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30-year bond auction of 12 December 2013 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.900% on , with a bid-to-cover ratio of 2.35.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.900%

Median yield 3.859%

Bid-to-cover

2.35

▲ +0.19 since 14 Nov

Sold

$13.00 billion

$13 billion offered

Indirect bidders

46.0%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 14 July 2011

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 14 July 201136 auctions from 13 January 2011 to 12 December 2013; the latest at 3.900%.2.0%3.0%4.0%5.0%201120122013This auction, 3.900%The high yield was the highest for a 30-year bond since 14 July 201136 auctions from 13 January 2011 to 12 December 2013; the latest at 3.900%.2.5%3.0%3.5%4.0%201220133.900%

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
3.9002.35
3.8102.16
3.7582.64
3.8202.40
3.6522.11
3.6602.26
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.489 of 123 of 12
High yield3.9003.3020 of 1212 of 12
Indirect bidders' share46.038.30 of 1212 of 12
Direct bidders' share12.516.910 of 122 of 12
Primary dealers' share41.445.911 of 121 of 12
High minus median, basis points4.14.46 of 123 of 12

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

  • Indirect bidders' share: Highest for a 30-year bond since 14 April 2011 (31 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 46.0% of the competitive bids accepted

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

Indirect bidders took 46.0% of the competitive bids acceptedIndirect bidders 46.0%, Direct bidders 12.5%, Primary dealers 41.4%Indirect bidders46.0%35.3%Direct bidders12.5%18.3%Primary dealers41.4%46.5%Indirect bidders took 46.0% of the competitive bids acceptedIndirect bidders 46.0%, Direct bidders 12.5%, Primary dealers 41.4%Indirect bidders46.0%35.3%Direct bidders12.5%18.3%Primary dealers41.4%46.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.035.3
Direct bidders12.518.3
Primary dealers41.446.5

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$30,549,304,500
Sold$13,000,030,900
Competitive bids accepted$12,995,076,400
Non-competitive bids accepted$4,954,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.900
Median rate, %3.859
Low rate, %3.800
Interest rate (coupon), %3.750
Bids at the high rate filled, %17.28
Bid-to-cover ratio2.35
Indirect bidders accepted$5,978,806,000
Direct bidders accepted$1,630,000,000
Primary dealers accepted$5,386,270,400
Indirect bidders' share, % (ours)46.0
Direct bidders' share, % (ours)12.5
Primary dealers' share, % (ours)41.4
High minus median, basis points (ours)4.1
Treasury par yield curve, 30-year point, same day, %3.91
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 ratio2.35Last 24 auctions21 of 243 of 242.52
Bid-to-cover ratio2.35Since 8 May 200850 of 588 of 582.60
Bid-to-cover ratio2.35All 65 since 8 February 200151 of 6514 of 652.51
High yield3.900Last 24 auctions0 of 2424 of 243.080
High yield3.900Since 8 May 200826 of 5832 of 583.815
High yield3.900All 132 since 1 November 1979100 of 13232 of 1325.490
Indirect bidders' share46.0Last 24 auctions0 of 2424 of 2436.5
Indirect bidders' share46.0All 58 since 8 May 20088 of 5850 of 5837.1
Direct bidders' share12.5Last 24 auctions18 of 246 of 2415.4
Direct bidders' share12.5All 58 since 8 May 200831 of 5827 of 5814.3
Primary dealers' share41.4Last 24 auctions23 of 241 of 2447.7
Primary dealers' share41.4All 58 since 8 May 200854 of 584 of 5848.2
High minus median, basis points4.1Last 24 auctions12 of 248 of 244.4
High minus median, basis points4.1Since 8 May 200834 of 5819 of 585.2
High minus median, basis points4.1All 132 since 1 November 197940 of 13286 of 1323.0

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 12 December 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131212_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 December 2013 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2013-12-12.

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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