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30-year bond auction of 13 September 2012 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.896% on , with a bid-to-cover ratio of 2.68.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.896%

Median yield 2.860%

Bid-to-cover

2.68

▲ +0.27 since 9 Aug

Sold

$13.00 billion

$13 billion offered

Indirect bidders

38.7%

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 8 October 2009 to 13 September 2012; the latest at 2.896%.2.0%3.0%4.0%5.0%2009201020112012This auction, 2.896%High yield at the last 36 30-year bond auctions36 auctions from 8 October 2009 to 13 September 2012; the latest at 2.896%.2.0%3.0%4.0%5.0%201120122.896%

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
2.8962.68
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.682.707 of 125 of 12
High yield2.8963.1059 of 123 of 12
Indirect bidders' share38.732.21 of 1211 of 12
Direct bidders' share12.415.610 of 122 of 12
Primary dealers' share48.953.27 of 125 of 12
High minus median, basis points3.65.07 of 125 of 12

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

Who bought the 30-year bond?

Primary dealers took 48.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 August 2012

Primary dealers took 48.9% of the competitive bids acceptedIndirect bidders 38.7%, Direct bidders 12.4%, Primary dealers 48.9%Indirect bidders38.7%36.7%Direct bidders12.4%7.7%Primary dealers48.9%55.6%Primary dealers took 48.9% of the competitive bids acceptedIndirect bidders 38.7%, Direct bidders 12.4%, Primary dealers 48.9%Indirect bidders38.7%36.7%Direct bidders12.4%7.7%Primary dealers48.9%55.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.736.7
Direct bidders12.47.7
Primary dealers48.955.6

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$34,884,951,500
Sold$13,000,001,500
Competitive bids accepted$12,989,950,000
Non-competitive bids accepted$10,051,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.896
Median rate, %2.860
Low rate, %2.800
Interest rate (coupon), %2.750
Bids at the high rate filled, %70.84
Bid-to-cover ratio2.68
Indirect bidders accepted$5,025,900,000
Direct bidders accepted$1,606,500,000
Primary dealers accepted$6,357,550,000
Indirect bidders' share, % (ours)38.7
Direct bidders' share, % (ours)12.4
Primary dealers' share, % (ours)48.9
High minus median, basis points (ours)3.6
Treasury par yield curve, 30-year point, same day, %2.95
High yield minus that point, basis points (ours)-5.4

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 ratio2.68Last 24 auctions12 of 2412 of 242.68
Bid-to-cover ratio2.68Since 8 May 200819 of 4322 of 432.67
Bid-to-cover ratio2.68All 50 since 8 February 200119 of 5029 of 502.57
High yield2.896Last 24 auctions21 of 243 of 243.566
High yield2.896Since 8 May 200840 of 433 of 434.198
High yield2.896All 117 since 1 November 1979114 of 1173 of 1176.430
Indirect bidders' share38.7Last 24 auctions5 of 2419 of 2434.9
Indirect bidders' share38.7All 43 since 8 May 200814 of 4329 of 4336.7
Direct bidders' share12.4Last 24 auctions12 of 2412 of 2412.9
Direct bidders' share12.4All 43 since 8 May 200820 of 4323 of 4312.1
Primary dealers' share48.9Last 24 auctions15 of 249 of 2451.6
Primary dealers' share48.9All 43 since 8 May 200822 of 4321 of 4349.6
High minus median, basis points3.6Last 24 auctions16 of 247 of 246.0
High minus median, basis points3.6Since 8 May 200830 of 4311 of 436.0
High minus median, basis points3.6All 117 since 1 November 197943 of 11772 of 1172.8

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 13 September 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120913_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 September 2012 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2012-09-13.

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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