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

The 30-year bond sold $13.476 billion at a high yield of 2.925% on , with a bid-to-cover ratio of 3.05.

Coupon
3.125%
Announced
Issued
Matures

High yield

2.925%

Median yield 2.890%

Bid-to-cover

3.05

▲ +0.65 since 10 Nov

Sold

$13.48 billion

$13 billion offered

Indirect bidders

32.5%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 108 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 108 earlier auctions we hold36 auctions from 7 February 2008 to 14 December 2011; the latest at 2.925%.2.5%3.0%3.5%4.0%4.5%5.0%200920102011This auction, 2.925%The high yield was the lowest for a 30-year bond of all 108 earlier auctions we hold36 auctions from 7 February 2008 to 14 December 2011; the latest at 2.925%.2.5%3.0%3.5%4.0%4.5%5.0%201020112.925%

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
2.9253.05
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.052.700 of 1212 of 12
High yield2.9254.30912 of 120 of 12
Indirect bidders' share32.538.19 of 123 of 12
Direct bidders' share21.211.62 of 1210 of 12
Primary dealers' share46.349.47 of 125 of 12
High minus median, basis points3.55.48 of 124 of 12

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

  • Bid-to-cover ratio: Highest of all 41 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Primary dealers took 46.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 November 2011

Primary dealers took 46.3% of the competitive bids acceptedIndirect bidders 32.5%, Direct bidders 21.2%, Primary dealers 46.3%Indirect bidders32.5%28.4%Direct bidders21.2%15.8%Primary dealers46.3%55.7%Primary dealers took 46.3% of the competitive bids acceptedIndirect bidders 32.5%, Direct bidders 21.2%, Primary dealers 46.3%Indirect bidders32.5%28.4%Direct bidders21.2%15.8%Primary dealers46.3%55.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders32.528.4
Direct bidders21.215.8
Primary dealers46.355.7

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$40,110,738,100
Sold$13,475,784,100
Competitive bids accepted$12,979,616,000
Non-competitive bids accepted$20,395,000
Federal Reserve (SOMA) add-on$475,773,100
Foreign and international (FIMA) non-competitive$0
High yield, %2.925
Median rate, %2.890
Low rate, %2.815
Interest rate (coupon), %3.125
Bids at the high rate filled, %98.64
Bid-to-cover ratio3.05
Indirect bidders accepted$4,222,320,000
Direct bidders accepted$2,750,840,000
Primary dealers accepted$6,006,456,000
Indirect bidders' share, % (ours)32.5
Direct bidders' share, % (ours)21.2
Primary dealers' share, % (ours)46.3
High minus median, basis points (ours)3.5
Treasury par yield curve, 30-year point, same day, %2.91
High yield minus that point, basis points (ours)1.5

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 ratio3.05Last 24 auctions0 of 2424 of 242.70
Bid-to-cover ratio3.05Since 8 May 20080 of 3434 of 342.65
Bid-to-cover ratio3.05All 41 since 8 February 20010 of 4141 of 412.51
High yield2.925Last 24 auctions24 of 240 of 244.350
High yield2.925Since 8 May 200834 of 340 of 344.312
High yield2.925All 108 since 1 November 1979108 of 1080 of 1086.844
Indirect bidders' share32.5Last 24 auctions17 of 247 of 2437.6
Indirect bidders' share32.5All 34 since 8 May 200826 of 348 of 3437.8
Direct bidders' share21.2Last 24 auctions6 of 2418 of 2414.1
Direct bidders' share21.2All 34 since 8 May 20086 of 3428 of 3410.3
Primary dealers' share46.3Last 24 auctions15 of 249 of 2448.2
Primary dealers' share46.3All 34 since 8 May 200821 of 3413 of 3448.2
High minus median, basis points3.5Last 24 auctions18 of 246 of 245.8
High minus median, basis points3.5Since 8 May 200826 of 347 of 346.2
High minus median, basis points3.5All 108 since 1 November 197939 of 10868 of 1082.3

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 December 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20111214_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 December 2011 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2011-12-14.

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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