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30-year bond auction of 9 February 2012 (new issue)

The 30-year bond sold $17.951 billion at a high yield of 3.240% on , with a bid-to-cover ratio of 2.47.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.240%

Median yield 3.180%

Bid-to-cover

2.47

▼ −0.13 since 12 Jan

Sold

$17.95 billion

$16 billion offered

Indirect bidders

29.2%

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 12 February 2009 to 9 February 2012; the latest at 3.240%.2.5%3.0%3.5%4.0%4.5%5.0%2009201020112012This auction, 3.240%High yield at the last 36 30-year bond auctions36 auctions from 12 February 2009 to 9 February 2012; the latest at 3.240%.2.5%3.0%3.5%4.0%4.5%5.0%2010201120123.240%

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
3.2402.47
2.9852.60
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.729 of 123 of 12
High yield3.2403.9748 of 124 of 12
Indirect bidders' share29.235.49 of 123 of 12
Direct bidders' share14.713.36 of 126 of 12
Primary dealers' share56.150.63 of 129 of 12
High minus median, basis points6.05.46 of 126 of 12

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

Who bought the 30-year bond?

Primary dealers took 56.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 January 2012

Primary dealers took 56.1% of the competitive bids acceptedIndirect bidders 29.2%, Direct bidders 14.7%, Primary dealers 56.1%Indirect bidders29.2%31.9%Direct bidders14.7%7.2%Primary dealers56.1%60.9%Primary dealers took 56.1% of the competitive bids acceptedIndirect bidders 29.2%, Direct bidders 14.7%, Primary dealers 56.1%Indirect bidders29.2%31.9%Direct bidders14.7%7.2%Primary dealers56.1%60.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders29.231.9
Direct bidders14.77.2
Primary dealers56.160.9

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$41,449,652,400
Sold$17,950,905,300
Competitive bids accepted$15,963,522,900
Non-competitive bids accepted$36,497,500
Federal Reserve (SOMA) add-on$1,950,884,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.240
Median rate, %3.180
Low rate, %3.000
Interest rate (coupon), %3.125
Bids at the high rate filled, %98.13
Bid-to-cover ratio2.47
Indirect bidders accepted$4,657,449,900
Direct bidders accepted$2,354,000,000
Primary dealers accepted$8,952,073,000
Indirect bidders' share, % (ours)29.2
Direct bidders' share, % (ours)14.7
Primary dealers' share, % (ours)56.1
High minus median, basis points (ours)6.0
Treasury par yield curve, 30-year point, same day, %3.20
High yield minus that point, basis points (ours)4.0

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 ratio2.47Last 24 auctions19 of 245 of 242.73
Bid-to-cover ratio2.47Since 8 May 200824 of 3612 of 362.65
Bid-to-cover ratio2.47All 43 since 8 February 200124 of 4319 of 432.54
High yield3.240Last 24 auctions20 of 244 of 244.218
High yield3.240Since 8 May 200832 of 364 of 364.296
High yield3.240All 110 since 1 November 1979106 of 1104 of 1106.719
Indirect bidders' share29.2Last 24 auctions19 of 245 of 2436.5
Indirect bidders' share29.2All 36 since 8 May 200830 of 366 of 3637.6
Direct bidders' share14.7Last 24 auctions13 of 2411 of 2416.0
Direct bidders' share14.7All 36 since 8 May 200814 of 3622 of 3610.3
Primary dealers' share56.1Last 24 auctions4 of 2420 of 2446.9
Primary dealers' share56.1All 36 since 8 May 20087 of 3629 of 3648.2
High minus median, basis points6.0Last 24 auctions12 of 2412 of 245.8
High minus median, basis points6.0Since 8 May 200819 of 3617 of 366.2
High minus median, basis points6.0All 110 since 1 November 197920 of 11087 of 1102.4

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 9 February 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120209_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 February 2012 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2012-02-09.

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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