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30-year bond auction of 12 March 2015 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.681% on , with a bid-to-cover ratio of 2.18.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.681%

Median yield 2.622%

Bid-to-cover

2.18

▼ −0.08 since 12 Feb

Sold

$13.00 billion

$13 billion offered

Indirect bidders

51.9%

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 12 April 2012 to 12 March 2015; the latest at 2.681%.2.0%2.5%3.0%3.5%4.0%2012201320142015This auction, 2.681%High yield at the last 36 30-year bond auctions36 auctions from 12 April 2012 to 12 March 2015; the latest at 2.681%.2.0%2.5%3.0%3.5%4.0%2013201420152.681%

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
2.6812.18
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.182.4011 of 121 of 12
High yield2.6813.23210 of 122 of 12
Indirect bidders' share51.946.01 of 1211 of 12
Direct bidders' share11.616.710 of 122 of 12
Primary dealers' share36.635.45 of 127 of 12
High minus median, basis points5.94.31 of 1211 of 12

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

Who bought the 30-year bond?

Indirect bidders took 51.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 February 2015

Indirect bidders took 51.9% of the competitive bids acceptedIndirect bidders 51.9%, Direct bidders 11.6%, Primary dealers 36.6%Indirect bidders51.9%49.4%Direct bidders11.6%15.5%Primary dealers36.6%35.1%Indirect bidders took 51.9% of the competitive bids acceptedIndirect bidders 51.9%, Direct bidders 11.6%, Primary dealers 36.6%Indirect bidders51.9%49.4%Direct bidders11.6%15.5%Primary dealers36.6%35.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.949.4
Direct bidders11.615.5
Primary dealers36.635.1

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$28,305,816,400
Sold$13,000,001,400
Competitive bids accepted$12,988,700,000
Non-competitive bids accepted$11,301,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.681
Median rate, %2.622
Low rate, %2.510
Interest rate (coupon), %2.500
Bids at the high rate filled, %98.37
Bid-to-cover ratio2.18
Indirect bidders accepted$6,738,281,500
Direct bidders accepted$1,501,918,500
Primary dealers accepted$4,748,500,000
Indirect bidders' share, % (ours)51.9
Direct bidders' share, % (ours)11.6
Primary dealers' share, % (ours)36.6
High minus median, basis points (ours)5.9
Treasury par yield curve, 30-year point, same day, %2.69
High yield minus that point, basis points (ours)-0.9

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 ratio2.18Last 24 auctions21 of 243 of 242.40
Bid-to-cover ratio2.18Since 8 May 200867 of 736 of 732.53
Bid-to-cover ratio2.18All 80 since 8 February 200168 of 8012 of 802.50
High yield2.681Last 24 auctions22 of 242 of 243.404
High yield2.681Since 8 May 200870 of 733 of 733.652
High yield2.681All 147 since 1 November 1979144 of 1473 of 1474.750
Indirect bidders' share51.9Last 24 auctions1 of 2423 of 2443.6
Indirect bidders' share51.9All 73 since 8 May 20081 of 7372 of 7338.7
Direct bidders' share11.6Last 24 auctions20 of 244 of 2416.7
Direct bidders' share11.6All 73 since 8 May 200848 of 7325 of 7314.5
Primary dealers' share36.6Last 24 auctions16 of 248 of 2441.1
Primary dealers' share36.6All 73 since 8 May 200864 of 739 of 7346.3
High minus median, basis points5.9Last 24 auctions3 of 2421 of 244.1
High minus median, basis points5.9Since 8 May 200827 of 7345 of 734.7
High minus median, basis points5.9All 147 since 1 November 197931 of 147115 of 1473.1

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 March 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150312_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 March 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2015-03-12.

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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