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30-year bond auction of 11 October 2012 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.904% on , with a bid-to-cover ratio of 2.49.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.904%

Median yield 2.844%

Bid-to-cover

2.49

▼ −0.19 since 13 Sep

Sold

$13.00 billion

$13 billion offered

Indirect bidders

26.5%

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 12 November 2009 to 11 October 2012; the latest at 2.904%.2.0%3.0%4.0%5.0%201020112012This auction, 2.904%High yield at the last 36 30-year bond auctions36 auctions from 12 November 2009 to 11 October 2012; the latest at 2.904%.2.0%3.0%4.0%5.0%201120122.904%

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
2.9042.49
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.698 of 124 of 12
High yield2.9043.0388 of 124 of 12
Indirect bidders' share26.532.212 of 120 of 12
Direct bidders' share14.215.18 of 124 of 12
Primary dealers' share59.353.21 of 1211 of 12
High minus median, basis points6.05.03 of 127 of 12

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

  • Indirect bidders' share: Lowest for a 30-year bond since 11 August 2011 (13 auctions in between).

Who bought the 30-year bond?

Primary dealers took 59.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 September 2012

Primary dealers took 59.3% of the competitive bids acceptedIndirect bidders 26.5%, Direct bidders 14.2%, Primary dealers 59.3%Indirect bidders26.5%38.7%Direct bidders14.2%12.4%Primary dealers59.3%48.9%Primary dealers took 59.3% of the competitive bids acceptedIndirect bidders 26.5%, Direct bidders 14.2%, Primary dealers 59.3%Indirect bidders26.5%38.7%Direct bidders14.2%12.4%Primary dealers59.3%48.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders26.538.7
Direct bidders14.212.4
Primary dealers59.348.9

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$32,369,563,200
Sold$13,000,014,200
Competitive bids accepted$12,994,701,000
Non-competitive bids accepted$5,313,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.904
Median rate, %2.844
Low rate, %2.797
Interest rate (coupon), %2.750
Bids at the high rate filled, %96.46
Bid-to-cover ratio2.49
Indirect bidders accepted$3,447,250,000
Direct bidders accepted$1,840,000,000
Primary dealers accepted$7,707,451,000
Indirect bidders' share, % (ours)26.5
Direct bidders' share, % (ours)14.2
Primary dealers' share, % (ours)59.3
High minus median, basis points (ours)6.0
Treasury par yield curve, 30-year point, same day, %2.86
High yield minus that point, basis points (ours)4.4

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 ratio2.49Last 24 auctions16 of 247 of 242.68
Bid-to-cover ratio2.49Since 8 May 200828 of 4415 of 442.68
Bid-to-cover ratio2.49All 51 since 8 February 200128 of 5122 of 512.60
High yield2.904Last 24 auctions20 of 244 of 243.346
High yield2.904Since 8 May 200840 of 444 of 444.190
High yield2.904All 118 since 1 November 1979114 of 1184 of 1186.390
Indirect bidders' share26.5Last 24 auctions23 of 241 of 2435.2
Indirect bidders' share26.5All 44 since 8 May 200841 of 443 of 4436.7
Direct bidders' share14.2Last 24 auctions11 of 2413 of 2412.9
Direct bidders' share14.2All 44 since 8 May 200819 of 4425 of 4412.2
Primary dealers' share59.3Last 24 auctions2 of 2422 of 2450.8
Primary dealers' share59.3All 44 since 8 May 20084 of 4440 of 4449.3
High minus median, basis points6.0Last 24 auctions10 of 2412 of 246.0
High minus median, basis points6.0Since 8 May 200820 of 4422 of 446.0
High minus median, basis points6.0All 118 since 1 November 197921 of 11892 of 1182.9

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 11 October 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121011_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 October 2012 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2012-10-11.

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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