of 120 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 11 March 2010 (18 auctions in between).

Who bought the 30-year bond?

Primary dealers took 41.9% of the competitive bids accepted

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

Primary dealers took 41.9% of the competitive bids acceptedIndirect bidders 28.7%, Direct bidders 29.5%, Primary dealers 41.9%Indirect bidders28.7%39.4%Direct bidders29.5%17.3%Primary dealers41.9%43.3%Primary dealers took 41.9% of the competitive bids acceptedIndirect bidders 28.7%, Direct bidders 29.5%, Primary dealers 41.9%Indirect bidders28.7%39.4%Direct bidders29.5%17.3%Primary dealers41.9%43.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders28.739.4
Direct bidders29.517.3
Primary dealers41.943.3

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$38,268,111,700
Sold$13,000,007,200
Competitive bids accepted$12,986,795,500
Non-competitive bids accepted$13,211,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.120
Median rate, %3.095
Low rate, %3.000
Interest rate (coupon), %3.750
Bids at the high rate filled, %84.23
Bid-to-cover ratio2.94
Indirect bidders accepted$3,723,374,500
Direct bidders accepted$3,827,057,500
Primary dealers accepted$5,436,363,500
Indirect bidders' share, % (ours)28.7
Direct bidders' share, % (ours)29.5
Primary dealers' share, % (ours)41.9
High minus median, basis points (ours)2.5
Treasury par yield curve, 30-year point, same day, %3.15
High yield minus that point, basis points (ours)-3.0

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 ratio2.94Last 24 auctions1 of 2423 of 242.68
Bid-to-cover ratio2.94Since 8 May 20081 of 3231 of 322.65
Bid-to-cover ratio2.94All 39 since 8 February 20011 of 3938 of 392.51
High yield3.120Last 24 auctions24 of 240 of 244.395
High yield3.120Since 8 May 200832 of 320 of 324.350
High yield3.120All 106 since 1 November 1979106 of 1060 of 1066.944
Indirect bidders' share28.7Last 24 auctions21 of 243 of 2437.8
Indirect bidders' share28.7All 32 since 8 May 200828 of 324 of 3238.1
Direct bidders' share29.5Last 24 auctions1 of 2423 of 2411.4
Direct bidders' share29.5All 32 since 8 May 20081 of 3231 of 329.5
Primary dealers' share41.9Last 24 auctions21 of 243 of 2448.2
Primary dealers' share41.9All 32 since 8 May 200829 of 323 of 3248.2
High minus median, basis points2.5Last 24 auctions23 of 240 of 246.4
High minus median, basis points2.5Since 8 May 200831 of 320 of 326.2
High minus median, basis points2.5All 106 since 1 November 197950 of 10655 of 1062.1

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 13 October 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20111013_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 October 2011 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2011-10-13.

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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