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30-year bond auction of 12 February 2015 (new issue)

The 30-year bond sold $16.001 billion at a high yield of 2.560% on , with a bid-to-cover ratio of 2.26.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.560%

Median yield 2.506%

Bid-to-cover

2.26

▼ −0.06 since 14 Jan

Sold

$16.00 billion

$16 billion offered

Indirect bidders

49.4%

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 March 2012 to 12 February 2015; the latest at 2.560%.2.0%2.5%3.0%3.5%4.0%2012201320142015This auction, 2.560%High yield at the last 36 30-year bond auctions36 auctions from 14 March 2012 to 12 February 2015; the latest at 2.560%.2.0%2.5%3.0%3.5%4.0%2013201420152.560%

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
2.5602.26
2.4302.32
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.262.4011 of 121 of 12
High yield2.5603.30411 of 121 of 12
Indirect bidders' share49.445.73 of 129 of 12
Direct bidders' share15.515.96 of 126 of 12
Primary dealers' share35.136.57 of 125 of 12
High minus median, basis points5.43.63 of 129 of 12

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

Who bought the 30-year bond?

Indirect bidders took 49.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 14 January 2015

Indirect bidders took 49.4% of the competitive bids acceptedIndirect bidders 49.4%, Direct bidders 15.5%, Primary dealers 35.1%Indirect bidders49.4%48.9%Direct bidders15.5%13.7%Primary dealers35.1%37.4%Indirect bidders took 49.4% of the competitive bids acceptedIndirect bidders 49.4%, Direct bidders 15.5%, Primary dealers 35.1%Indirect bidders49.4%48.9%Direct bidders15.5%13.7%Primary dealers35.1%37.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders49.448.9
Direct bidders15.513.7
Primary dealers35.137.4

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$36,131,667,500
Sold$16,000,605,500
Competitive bids accepted$15,977,833,000
Non-competitive bids accepted$20,168,800
Federal Reserve (SOMA) add-on$603,700
Foreign and international (FIMA) non-competitive$2,000,000
High yield, %2.560
Median rate, %2.506
Low rate, %2.410
Interest rate (coupon), %2.500
Bids at the high rate filled, %3.44
Bid-to-cover ratio2.26
Indirect bidders accepted$7,893,017,000
Direct bidders accepted$2,469,172,000
Primary dealers accepted$5,615,644,000
Indirect bidders' share, % (ours)49.4
Direct bidders' share, % (ours)15.5
Primary dealers' share, % (ours)35.1
High minus median, basis points (ours)5.4
Treasury par yield curve, 30-year point, same day, %2.58
High yield minus that point, basis points (ours)-2.0

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 ratio2.26Last 24 auctions20 of 243 of 242.42
Bid-to-cover ratio2.26Since 8 May 200864 of 726 of 722.54
Bid-to-cover ratio2.26All 79 since 8 February 200165 of 7912 of 792.50
High yield2.560Last 24 auctions23 of 241 of 243.404
High yield2.560Since 8 May 200871 of 721 of 723.656
High yield2.560All 146 since 1 November 1979145 of 1461 of 1464.760
Indirect bidders' share49.4Last 24 auctions3 of 2421 of 2442.7
Indirect bidders' share49.4All 72 since 8 May 20085 of 7267 of 7238.5
Direct bidders' share15.5Last 24 auctions14 of 2410 of 2416.7
Direct bidders' share15.5All 72 since 8 May 200832 of 7240 of 7214.3
Primary dealers' share35.1Last 24 auctions19 of 245 of 2441.6
Primary dealers' share35.1All 72 since 8 May 200867 of 725 of 7246.4
High minus median, basis points5.4Last 24 auctions5 of 2419 of 244.1
High minus median, basis points5.4Since 8 May 200830 of 7242 of 724.5
High minus median, basis points5.4All 146 since 1 November 197934 of 146111 of 1463.0

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 February 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150212_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 February 2015 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2015-02-12.

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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