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30-year bond auction of 13 November 2014 (new issue)

The 30-year bond sold $16.021 billion at a high yield of 3.092% on , with a bid-to-cover ratio of 2.29.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.092%

Median yield 3.045%

Bid-to-cover

2.29

▼ −0.11 since 9 Oct

Sold

$16.02 billion

$16 billion offered

Indirect bidders

43.8%

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 December 2011 to 13 November 2014; the latest at 3.092%.2.5%3.0%3.5%4.0%201220132014This auction, 3.092%High yield at the last 36 30-year bond auctions36 auctions from 14 December 2011 to 13 November 2014; the latest at 3.092%.2.8%3.0%3.3%3.5%3.8%4.0%201320143.092%

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
3.0922.29
3.0742.40
3.2402.67
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.292.409 of 123 of 12
High yield3.0923.48411 of 121 of 12
Indirect bidders' share43.845.48 of 124 of 12
Direct bidders' share13.817.78 of 124 of 12
Primary dealers' share42.538.43 of 129 of 12
High minus median, basis points4.73.93 of 128 of 12

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

Who bought the 30-year bond?

Indirect bidders took 43.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 October 2014

Indirect bidders took 43.8% of the competitive bids acceptedIndirect bidders 43.8%, Direct bidders 13.8%, Primary dealers 42.5%Indirect bidders43.8%46.2%Direct bidders13.8%21.5%Primary dealers42.5%32.2%Indirect bidders took 43.8% of the competitive bids acceptedIndirect bidders 43.8%, Direct bidders 13.8%, Primary dealers 42.5%Indirect bidders43.8%46.2%Direct bidders13.8%21.5%Primary dealers42.5%32.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.846.2
Direct bidders13.821.5
Primary dealers42.532.2

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$36,695,511,200
Sold$16,021,352,000
Competitive bids accepted$15,979,608,800
Non-competitive bids accepted$10,391,600
Federal Reserve (SOMA) add-on$21,351,600
Foreign and international (FIMA) non-competitive$10,000,000
High yield, %3.092
Median rate, %3.045
Low rate, %2.950
Interest rate (coupon), %3.000
Bids at the high rate filled, %85.89
Bid-to-cover ratio2.29
Indirect bidders accepted$6,996,630,800
Direct bidders accepted$2,199,000,000
Primary dealers accepted$6,783,978,000
Indirect bidders' share, % (ours)43.8
Direct bidders' share, % (ours)13.8
Primary dealers' share, % (ours)42.5
High minus median, basis points (ours)4.7
Treasury par yield curve, 30-year point, same day, %3.08
High yield minus that point, basis points (ours)1.2

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 ratio2.29Last 24 auctions19 of 245 of 242.48
Bid-to-cover ratio2.29Since 8 May 200860 of 699 of 692.54
Bid-to-cover ratio2.29All 76 since 8 February 200161 of 7615 of 762.50
High yield3.092Last 24 auctions18 of 246 of 243.404
High yield3.092Since 8 May 200855 of 6914 of 693.690
High yield3.092All 143 since 1 November 1979129 of 14314 of 1434.812
Indirect bidders' share43.8Last 24 auctions9 of 2415 of 2441.1
Indirect bidders' share43.8All 69 since 8 May 200818 of 6951 of 6938.4
Direct bidders' share13.8Last 24 auctions17 of 247 of 2416.9
Direct bidders' share13.8All 69 since 8 May 200837 of 6932 of 6914.5
Primary dealers' share42.5Last 24 auctions12 of 2412 of 2442.4
Primary dealers' share42.5All 69 since 8 May 200851 of 6918 of 6946.4
High minus median, basis points4.7Last 24 auctions8 of 2415 of 244.1
High minus median, basis points4.7Since 8 May 200833 of 6935 of 694.3
High minus median, basis points4.7All 143 since 1 November 197939 of 143103 of 1433.0

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 November 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141113_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 November 2014 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2014-11-13.

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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