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30-year bond auction of 8 November 2012 (new issue)

The 30-year bond sold $16 billion at a high yield of 2.820% on , with a bid-to-cover ratio of 2.77.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.820%

Median yield 2.800%

Bid-to-cover

2.77

▲ +0.28 since 11 Oct

Sold

$16.00 billion

$16 billion offered

Indirect bidders

45.4%

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 December 2009 to 8 November 2012; the latest at 2.820%.2.0%3.0%4.0%5.0%201020112012This auction, 2.820%High yield at the last 36 30-year bond auctions36 auctions from 10 December 2009 to 8 November 2012; the latest at 2.820%.2.0%3.0%4.0%5.0%201120122.820%

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
2.8202.77
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.772.641 of 1211 of 12
High yield2.8202.95510 of 122 of 12
Indirect bidders' share45.432.20 of 1212 of 12
Direct bidders' share12.414.79 of 123 of 12
Primary dealers' share42.155.712 of 120 of 12
High minus median, basis points2.06.012 of 120 of 12

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

  • Indirect bidders' share: Highest for a 30-year bond since 14 April 2011 (18 auctions in between).
  • Primary dealers' share: Lowest for a 30-year bond since 13 October 2011 (12 auctions in between).
  • High minus median, basis points: Lowest for a 30-year bond since 8 February 2001 (51 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 45.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 October 2012

Indirect bidders took 45.4% of the competitive bids acceptedIndirect bidders 45.4%, Direct bidders 12.4%, Primary dealers 42.1%Indirect bidders45.4%26.5%Direct bidders12.4%14.2%Primary dealers42.1%59.3%Indirect bidders took 45.4% of the competitive bids acceptedIndirect bidders 45.4%, Direct bidders 12.4%, Primary dealers 42.1%Indirect bidders45.4%26.5%Direct bidders12.4%14.2%Primary dealers42.1%59.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders45.426.5
Direct bidders12.414.2
Primary dealers42.159.3

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$44,304,343,800
Sold$16,000,008,200
Competitive bids accepted$15,983,444,400
Non-competitive bids accepted$16,563,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.820
Median rate, %2.800
Low rate, %2.750
Interest rate (coupon), %2.750
Bids at the high rate filled, %61.46
Bid-to-cover ratio2.77
Indirect bidders accepted$7,261,519,600
Direct bidders accepted$1,985,407,400
Primary dealers accepted$6,736,517,400
Indirect bidders' share, % (ours)45.4
Direct bidders' share, % (ours)12.4
Primary dealers' share, % (ours)42.1
High minus median, basis points (ours)2.0
Treasury par yield curve, 30-year point, same day, %2.77
High yield minus that point, basis points (ours)5.0

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 ratio2.77Last 24 auctions6 of 2418 of 242.68
Bid-to-cover ratio2.77Since 8 May 200810 of 4534 of 452.67
Bid-to-cover ratio2.77All 52 since 8 February 200110 of 5241 of 522.57
High yield2.820Last 24 auctions22 of 242 of 243.275
High yield2.820Since 8 May 200843 of 452 of 454.182
High yield2.820All 119 since 1 November 1979117 of 1192 of 1196.350
Indirect bidders' share45.4Last 24 auctions2 of 2422 of 2435.2
Indirect bidders' share45.4All 45 since 8 May 20088 of 4537 of 4536.7
Direct bidders' share12.4Last 24 auctions13 of 2411 of 2413.8
Direct bidders' share12.4All 45 since 8 May 200821 of 4524 of 4512.4
Primary dealers' share42.1Last 24 auctions21 of 243 of 2450.8
Primary dealers' share42.1All 45 since 8 May 200840 of 455 of 4549.6
High minus median, basis points2.0Last 24 auctions24 of 240 of 246.0
High minus median, basis points2.0Since 8 May 200845 of 450 of 456.0
High minus median, basis points2.0All 119 since 1 November 197966 of 11939 of 1193.0

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 8 November 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121108_1.pdf. Compiled by 500metrics, "30-year bond auction of 8 November 2012 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2012-11-08.

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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