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30-year bond auction of 8 May 2014 (new issue)

The 30-year bond sold $16 billion at a high yield of 3.440% on , with a bid-to-cover ratio of 2.09.

Coupon
3.375%
Announced
Issued
Matures

High yield

3.440%

Median yield 3.366%

Bid-to-cover

2.09

▼ −0.43 since 10 Apr

Sold

$16.00 billion

$16 billion offered

Indirect bidders

40.4%

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 9 June 2011 to 8 May 2014; the latest at 3.440%.2.5%3.0%3.5%4.0%4.5%2011201220132014This auction, 3.440%High yield at the last 36 30-year bond auctions36 auctions from 9 June 2011 to 8 May 2014; the latest at 3.440%.2.5%3.0%3.5%4.0%2012201320143.440%

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
3.4402.09
3.5252.52
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.092.3812 of 120 of 12
High yield3.4403.67510 of 122 of 12
Indirect bidders' share40.440.25 of 127 of 12
Direct bidders' share8.416.712 of 120 of 12
Primary dealers' share51.242.21 of 1211 of 12
High minus median, basis points7.44.10 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 30-year bond since 11 August 2011 (32 auctions in between).
  • Direct bidders' share: Lowest for a 30-year bond since 14 March 2013 (13 auctions in between).
  • High minus median, basis points: Highest for a 30-year bond since 10 November 2011 (29 auctions in between).

Who bought the 30-year bond?

Primary dealers took 51.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 April 2014

Primary dealers took 51.2% of the competitive bids acceptedIndirect bidders 40.4%, Direct bidders 8.4%, Primary dealers 51.2%Indirect bidders40.4%43.3%Direct bidders8.4%17.9%Primary dealers51.2%38.8%Primary dealers took 51.2% of the competitive bids acceptedIndirect bidders 40.4%, Direct bidders 8.4%, Primary dealers 51.2%Indirect bidders40.4%43.3%Direct bidders8.4%17.9%Primary dealers51.2%38.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.443.3
Direct bidders8.417.9
Primary dealers51.238.8

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$33,364,062,800
Sold$16,000,008,800
Competitive bids accepted$15,972,546,000
Non-competitive bids accepted$22,462,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.440
Median rate, %3.366
Low rate, %3.300
Interest rate (coupon), %3.375
Bids at the high rate filled, %58.90
Bid-to-cover ratio2.09
Indirect bidders accepted$6,449,325,000
Direct bidders accepted$1,348,000,000
Primary dealers accepted$8,175,221,000
Indirect bidders' share, % (ours)40.4
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)51.2
High minus median, basis points (ours)7.4
Treasury par yield curve, 30-year point, same day, %3.45
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 ratio2.09Last 24 auctions24 of 240 of 242.49
Bid-to-cover ratio2.09Since 8 May 200861 of 632 of 632.54
Bid-to-cover ratio2.09All 70 since 8 February 200163 of 707 of 702.50
High yield3.440Last 24 auctions10 of 2414 of 243.214
High yield3.440Since 8 May 200841 of 6322 of 633.810
High yield3.440All 137 since 1 November 1979115 of 13722 of 1375.298
Indirect bidders' share40.4Last 24 auctions7 of 2417 of 2438.7
Indirect bidders' share40.4All 63 since 8 May 200819 of 6344 of 6337.8
Direct bidders' share8.4Last 24 auctions22 of 242 of 2415.9
Direct bidders' share8.4All 63 since 8 May 200849 of 6314 of 6314.2
Primary dealers' share51.2Last 24 auctions4 of 2420 of 2445.6
Primary dealers' share51.2All 63 since 8 May 200821 of 6342 of 6347.3
High minus median, basis points7.4Last 24 auctions0 of 2424 of 244.1
High minus median, basis points7.4Since 8 May 200812 of 6351 of 634.8
High minus median, basis points7.4All 137 since 1 November 197913 of 137124 of 1373.0

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 8 May 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140508_1.pdf. Compiled by 500metrics, "30-year bond auction of 8 May 2014 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2014-05-08.

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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