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30-year bond auction of 14 August 2014 (new issue)

The 30-year bond sold $16 billion at a high yield of 3.224% on , with a bid-to-cover ratio of 2.60.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.224%

Median yield 3.209%

Bid-to-cover

2.60

▲ +0.20 since 10 Jul

Sold

$16.00 billion

$16 billion offered

Indirect bidders

45.9%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond since 9 May 2013

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond since 9 May 201336 auctions from 14 September 2011 to 14 August 2014; the latest at 3.224%.2.5%3.0%3.5%4.0%2011201220132014This auction, 3.224%The high yield was the lowest for a 30-year bond since 9 May 201336 auctions from 14 September 2011 to 14 August 2014; the latest at 3.224%.2.5%3.0%3.5%4.0%201320143.224%

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
3.2242.60
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.602.382 of 1210 of 12
High yield3.2243.67112 of 120 of 12
Indirect bidders' share45.942.63 of 129 of 12
Direct bidders' share24.417.30 of 1212 of 12
Primary dealers' share29.841.111 of 121 of 12
High minus median, basis points1.54.112 of 120 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 13 October 2011 (33 auctions in between).
  • High minus median, basis points: Lowest for a 30-year bond since 8 February 2001 (72 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 45.9% of the competitive bids accepted

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

Indirect bidders took 45.9% of the competitive bids acceptedIndirect bidders 45.9%, Direct bidders 24.4%, Primary dealers 29.8%Indirect bidders45.9%53.2%Direct bidders24.4%11.1%Primary dealers29.8%35.7%Indirect bidders took 45.9% of the competitive bids acceptedIndirect bidders 45.9%, Direct bidders 24.4%, Primary dealers 29.8%Indirect bidders45.9%53.2%Direct bidders24.4%11.1%Primary dealers29.8%35.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders45.953.2
Direct bidders24.411.1
Primary dealers29.835.7

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$41,636,148,400
Sold$16,000,001,400
Competitive bids accepted$15,975,753,000
Non-competitive bids accepted$24,248,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.224
Median rate, %3.209
Low rate, %3.130
Interest rate (coupon), %3.125
Bids at the high rate filled, %91.15
Bid-to-cover ratio2.60
Indirect bidders accepted$7,325,700,000
Direct bidders accepted$3,891,380,500
Primary dealers accepted$4,758,672,500
Indirect bidders' share, % (ours)45.9
Direct bidders' share, % (ours)24.4
Primary dealers' share, % (ours)29.8
High minus median, basis points (ours)1.5
Treasury par yield curve, 30-year point, same day, %3.20
High yield minus that point, basis points (ours)2.4

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 ratio2.60Last 24 auctions6 of 2418 of 242.48
Bid-to-cover ratio2.60Since 8 May 200829 of 6635 of 662.54
Bid-to-cover ratio2.60All 73 since 8 February 200129 of 7342 of 732.50
High yield3.224Last 24 auctions15 of 249 of 243.404
High yield3.224Since 8 May 200850 of 6616 of 663.754
High yield3.224All 140 since 1 November 1979124 of 14016 of 1404.959
Indirect bidders' share45.9Last 24 auctions3 of 2421 of 2440.2
Indirect bidders' share45.9All 66 since 8 May 200811 of 6655 of 6637.8
Direct bidders' share24.4Last 24 auctions0 of 2424 of 2415.0
Direct bidders' share24.4All 66 since 8 May 20083 of 6663 of 6614.0
Primary dealers' share29.8Last 24 auctions23 of 241 of 2445.6
Primary dealers' share29.8All 66 since 8 May 200865 of 661 of 6646.9
High minus median, basis points1.5Last 24 auctions24 of 240 of 244.1
High minus median, basis points1.5Since 8 May 200866 of 660 of 664.8
High minus median, basis points1.5All 140 since 1 November 1979102 of 14038 of 1403.0

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 14 August 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140814_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 August 2014 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2014-08-14.

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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