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30-year bond auction of 12 June 2014 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.444% on , with a bid-to-cover ratio of 2.69.

Coupon
3.375%
Announced
Issued
Matures

High yield

3.444%

Median yield 3.424%

Bid-to-cover

2.69

▲ +0.60 since 8 May

Sold

$13.00 billion

$13 billion offered

Indirect bidders

51.8%

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 July 2011 to 12 June 2014; the latest at 3.444%.2.5%3.0%3.5%4.0%4.5%2011201220132014This auction, 3.444%High yield at the last 36 30-year bond auctions36 auctions from 14 July 2011 to 12 June 2014; the latest at 3.444%.2.5%3.0%3.5%4.0%2012201320143.444%

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
3.4442.69
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.692.350 of 1212 of 12
High yield3.4443.67510 of 122 of 12
Indirect bidders' share51.840.30 of 1212 of 12
Direct bidders' share21.816.71 of 1211 of 12
Primary dealers' share26.542.212 of 120 of 12
High minus median, basis points2.04.111 of 121 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year bond since 14 February 2013 (15 auctions in between).
  • Indirect bidders' share: Highest of all 64 earlier 30-year bond auctions we hold.
  • Primary dealers' share: Lowest of all 64 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 51.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 8 May 2014

Indirect bidders took 51.8% of the competitive bids acceptedIndirect bidders 51.8%, Direct bidders 21.8%, Primary dealers 26.5%Indirect bidders51.8%40.4%Direct bidders21.8%8.4%Primary dealers26.5%51.2%Indirect bidders took 51.8% of the competitive bids acceptedIndirect bidders 51.8%, Direct bidders 21.8%, Primary dealers 26.5%Indirect bidders51.8%40.4%Direct bidders21.8%8.4%Primary dealers26.5%51.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.840.4
Direct bidders21.88.4
Primary dealers26.551.2

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$34,996,451,400
Sold$13,000,001,400
Competitive bids accepted$12,992,125,000
Non-competitive bids accepted$7,876,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.444
Median rate, %3.424
Low rate, %3.370
Interest rate (coupon), %3.375
Bids at the high rate filled, %75.40
Bid-to-cover ratio2.69
Indirect bidders accepted$6,724,815,000
Direct bidders accepted$2,827,000,000
Primary dealers accepted$3,440,310,000
Indirect bidders' share, % (ours)51.8
Direct bidders' share, % (ours)21.8
Primary dealers' share, % (ours)26.5
High minus median, basis points (ours)2.0
Treasury par yield curve, 30-year point, same day, %3.41
High yield minus that point, basis points (ours)3.4

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 ratio2.69Last 24 auctions4 of 2420 of 242.48
Bid-to-cover ratio2.69Since 8 May 200821 of 6442 of 642.54
Bid-to-cover ratio2.69All 71 since 8 February 200121 of 7149 of 712.50
High yield3.444Last 24 auctions10 of 2414 of 243.302
High yield3.444Since 8 May 200841 of 6423 of 643.784
High yield3.444All 138 since 1 November 1979115 of 13823 of 1385.189
Indirect bidders' share51.8Last 24 auctions0 of 2424 of 2438.8
Indirect bidders' share51.8All 64 since 8 May 20080 of 6464 of 6437.8
Direct bidders' share21.8Last 24 auctions2 of 2422 of 2415.9
Direct bidders' share21.8All 64 since 8 May 20088 of 6456 of 6414.0
Primary dealers' share26.5Last 24 auctions24 of 240 of 2445.6
Primary dealers' share26.5All 64 since 8 May 200864 of 640 of 6447.4
High minus median, basis points2.0Last 24 auctions22 of 241 of 244.1
High minus median, basis points2.0Since 8 May 200862 of 641 of 645.0
High minus median, basis points2.0All 138 since 1 November 197983 of 13840 of 1383.0

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 June 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140612_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 June 2014 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2014-06-12.

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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