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30-year bond auction of 10 July 2014 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.369% on , with a bid-to-cover ratio of 2.40.

Coupon
3.375%
Announced
Issued
Matures

High yield

3.369%

Median yield 3.322%

Bid-to-cover

2.40

▼ −0.29 since 12 Jun

Sold

$13.00 billion

$13 billion offered

Indirect bidders

53.2%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond since 13 June 2013

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond since 13 June 201336 auctions from 11 August 2011 to 10 July 2014; the latest at 3.369%.2.5%3.0%3.5%4.0%2011201220132014This auction, 3.369%The high yield was the lowest for a 30-year bond since 13 June 201336 auctions from 11 August 2011 to 10 July 2014; the latest at 3.369%.2.5%3.0%3.5%4.0%2012201320143.369%

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
3.3692.40
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.354 of 127 of 12
High yield3.3693.67512 of 120 of 12
Indirect bidders' share53.241.10 of 1212 of 12
Direct bidders' share11.117.311 of 121 of 12
Primary dealers' share35.741.610 of 122 of 12
High minus median, basis points4.74.14 of 128 of 12

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

  • Indirect bidders' share: Highest of all 65 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 53.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 June 2014

Indirect bidders took 53.2% of the competitive bids acceptedIndirect bidders 53.2%, Direct bidders 11.1%, Primary dealers 35.7%Indirect bidders53.2%51.8%Direct bidders11.1%21.8%Primary dealers35.7%26.5%Indirect bidders took 53.2% of the competitive bids acceptedIndirect bidders 53.2%, Direct bidders 11.1%, Primary dealers 35.7%Indirect bidders53.2%51.8%Direct bidders11.1%21.8%Primary dealers35.7%26.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.251.8
Direct bidders11.121.8
Primary dealers35.726.5

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$13,000,000,000
Bids received$31,247,245,100
Sold$13,000,017,100
Competitive bids accepted$12,992,272,000
Non-competitive bids accepted$7,745,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.369
Median rate, %3.322
Low rate, %3.250
Interest rate (coupon), %3.375
Bids at the high rate filled, %91.54
Bid-to-cover ratio2.40
Indirect bidders accepted$6,916,500,000
Direct bidders accepted$1,440,577,000
Primary dealers accepted$4,635,195,000
Indirect bidders' share, % (ours)53.2
Direct bidders' share, % (ours)11.1
Primary dealers' share, % (ours)35.7
High minus median, basis points (ours)4.7
Treasury par yield curve, 30-year point, same day, %3.38
High yield minus that point, basis points (ours)-1.1

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 ratio2.40Last 24 auctions16 of 247 of 242.49
Bid-to-cover ratio2.40Since 8 May 200846 of 6515 of 652.54
Bid-to-cover ratio2.40All 72 since 8 February 200147 of 7221 of 722.50
High yield3.369Last 24 auctions12 of 2412 of 243.398
High yield3.369Since 8 May 200844 of 6521 of 653.758
High yield3.369All 139 since 1 November 1979118 of 13921 of 1395.080
Indirect bidders' share53.2Last 24 auctions0 of 2424 of 2439.5
Indirect bidders' share53.2All 65 since 8 May 20080 of 6565 of 6537.8
Direct bidders' share11.1Last 24 auctions20 of 244 of 2415.9
Direct bidders' share11.1All 65 since 8 May 200841 of 6524 of 6514.2
Primary dealers' share35.7Last 24 auctions22 of 242 of 2445.6
Primary dealers' share35.7All 65 since 8 May 200862 of 653 of 6547.3
High minus median, basis points4.7Last 24 auctions10 of 2414 of 244.1
High minus median, basis points4.7Since 8 May 200833 of 6532 of 654.8
High minus median, basis points4.7All 139 since 1 November 197939 of 139100 of 1393.0

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 10 July 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140710_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 July 2014 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2014-07-10.

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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