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30-year bond auction of 13 June 2013 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.355% on , with a bid-to-cover ratio of 2.47.

Coupon
2.875%
Announced
Issued
Matures

High yield

3.355%

Median yield 3.285%

Bid-to-cover

2.47

▼ −0.06 since 9 May

Sold

$13.00 billion

$13 billion offered

Indirect bidders

40.2%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 14 March 2012

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 14 March 201236 auctions from 14 July 2010 to 13 June 2013; the latest at 3.355%.2.0%3.0%4.0%5.0%2010201120122013This auction, 3.355%The high yield was the highest for a 30-year bond since 14 March 201236 auctions from 14 July 2010 to 13 June 2013; the latest at 3.355%.2.5%3.0%3.5%4.0%4.5%2011201220133.355%

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
3.3552.47
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.529 of 123 of 12
High yield3.3552.9100 of 1212 of 12
Indirect bidders' share40.236.72 of 1210 of 12
Direct bidders' share8.515.010 of 122 of 12
Primary dealers' share51.347.53 of 129 of 12
High minus median, basis points7.04.10 of 1212 of 12

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

  • High minus median, basis points: Highest for a 30-year bond since 12 January 2012 (16 auctions in between).

Who bought the 30-year bond?

Primary dealers took 51.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 May 2013

Primary dealers took 51.3% of the competitive bids acceptedIndirect bidders 40.2%, Direct bidders 8.5%, Primary dealers 51.3%Indirect bidders40.2%38.8%Direct bidders8.5%15.5%Primary dealers51.3%45.7%Primary dealers took 51.3% of the competitive bids acceptedIndirect bidders 40.2%, Direct bidders 8.5%, Primary dealers 51.3%Indirect bidders40.2%38.8%Direct bidders8.5%15.5%Primary dealers51.3%45.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.238.8
Direct bidders8.515.5
Primary dealers51.345.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as29-Year 11-Month, reopening
Offering amount$13,000,000,000
Bids received$32,091,472,600
Sold$13,000,004,600
Competitive bids accepted$12,996,532,000
Non-competitive bids accepted$3,472,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.355
Median rate, %3.285
Low rate, %3.245
Interest rate (coupon), %2.875
Bids at the high rate filled, %47.11
Bid-to-cover ratio2.47
Indirect bidders accepted$5,229,400,000
Direct bidders accepted$1,104,600,000
Primary dealers accepted$6,662,532,000
Indirect bidders' share, % (ours)40.2
Direct bidders' share, % (ours)8.5
Primary dealers' share, % (ours)51.3
High minus median, basis points (ours)7.0
Treasury par yield curve, 30-year point, same day, %3.33
High yield minus that point, basis points (ours)2.5

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 ratio2.47Last 24 auctions18 of 245 of 242.66
Bid-to-cover ratio2.47Since 8 May 200836 of 5215 of 522.65
Bid-to-cover ratio2.47All 59 since 8 February 200136 of 5922 of 592.54
High yield3.355Last 24 auctions4 of 2420 of 243.080
High yield3.355Since 8 May 200832 of 5220 of 523.903
High yield3.355All 126 since 1 November 1979106 of 12620 of 1265.980
Indirect bidders' share40.2Last 24 auctions2 of 2422 of 2433.7
Indirect bidders' share40.2All 52 since 8 May 200814 of 5238 of 5236.7
Direct bidders' share8.5Last 24 auctions21 of 243 of 2415.4
Direct bidders' share8.5All 52 since 8 May 200838 of 5214 of 5212.9
Primary dealers' share51.3Last 24 auctions10 of 2414 of 2449.2
Primary dealers' share51.3All 52 since 8 May 200820 of 5232 of 5249.0
High minus median, basis points7.0Last 24 auctions3 of 2421 of 244.4
High minus median, basis points7.0Since 8 May 200814 of 5237 of 525.6
High minus median, basis points7.0All 126 since 1 November 197915 of 126110 of 1263.0

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 13 June 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130613_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 June 2013 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2013-06-13.

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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