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30-year bond auction of 11 June 2015 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.138% on , with a bid-to-cover ratio of 2.54.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.138%

Median yield 3.100%

Bid-to-cover

2.54

▲ +0.34 since 14 May

Sold

$13.00 billion

$13 billion offered

Indirect bidders

52.0%

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 July 2012 to 11 June 2015; the latest at 3.138%.2.0%2.5%3.0%3.5%4.0%2012201320142015This auction, 3.138%High yield at the last 36 30-year bond auctions36 auctions from 12 July 2012 to 11 June 2015; the latest at 3.138%.2.0%2.5%3.0%3.5%4.0%2013201420153.138%

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
3.1382.54
3.0442.20
2.5972.18
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.364 of 128 of 12
High yield3.1383.0594 of 128 of 12
Indirect bidders' share52.049.61 of 1211 of 12
Direct bidders' share14.414.66 of 126 of 12
Primary dealers' share33.635.47 of 125 of 12
High minus median, basis points3.84.77 of 125 of 12

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

Who bought the 30-year bond?

Indirect bidders took 52.0% of the competitive bids accepted

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

Indirect bidders took 52.0% of the competitive bids acceptedIndirect bidders 52.0%, Direct bidders 14.4%, Primary dealers 33.6%Indirect bidders52.0%50.8%Direct bidders14.4%11.1%Primary dealers33.6%38.0%Indirect bidders took 52.0% of the competitive bids acceptedIndirect bidders 52.0%, Direct bidders 14.4%, Primary dealers 33.6%Indirect bidders52.0%50.8%Direct bidders14.4%11.1%Primary dealers33.6%38.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders52.050.8
Direct bidders14.411.1
Primary dealers33.638.0

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$32,960,843,100
Sold$13,000,060,100
Competitive bids accepted$12,990,127,000
Non-competitive bids accepted$9,933,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.138
Median rate, %3.100
Low rate, %3.000
Interest rate (coupon), %3.000
Bids at the high rate filled, %18.97
Bid-to-cover ratio2.54
Indirect bidders accepted$6,755,362,000
Direct bidders accepted$1,870,280,000
Primary dealers accepted$4,364,485,000
Indirect bidders' share, % (ours)52.0
Direct bidders' share, % (ours)14.4
Primary dealers' share, % (ours)33.6
High minus median, basis points (ours)3.8
Treasury par yield curve, 30-year point, same day, %3.11
High yield minus that point, basis points (ours)2.8

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 ratio2.54Last 24 auctions6 of 2418 of 242.35
Bid-to-cover ratio2.54Since 8 May 200835 of 7640 of 762.52
Bid-to-cover ratio2.54All 83 since 8 February 200135 of 8347 of 832.49
High yield3.138Last 24 auctions16 of 248 of 243.404
High yield3.138Since 8 May 200854 of 7622 of 763.635
High yield3.138All 150 since 1 November 1979128 of 15022 of 1504.720
Indirect bidders' share52.0Last 24 auctions1 of 2423 of 2445.4
Indirect bidders' share52.0All 76 since 8 May 20081 of 7675 of 7638.8
Direct bidders' share14.4Last 24 auctions13 of 2411 of 2415.9
Direct bidders' share14.4All 76 since 8 May 200837 of 7639 of 7614.0
Primary dealers' share33.6Last 24 auctions19 of 245 of 2438.4
Primary dealers' share33.6All 76 since 8 May 200871 of 765 of 7645.9
High minus median, basis points3.8Last 24 auctions17 of 247 of 244.4
High minus median, basis points3.8Since 8 May 200852 of 7623 of 764.8
High minus median, basis points3.8All 150 since 1 November 197965 of 15084 of 1503.2

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 June 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150611_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 June 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2015-06-11.

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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