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30-year bond auction of 14 June 2012 (reopening)

The 30-year bond sold $13.918 billion at a high yield of 2.720% on , with a bid-to-cover ratio of 2.40.

Coupon
3.000%
Announced
Issued
Matures

High yield

2.720%

Median yield 2.679%

Bid-to-cover

2.40

▼ −0.33 since 10 May

Sold

$13.92 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 114 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 114 earlier auctions we hold36 auctions from 9 July 2009 to 14 June 2012; the latest at 2.720%.2.0%3.0%4.0%5.0%2009201020112012This auction, 2.720%The high yield was the lowest for a 30-year bond of all 114 earlier auctions we hold36 auctions from 9 July 2009 to 14 June 2012; the latest at 2.720%.2.0%3.0%4.0%5.0%2010201120122.720%

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
2.7202.40
3.0902.73
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.7210 of 121 of 12
High yield2.7203.23512 of 120 of 12
Indirect bidders' share32.531.35 of 127 of 12
Direct bidders' share24.015.61 of 1211 of 12
Primary dealers' share43.554.09 of 123 of 12
High minus median, basis points4.16.07 of 125 of 12

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

Who bought the 30-year bond?

Primary dealers took 43.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 May 2012

Primary dealers took 43.5% of the competitive bids acceptedIndirect bidders 32.5%, Direct bidders 24.0%, Primary dealers 43.5%Indirect bidders32.5%33.8%Direct bidders24.0%15.4%Primary dealers43.5%50.8%Primary dealers took 43.5% of the competitive bids acceptedIndirect bidders 32.5%, Direct bidders 24.0%, Primary dealers 43.5%Indirect bidders32.5%33.8%Direct bidders24.0%15.4%Primary dealers43.5%50.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders32.533.8
Direct bidders24.015.4
Primary dealers43.550.8

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$32,082,200,200
Sold$13,917,865,200
Competitive bids accepted$12,991,345,000
Non-competitive bids accepted$8,656,600
Federal Reserve (SOMA) add-on$917,863,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.720
Median rate, %2.679
Low rate, %2.618
Interest rate (coupon), %3.000
Bids at the high rate filled, %32.38
Bid-to-cover ratio2.40
Indirect bidders accepted$4,220,556,000
Direct bidders accepted$3,121,500,000
Primary dealers accepted$5,649,289,000
Indirect bidders' share, % (ours)32.5
Direct bidders' share, % (ours)24.0
Primary dealers' share, % (ours)43.5
High minus median, basis points (ours)4.1
Treasury par yield curve, 30-year point, same day, %2.73
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 ratio2.40Last 24 auctions21 of 242 of 242.73
Bid-to-cover ratio2.40Since 8 May 200830 of 408 of 402.68
Bid-to-cover ratio2.40All 47 since 8 February 200131 of 4714 of 472.60
High yield2.720Last 24 auctions24 of 240 of 243.903
High yield2.720Since 8 May 200840 of 400 of 404.238
High yield2.720All 114 since 1 November 1979114 of 1140 of 1146.538
Indirect bidders' share32.5Last 24 auctions16 of 248 of 2436.1
Indirect bidders' share32.5All 40 since 8 May 200829 of 4011 of 4036.5
Direct bidders' share24.0Last 24 auctions1 of 2423 of 2414.0
Direct bidders' share24.0All 40 since 8 May 20084 of 4036 of 4011.4
Primary dealers' share43.5Last 24 auctions18 of 246 of 2450.8
Primary dealers' share43.5All 40 since 8 May 200832 of 408 of 4049.7
High minus median, basis points4.1Last 24 auctions15 of 248 of 246.2
High minus median, basis points4.1Since 8 May 200826 of 4013 of 406.0
High minus median, basis points4.1All 114 since 1 November 197932 of 11480 of 1142.6

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 June 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120614_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 June 2012 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2012-06-14.

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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