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

The 30-year bond sold $16 billion at a high yield of 2.825% on , with a bid-to-cover ratio of 2.41.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.825%

Median yield 2.765%

Bid-to-cover

2.41

▼ −0.29 since 12 Jul

Sold

$16.00 billion

$16 billion offered

Indirect bidders

36.7%

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 10 September 2009 to 9 August 2012; the latest at 2.825%.2.0%3.0%4.0%5.0%2009201020112012This auction, 2.825%High yield at the last 36 30-year bond auctions36 auctions from 10 September 2009 to 9 August 2012; the latest at 2.825%.2.0%3.0%4.0%5.0%201120122.825%

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
2.8252.41
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.709 of 123 of 12
High yield2.8253.16010 of 122 of 12
Indirect bidders' share36.731.32 of 1210 of 12
Direct bidders' share7.716.611 of 121 of 12
Primary dealers' share55.653.36 of 126 of 12
High minus median, basis points6.05.04 of 127 of 12

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

Who bought the 30-year bond?

Primary dealers took 55.6% of the competitive bids accepted

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

Primary dealers took 55.6% of the competitive bids acceptedIndirect bidders 36.7%, Direct bidders 7.7%, Primary dealers 55.6%Indirect bidders36.7%36.8%Direct bidders7.7%20.1%Primary dealers55.6%43.1%Primary dealers took 55.6% of the competitive bids acceptedIndirect bidders 36.7%, Direct bidders 7.7%, Primary dealers 55.6%Indirect bidders36.7%36.8%Direct bidders7.7%20.1%Primary dealers55.6%43.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.736.8
Direct bidders7.720.1
Primary dealers55.643.1

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$38,500,815,700
Sold$16,000,007,700
Competitive bids accepted$15,980,892,000
Non-competitive bids accepted$19,115,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.825
Median rate, %2.765
Low rate, %2.700
Interest rate (coupon), %2.750
Bids at the high rate filled, %91.84
Bid-to-cover ratio2.41
Indirect bidders accepted$5,865,068,000
Direct bidders accepted$1,229,000,000
Primary dealers accepted$8,886,824,000
Indirect bidders' share, % (ours)36.7
Direct bidders' share, % (ours)7.7
Primary dealers' share, % (ours)55.6
High minus median, basis points (ours)6.0
Treasury par yield curve, 30-year point, same day, %2.78
High yield minus that point, basis points (ours)4.5

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 ratio2.41Last 24 auctions20 of 244 of 242.70
Bid-to-cover ratio2.41Since 8 May 200831 of 4211 of 422.68
Bid-to-cover ratio2.41All 49 since 8 February 200132 of 4917 of 492.60
High yield2.825Last 24 auctions22 of 242 of 243.785
High yield2.825Since 8 May 200840 of 422 of 424.218
High yield2.825All 116 since 1 November 1979114 of 1162 of 1166.441
Indirect bidders' share36.7Last 24 auctions11 of 2413 of 2434.9
Indirect bidders' share36.7All 42 since 8 May 200821 of 4221 of 4236.4
Direct bidders' share7.7Last 24 auctions22 of 242 of 2414.0
Direct bidders' share7.7All 42 since 8 May 200833 of 429 of 4212.2
Primary dealers' share55.6Last 24 auctions9 of 2415 of 2450.8
Primary dealers' share55.6All 42 since 8 May 200812 of 4230 of 4249.3
High minus median, basis points6.0Last 24 auctions12 of 2411 of 246.2
High minus median, basis points6.0Since 8 May 200820 of 4221 of 426.0
High minus median, basis points6.0All 116 since 1 November 197921 of 11691 of 1162.8

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 9 August 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120809_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 August 2012 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2012-08-09.

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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