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30-year bond auction of 13 March 2014 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.630% on , with a bid-to-cover ratio of 2.35.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.630%

Median yield 3.572%

Bid-to-cover

2.35

▲ +0.08 since 13 Feb

Sold

$13.00 billion

$13 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 14 April 2011 to 13 March 2014; the latest at 3.630%.2.5%3.0%3.5%4.0%4.5%5.0%2011201220132014This auction, 3.630%High yield at the last 36 30-year bond auctions36 auctions from 14 April 2011 to 13 March 2014; the latest at 3.630%.2.5%3.0%3.5%4.0%2012201320143.630%

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
3.6302.35
3.6902.27
3.8992.57
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.427 of 124 of 12
High yield3.6303.6758 of 124 of 12
Indirect bidders' share38.840.29 of 123 of 12
Direct bidders' share12.616.79 of 123 of 12
Primary dealers' share48.643.13 of 129 of 12
High minus median, basis points5.84.12 of 1210 of 12

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

Who bought the 30-year bond?

Primary dealers took 48.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 February 2014

Primary dealers took 48.6% of the competitive bids acceptedIndirect bidders 38.8%, Direct bidders 12.6%, Primary dealers 48.6%Indirect bidders38.8%45.3%Direct bidders12.6%13.9%Primary dealers48.6%40.8%Primary dealers took 48.6% of the competitive bids acceptedIndirect bidders 38.8%, Direct bidders 12.6%, Primary dealers 48.6%Indirect bidders38.8%45.3%Direct bidders12.6%13.9%Primary dealers48.6%40.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.845.3
Direct bidders12.613.9
Primary dealers48.640.8

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$30,585,474,900
Sold$13,000,007,400
Competitive bids accepted$12,983,982,500
Non-competitive bids accepted$16,024,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.630
Median rate, %3.572
Low rate, %3.500
Interest rate (coupon), %3.625
Bids at the high rate filled, %92.15
Bid-to-cover ratio2.35
Indirect bidders accepted$5,032,398,500
Direct bidders accepted$1,635,215,000
Primary dealers accepted$6,316,369,000
Indirect bidders' share, % (ours)38.8
Direct bidders' share, % (ours)12.6
Primary dealers' share, % (ours)48.6
High minus median, basis points (ours)5.8
Treasury par yield curve, 30-year point, same day, %3.60
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 ratio2.35Last 24 auctions19 of 244 of 242.50
Bid-to-cover ratio2.35Since 8 May 200851 of 619 of 612.57
Bid-to-cover ratio2.35All 68 since 8 February 200152 of 6815 of 682.50
High yield3.630Last 24 auctions8 of 2416 of 243.205
High yield3.630Since 8 May 200838 of 6123 of 613.820
High yield3.630All 135 since 1 November 1979112 of 13523 of 1355.300
Indirect bidders' share38.8Last 24 auctions10 of 2414 of 2437.8
Indirect bidders' share38.8All 61 since 8 May 200824 of 6137 of 6137.7
Direct bidders' share12.6Last 24 auctions18 of 246 of 2415.4
Direct bidders' share12.6All 61 since 8 May 200833 of 6128 of 6114.2
Primary dealers' share48.6Last 24 auctions10 of 2414 of 2445.9
Primary dealers' share48.6All 61 since 8 May 200829 of 6132 of 6147.3
High minus median, basis points5.8Last 24 auctions7 of 2417 of 244.1
High minus median, basis points5.8Since 8 May 200827 of 6134 of 614.8
High minus median, basis points5.8All 135 since 1 November 197931 of 135104 of 1353.0

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 March 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140313_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 March 2014 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2014-03-13.

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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