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30-year bond auction of 10 January 2013 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.070% on , with a bid-to-cover ratio of 2.77.

Coupon
2.750%
Announced
Issued
Matures

High yield

3.070%

Median yield 3.032%

Bid-to-cover

2.77

▲ +0.27 since 13 Dec

Sold

$13.00 billion

$13 billion offered

Indirect bidders

37.8%

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 11 February 2010 to 10 January 2013; the latest at 3.070%.2.0%3.0%4.0%5.0%2010201120122013This auction, 3.070%High yield at the last 36 30-year bond auctions36 auctions from 11 February 2010 to 10 January 2013; the latest at 3.070%.2.0%3.0%4.0%5.0%2011201220133.070%

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
3.0702.77
2.9172.50
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.772.640 of 1211 of 12
High yield3.0702.9104 of 128 of 12
Indirect bidders' share37.833.12 of 1210 of 12
Direct bidders' share16.714.43 of 129 of 12
Primary dealers' share45.553.29 of 123 of 12
High minus median, basis points3.86.08 of 124 of 12

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

Who bought the 30-year bond?

Primary dealers took 45.5% of the competitive bids accepted

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

Primary dealers took 45.5% of the competitive bids acceptedIndirect bidders 37.8%, Direct bidders 16.7%, Primary dealers 45.5%Indirect bidders37.8%33.7%Direct bidders16.7%20.3%Primary dealers45.5%46.1%Primary dealers took 45.5% of the competitive bids acceptedIndirect bidders 37.8%, Direct bidders 16.7%, Primary dealers 45.5%Indirect bidders37.8%33.7%Direct bidders16.7%20.3%Primary dealers45.5%46.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders37.833.7
Direct bidders16.720.3
Primary dealers45.546.1

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$36,048,702,900
Sold$13,000,000,900
Competitive bids accepted$12,989,715,500
Non-competitive bids accepted$10,285,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.070
Median rate, %3.032
Low rate, %2.980
Interest rate (coupon), %2.750
Bids at the high rate filled, %5.45
Bid-to-cover ratio2.77
Indirect bidders accepted$4,916,389,500
Direct bidders accepted$2,163,163,500
Primary dealers accepted$5,910,162,500
Indirect bidders' share, % (ours)37.8
Direct bidders' share, % (ours)16.7
Primary dealers' share, % (ours)45.5
High minus median, basis points (ours)3.8
Treasury par yield curve, 30-year point, same day, %3.08
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 ratio2.77Last 24 auctions6 of 2417 of 242.68
Bid-to-cover ratio2.77Since 8 May 200810 of 4735 of 472.67
Bid-to-cover ratio2.77All 54 since 8 February 200110 of 5442 of 542.57
High yield3.070Last 24 auctions15 of 249 of 243.214
High yield3.070Since 8 May 200838 of 479 of 474.080
High yield3.070All 121 since 1 November 1979112 of 1219 of 1216.207
Indirect bidders' share37.8Last 24 auctions7 of 2417 of 2433.7
Indirect bidders' share37.8All 47 since 8 May 200818 of 4729 of 4736.7
Direct bidders' share16.7Last 24 auctions8 of 2416 of 2414.4
Direct bidders' share16.7All 47 since 8 May 200814 of 4733 of 4712.4
Primary dealers' share45.5Last 24 auctions17 of 247 of 2450.3
Primary dealers' share45.5All 47 since 8 May 200832 of 4715 of 4748.9
High minus median, basis points3.8Last 24 auctions15 of 249 of 246.0
High minus median, basis points3.8Since 8 May 200832 of 4715 of 476.0
High minus median, basis points3.8All 121 since 1 November 197945 of 12176 of 1213.0

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 10 January 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130110_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 January 2013 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2013-01-10.

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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