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30-year bond auction of 12 April 2012 (reopening)

The 30-year bond sold $15.365 billion at a high yield of 3.230% on , with a bid-to-cover ratio of 2.76.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.230%

Median yield 3.171%

Bid-to-cover

2.76

▲ +0.06 since 14 Mar

Sold

$15.37 billion

$13 billion offered

Indirect bidders

30.7%

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 7 May 2009 to 12 April 2012; the latest at 3.230%.2.5%3.0%3.5%4.0%4.5%5.0%2009201020112012This auction, 3.230%High yield at the last 36 30-year bond auctions36 auctions from 7 May 2009 to 12 April 2012; the latest at 3.230%.2.5%3.0%3.5%4.0%4.5%5.0%2010201120123.230%

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
3.2302.76
3.3832.70
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.762.665 of 127 of 12
High yield3.2303.3468 of 124 of 12
Indirect bidders' share30.732.27 of 125 of 12
Direct bidders' share13.415.38 of 124 of 12
Primary dealers' share55.954.05 of 127 of 12
High minus median, basis points5.96.27 of 125 of 12

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

Who bought the 30-year bond?

Primary dealers took 55.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 14 March 2012

Primary dealers took 55.9% of the competitive bids acceptedIndirect bidders 30.7%, Direct bidders 13.4%, Primary dealers 55.9%Indirect bidders30.7%29.0%Direct bidders13.4%14.7%Primary dealers55.9%56.3%Primary dealers took 55.9% of the competitive bids acceptedIndirect bidders 30.7%, Direct bidders 13.4%, Primary dealers 55.9%Indirect bidders30.7%29.0%Direct bidders13.4%14.7%Primary dealers55.9%56.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders30.729.0
Direct bidders13.414.7
Primary dealers55.956.3

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$38,250,188,400
Sold$15,365,467,900
Competitive bids accepted$12,994,979,500
Non-competitive bids accepted$5,030,300
Federal Reserve (SOMA) add-on$2,365,458,100
Foreign and international (FIMA) non-competitive$0
High yield, %3.230
Median rate, %3.171
Low rate, %3.100
Interest rate (coupon), %3.125
Bids at the high rate filled, %23.17
Bid-to-cover ratio2.76
Indirect bidders accepted$3,986,035,000
Direct bidders accepted$1,739,567,000
Primary dealers accepted$7,269,377,500
Indirect bidders' share, % (ours)30.7
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)55.9
High minus median, basis points (ours)5.9
Treasury par yield curve, 30-year point, same day, %3.22
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 ratio2.76Last 24 auctions9 of 2415 of 242.72
Bid-to-cover ratio2.76Since 8 May 200811 of 3827 of 382.65
Bid-to-cover ratio2.76All 45 since 8 February 200111 of 4534 of 452.54
High yield3.230Last 24 auctions20 of 244 of 244.131
High yield3.230Since 8 May 200834 of 384 of 384.263
High yield3.230All 112 since 1 November 1979108 of 1124 of 1126.642
Indirect bidders' share30.7Last 24 auctions19 of 245 of 2436.5
Indirect bidders' share30.7All 38 since 8 May 200830 of 388 of 3837.1
Direct bidders' share13.4Last 24 auctions13 of 2411 of 2414.7
Direct bidders' share13.4All 38 since 8 May 200816 of 3822 of 3810.8
Primary dealers' share55.9Last 24 auctions6 of 2418 of 2449.4
Primary dealers' share55.9All 38 since 8 May 20089 of 3829 of 3849.3
High minus median, basis points5.9Last 24 auctions13 of 2411 of 246.2
High minus median, basis points5.9Since 8 May 200821 of 3817 of 386.2
High minus median, basis points5.9All 112 since 1 November 197925 of 11287 of 1122.5

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 12 April 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120412_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 April 2012 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2012-04-12.

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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