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

The 30-year bond sold $13 billion at a high yield of 2.580% on , with a bid-to-cover ratio of 2.70.

Coupon
3.000%
Announced
Issued
Matures

High yield

2.580%

Median yield 2.549%

Bid-to-cover

2.70

▲ +0.30 since 14 Jun

Sold

$13.00 billion

$13 billion offered

Indirect bidders

36.8%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 115 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 115 earlier auctions we hold36 auctions from 13 August 2009 to 12 July 2012; the latest at 2.580%.2.0%3.0%4.0%5.0%2009201020112012This auction, 2.580%The high yield was the lowest for a 30-year bond of all 115 earlier auctions we hold36 auctions from 13 August 2009 to 12 July 2012; the latest at 2.580%.2.0%3.0%4.0%5.0%2010201120122.580%

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
2.5802.70
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.702.726 of 125 of 12
High yield2.5803.21412 of 120 of 12
Indirect bidders' share36.831.32 of 1210 of 12
Direct bidders' share20.116.64 of 128 of 12
Primary dealers' share43.153.310 of 122 of 12
High minus median, basis points3.15.08 of 124 of 12

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

Who bought the 30-year bond?

Primary dealers took 43.1% of the competitive bids accepted

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

Primary dealers took 43.1% of the competitive bids acceptedIndirect bidders 36.8%, Direct bidders 20.1%, Primary dealers 43.1%Indirect bidders36.8%32.5%Direct bidders20.1%24.0%Primary dealers43.1%43.5%Primary dealers took 43.1% of the competitive bids acceptedIndirect bidders 36.8%, Direct bidders 20.1%, Primary dealers 43.1%Indirect bidders36.8%32.5%Direct bidders20.1%24.0%Primary dealers43.1%43.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.832.5
Direct bidders20.124.0
Primary dealers43.143.5

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$35,062,538,200
Sold$13,000,030,200
Competitive bids accepted$12,990,192,000
Non-competitive bids accepted$9,838,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.580
Median rate, %2.549
Low rate, %2.436
Interest rate (coupon), %3.000
Bids at the high rate filled, %40.64
Bid-to-cover ratio2.70
Indirect bidders accepted$4,774,360,000
Direct bidders accepted$2,614,160,000
Primary dealers accepted$5,601,672,000
Indirect bidders' share, % (ours)36.8
Direct bidders' share, % (ours)20.1
Primary dealers' share, % (ours)43.1
High minus median, basis points (ours)3.1
Treasury par yield curve, 30-year point, same day, %2.57
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 ratio2.70Last 24 auctions12 of 2411 of 242.72
Bid-to-cover ratio2.70Since 8 May 200816 of 4124 of 412.67
Bid-to-cover ratio2.70All 48 since 8 February 200116 of 4831 of 482.57
High yield2.580Last 24 auctions24 of 240 of 243.836
High yield2.580Since 8 May 200841 of 410 of 414.238
High yield2.580All 115 since 1 November 1979115 of 1150 of 1156.452
Indirect bidders' share36.8Last 24 auctions11 of 2413 of 2434.9
Indirect bidders' share36.8All 41 since 8 May 200820 of 4121 of 4136.1
Direct bidders' share20.1Last 24 auctions4 of 2420 of 2414.0
Direct bidders' share20.1All 41 since 8 May 20089 of 4132 of 4112.1
Primary dealers' share43.1Last 24 auctions19 of 245 of 2450.8
Primary dealers' share43.1All 41 since 8 May 200834 of 417 of 4149.6
High minus median, basis points3.1Last 24 auctions19 of 245 of 246.2
High minus median, basis points3.1Since 8 May 200835 of 416 of 416.0
High minus median, basis points3.1All 115 since 1 November 197948 of 11566 of 1152.8

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 July 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120712_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 July 2012 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2012-07-12.

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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