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30-year bond auction of 10 November 2011 (new issue)

The 30-year bond sold $17.224 billion at a high yield of 3.199% on , with a bid-to-cover ratio of 2.40.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.199%

Median yield 3.100%

Bid-to-cover

2.40

▼ −0.54 since 13 Oct

Sold

$17.22 billion

$16 billion offered

Indirect bidders

28.4%

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 10 May 2007 to 10 November 2011; the latest at 3.199%.3.0%3.5%4.0%4.5%5.0%2008200920102011This auction, 3.199%High yield at the last 36 30-year bond auctions36 auctions from 10 May 2007 to 10 November 2011; the latest at 3.199%.3.0%3.5%4.0%4.5%5.0%201020113.199%

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
3.1992.40
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.7010 of 122 of 12
High yield3.1994.35011 of 121 of 12
Indirect bidders' share28.438.411 of 121 of 12
Direct bidders' share15.810.84 of 128 of 12
Primary dealers' share55.749.42 of 1210 of 12
High minus median, basis points9.95.42 of 1210 of 12

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

Who bought the 30-year bond?

Primary dealers took 55.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 October 2011

Primary dealers took 55.7% of the competitive bids acceptedIndirect bidders 28.4%, Direct bidders 15.8%, Primary dealers 55.7%Indirect bidders28.4%28.7%Direct bidders15.8%29.5%Primary dealers55.7%41.9%Primary dealers took 55.7% of the competitive bids acceptedIndirect bidders 28.4%, Direct bidders 15.8%, Primary dealers 55.7%Indirect bidders28.4%28.7%Direct bidders15.8%29.5%Primary dealers55.7%41.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders28.428.7
Direct bidders15.829.5
Primary dealers55.741.9

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$39,608,342,400
Sold$17,224,269,400
Competitive bids accepted$15,988,527,000
Non-competitive bids accepted$11,498,800
Federal Reserve (SOMA) add-on$1,224,243,600
Foreign and international (FIMA) non-competitive$0
High yield, %3.199
Median rate, %3.100
Low rate, %2.970
Interest rate (coupon), %3.125
Bids at the high rate filled, %24.17
Bid-to-cover ratio2.40
Indirect bidders accepted$4,545,800,000
Direct bidders accepted$2,531,300,000
Primary dealers accepted$8,911,427,000
Indirect bidders' share, % (ours)28.4
Direct bidders' share, % (ours)15.8
Primary dealers' share, % (ours)55.7
High minus median, basis points (ours)9.9
Treasury par yield curve, 30-year point, same day, %3.12
High yield minus that point, basis points (ours)7.9

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 ratio2.40Last 24 auctions20 of 244 of 242.70
Bid-to-cover ratio2.40Since 8 May 200824 of 338 of 332.67
Bid-to-cover ratio2.40All 40 since 8 February 200125 of 4014 of 402.52
High yield3.199Last 24 auctions23 of 241 of 244.395
High yield3.199Since 8 May 200832 of 331 of 334.320
High yield3.199All 107 since 1 November 1979106 of 1071 of 1076.909
Indirect bidders' share28.4Last 24 auctions22 of 242 of 2437.8
Indirect bidders' share28.4All 33 since 8 May 200830 of 333 of 3337.8
Direct bidders' share15.8Last 24 auctions11 of 2413 of 2412.2
Direct bidders' share15.8All 33 since 8 May 200812 of 3321 of 339.8
Primary dealers' share55.7Last 24 auctions3 of 2421 of 2446.9
Primary dealers' share55.7All 33 since 8 May 20086 of 3327 of 3347.4
High minus median, basis points9.9Last 24 auctions3 of 2421 of 245.8
High minus median, basis points9.9Since 8 May 20085 of 3328 of 336.1
High minus median, basis points9.9All 107 since 1 November 19796 of 107101 of 1072.2

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 November 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20111110_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 November 2011 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2011-11-10.

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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