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30-year bond auction of 9 May 2013 (new issue)

The 30-year bond sold $16 billion at a high yield of 2.980% on , with a bid-to-cover ratio of 2.53.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.980%

Median yield 2.944%

Bid-to-cover

2.53

▲ +0.04 since 11 Apr

Sold

$16.00 billion

$16 billion offered

Indirect bidders

38.8%

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 10 June 2010 to 9 May 2013; the latest at 2.980%.2.0%3.0%4.0%5.0%2010201120122013This auction, 2.980%High yield at the last 36 30-year bond auctions36 auctions from 10 June 2010 to 9 May 2013; the latest at 2.980%.2.5%3.0%3.5%4.0%4.5%2011201220132.980%

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
2.9802.53
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.532.596 of 126 of 12
High yield2.9802.9105 of 127 of 12
Indirect bidders' share38.836.52 of 1210 of 12
Direct bidders' share15.515.05 of 127 of 12
Primary dealers' share45.749.08 of 124 of 12
High minus median, basis points3.64.18 of 123 of 12

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

Who bought the 30-year bond?

Primary dealers took 45.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 April 2013

Primary dealers took 45.7% of the competitive bids acceptedIndirect bidders 38.8%, Direct bidders 15.5%, Primary dealers 45.7%Indirect bidders38.8%31.4%Direct bidders15.5%19.2%Primary dealers45.7%49.3%Primary dealers took 45.7% of the competitive bids acceptedIndirect bidders 38.8%, Direct bidders 15.5%, Primary dealers 45.7%Indirect bidders38.8%31.4%Direct bidders15.5%19.2%Primary dealers45.7%49.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.831.4
Direct bidders15.519.2
Primary dealers45.749.3

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$40,481,594,800
Sold$16,000,063,300
Competitive bids accepted$15,987,798,500
Non-competitive bids accepted$12,264,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.980
Median rate, %2.944
Low rate, %2.899
Interest rate (coupon), %2.875
Bids at the high rate filled, %62.31
Bid-to-cover ratio2.53
Indirect bidders accepted$6,205,508,500
Direct bidders accepted$2,474,401,000
Primary dealers accepted$7,307,889,000
Indirect bidders' share, % (ours)38.8
Direct bidders' share, % (ours)15.5
Primary dealers' share, % (ours)45.7
High minus median, basis points (ours)3.6
Treasury par yield curve, 30-year point, same day, %3.01
High yield minus that point, basis points (ours)-3.0

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 ratio2.53Last 24 auctions14 of 2410 of 242.66
Bid-to-cover ratio2.53Since 8 May 200830 of 5121 of 512.67
Bid-to-cover ratio2.53All 58 since 8 February 200130 of 5828 of 582.57
High yield2.980Last 24 auctions16 of 248 of 243.105
High yield2.980Since 8 May 200843 of 518 of 513.954
High yield2.980All 125 since 1 November 1979117 of 1258 of 1256.130
Indirect bidders' share38.8Last 24 auctions3 of 2421 of 2433.3
Indirect bidders' share38.8All 51 since 8 May 200816 of 5135 of 5136.7
Direct bidders' share15.5Last 24 auctions11 of 2413 of 2415.1
Direct bidders' share15.5All 51 since 8 May 200819 of 5132 of 5112.4
Primary dealers' share45.7Last 24 auctions17 of 247 of 2450.1
Primary dealers' share45.7All 51 since 8 May 200834 of 5117 of 5149.1
High minus median, basis points3.6Last 24 auctions16 of 247 of 245.4
High minus median, basis points3.6Since 8 May 200836 of 5112 of 515.9
High minus median, basis points3.6All 125 since 1 November 197949 of 12573 of 1253.0

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 9 May 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130509_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 May 2013 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2013-05-09.

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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