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30-year bond auction of 14 February 2013 (new issue)

The 30-year bond sold $16 billion at a high yield of 3.180% on , with a bid-to-cover ratio of 2.74.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.180%

Median yield 3.139%

Bid-to-cover

2.74

▼ −0.03 since 10 Jan

Sold

$16.00 billion

$16 billion offered

Indirect bidders

36.4%

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 11 March 2010 to 14 February 2013; the latest at 3.180%.2.0%3.0%4.0%5.0%2010201120122013This auction, 3.180%High yield at the last 36 30-year bond auctions36 auctions from 11 March 2010 to 14 February 2013; the latest at 3.180%.2.5%3.0%3.5%4.0%4.5%5.0%2011201220133.180%

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
3.1802.74
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.742.693 of 129 of 12
High yield3.1802.9103 of 129 of 12
Indirect bidders' share36.433.75 of 127 of 12
Direct bidders' share14.514.77 of 125 of 12
Primary dealers' share49.149.96 of 126 of 12
High minus median, basis points4.15.06 of 125 of 12

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

Who bought the 30-year bond?

Primary dealers took 49.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 January 2013

Primary dealers took 49.1% of the competitive bids acceptedIndirect bidders 36.4%, Direct bidders 14.5%, Primary dealers 49.1%Indirect bidders36.4%37.8%Direct bidders14.5%16.7%Primary dealers49.1%45.5%Primary dealers took 49.1% of the competitive bids acceptedIndirect bidders 36.4%, Direct bidders 14.5%, Primary dealers 49.1%Indirect bidders36.4%37.8%Direct bidders14.5%16.7%Primary dealers49.1%45.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.437.8
Direct bidders14.516.7
Primary dealers49.145.5

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$43,855,580,500
Sold$16,000,139,500
Competitive bids accepted$15,980,720,000
Non-competitive bids accepted$19,419,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.180
Median rate, %3.139
Low rate, %3.090
Interest rate (coupon), %3.125
Bids at the high rate filled, %85.20
Bid-to-cover ratio2.74
Indirect bidders accepted$5,812,860,000
Direct bidders accepted$2,315,000,000
Primary dealers accepted$7,852,860,000
Indirect bidders' share, % (ours)36.4
Direct bidders' share, % (ours)14.5
Primary dealers' share, % (ours)49.1
High minus median, basis points (ours)4.1
Treasury par yield curve, 30-year point, same day, %3.17
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 ratio2.74Last 24 auctions9 of 2415 of 242.69
Bid-to-cover ratio2.74Since 8 May 200814 of 4833 of 482.68
Bid-to-cover ratio2.74All 55 since 8 February 200114 of 5540 of 552.60
High yield3.180Last 24 auctions12 of 2412 of 243.160
High yield3.180Since 8 May 200836 of 4812 of 484.044
High yield3.180All 122 since 1 November 1979110 of 12212 of 1226.176
Indirect bidders' share36.4Last 24 auctions11 of 2413 of 2433.7
Indirect bidders' share36.4All 48 since 8 May 200825 of 4823 of 4836.7
Direct bidders' share14.5Last 24 auctions13 of 2411 of 2414.7
Direct bidders' share14.5All 48 since 8 May 200821 of 4827 of 4812.4
Primary dealers' share49.1Last 24 auctions12 of 2412 of 2449.9
Primary dealers' share49.1All 48 since 8 May 200823 of 4825 of 4848.9
High minus median, basis points4.1Last 24 auctions12 of 2411 of 245.0
High minus median, basis points4.1Since 8 May 200829 of 4817 of 486.0
High minus median, basis points4.1All 122 since 1 November 197935 of 12284 of 1223.0

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 14 February 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130214_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 February 2013 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2013-02-14.

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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