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30-year bond auction of 11 April 2013 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.998% on , with a bid-to-cover ratio of 2.49.

Coupon
3.125%
Announced
Issued
Matures

High yield

2.998%

Median yield 2.950%

Bid-to-cover

2.49

▲ +0.06 since 14 Mar

Sold

$13.00 billion

$13 billion offered

Indirect bidders

31.4%

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 13 May 2010 to 11 April 2013; the latest at 2.998%.2.0%3.0%4.0%5.0%2010201120122013This auction, 2.998%High yield at the last 36 30-year bond auctions36 auctions from 13 May 2010 to 11 April 2013; the latest at 2.998%.2.5%3.0%3.5%4.0%4.5%2011201220132.998%

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
2.9982.49
3.2482.43
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.698 of 123 of 12
High yield2.9982.9105 of 127 of 12
Indirect bidders' share31.436.510 of 122 of 12
Direct bidders' share19.214.33 of 129 of 12
Primary dealers' share49.349.05 of 127 of 12
High minus median, basis points4.84.15 of 127 of 12

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

Who bought the 30-year bond?

Primary dealers took 49.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 14 March 2013

Primary dealers took 49.3% of the competitive bids acceptedIndirect bidders 31.4%, Direct bidders 19.2%, Primary dealers 49.3%Indirect bidders31.4%42.0%Direct bidders19.2%4.9%Primary dealers49.3%53.1%Primary dealers took 49.3% of the competitive bids acceptedIndirect bidders 31.4%, Direct bidders 19.2%, Primary dealers 49.3%Indirect bidders31.4%42.0%Direct bidders19.2%4.9%Primary dealers49.3%53.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders31.442.0
Direct bidders19.24.9
Primary dealers49.353.1

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$32,400,770,900
Sold$13,000,012,900
Competitive bids accepted$12,994,492,000
Non-competitive bids accepted$5,520,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.998
Median rate, %2.950
Low rate, %2.900
Interest rate (coupon), %3.125
Bids at the high rate filled, %33.48
Bid-to-cover ratio2.49
Indirect bidders accepted$4,085,578,000
Direct bidders accepted$2,499,522,000
Primary dealers accepted$6,409,392,000
Indirect bidders' share, % (ours)31.4
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)49.3
High minus median, basis points (ours)4.8
Treasury par yield curve, 30-year point, same day, %3.01
High yield minus that point, basis points (ours)-1.2

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 242.69
Bid-to-cover ratio2.49Since 8 May 200832 of 5016 of 502.68
Bid-to-cover ratio2.49All 57 since 8 February 200132 of 5723 of 572.60
High yield2.998Last 24 auctions15 of 249 of 243.150
High yield2.998Since 8 May 200841 of 509 of 503.982
High yield2.998All 124 since 1 November 1979115 of 1249 of 1246.137
Indirect bidders' share31.4Last 24 auctions17 of 247 of 2433.7
Indirect bidders' share31.4All 50 since 8 May 200840 of 5010 of 5036.7
Direct bidders' share19.2Last 24 auctions7 of 2417 of 2414.7
Direct bidders' share19.2All 50 since 8 May 200812 of 5038 of 5012.4
Primary dealers' share49.3Last 24 auctions12 of 2412 of 2450.0
Primary dealers' share49.3All 50 since 8 May 200824 of 5026 of 5049.0
High minus median, basis points4.8Last 24 auctions12 of 2412 of 245.0
High minus median, basis points4.8Since 8 May 200827 of 5023 of 506.0
High minus median, basis points4.8All 124 since 1 November 197932 of 12491 of 1243.0

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 11 April 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130411_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 April 2013 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2013-04-11.

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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