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30-year bond auction of 11 December 2014 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.848% on , with a bid-to-cover ratio of 2.76.

Coupon
3.000%
Announced
Issued
Matures

High yield

2.848%

Median yield 2.819%

Bid-to-cover

2.76

▲ +0.47 since 13 Nov

Sold

$13.00 billion

$13 billion offered

Indirect bidders

49.8%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond since 8 November 2012

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond since 8 November 201236 auctions from 12 January 2012 to 11 December 2014; the latest at 2.848%.2.5%3.0%3.5%4.0%201220132014This auction, 2.848%The high yield was the lowest for a 30-year bond since 8 November 201236 auctions from 12 January 2012 to 11 December 2014; the latest at 2.848%.2.5%3.0%3.5%4.0%201320142.848%

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
2.8482.76
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.762.400 of 1212 of 12
High yield2.8483.44212 of 120 of 12
Indirect bidders' share49.845.42 of 1210 of 12
Direct bidders' share24.315.71 of 1211 of 12
Primary dealers' share25.938.412 of 120 of 12
High minus median, basis points2.93.99 of 123 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year bond since 10 January 2013 (22 auctions in between).
  • Primary dealers' share: Lowest of all 70 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 49.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 November 2014

Indirect bidders took 49.8% of the competitive bids acceptedIndirect bidders 49.8%, Direct bidders 24.3%, Primary dealers 25.9%Indirect bidders49.8%43.8%Direct bidders24.3%13.8%Primary dealers25.9%42.5%Indirect bidders took 49.8% of the competitive bids acceptedIndirect bidders 49.8%, Direct bidders 24.3%, Primary dealers 25.9%Indirect bidders49.8%43.8%Direct bidders24.3%13.8%Primary dealers25.9%42.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders49.843.8
Direct bidders24.313.8
Primary dealers25.942.5

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$35,910,621,500
Sold$13,000,022,300
Competitive bids accepted$12,993,900,800
Non-competitive bids accepted$6,121,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.848
Median rate, %2.819
Low rate, %2.748
Interest rate (coupon), %3.000
Bids at the high rate filled, %90.67
Bid-to-cover ratio2.76
Indirect bidders accepted$6,475,900,800
Direct bidders accepted$3,152,000,000
Primary dealers accepted$3,366,000,000
Indirect bidders' share, % (ours)49.8
Direct bidders' share, % (ours)24.3
Primary dealers' share, % (ours)25.9
High minus median, basis points (ours)2.9
Treasury par yield curve, 30-year point, same day, %2.84
High yield minus that point, basis points (ours)0.8

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 ratio2.76Last 24 auctions1 of 2423 of 242.45
Bid-to-cover ratio2.76Since 8 May 200813 of 7056 of 702.54
Bid-to-cover ratio2.76All 77 since 8 February 200113 of 7763 of 772.50
High yield2.848Last 24 auctions24 of 240 of 243.404
High yield2.848Since 8 May 200866 of 704 of 703.675
High yield2.848All 144 since 1 November 1979140 of 1444 of 1444.791
Indirect bidders' share49.8Last 24 auctions2 of 2422 of 2441.1
Indirect bidders' share49.8All 70 since 8 May 20083 of 7067 of 7038.4
Direct bidders' share24.3Last 24 auctions1 of 2423 of 2416.9
Direct bidders' share24.3All 70 since 8 May 20084 of 7066 of 7014.3
Primary dealers' share25.9Last 24 auctions24 of 240 of 2442.6
Primary dealers' share25.9All 70 since 8 May 200870 of 700 of 7046.4
High minus median, basis points2.9Last 24 auctions20 of 244 of 244.1
High minus median, basis points2.9Since 8 May 200861 of 709 of 704.5
High minus median, basis points2.9All 144 since 1 November 197980 of 14464 of 1443.0

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 11 December 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141211_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 December 2014 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2014-12-11.

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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