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30-year bond auction of 9 July 2015 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.084% on , with a bid-to-cover ratio of 2.23.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.084%

Median yield 3.023%

Bid-to-cover

2.23

▼ −0.31 since 11 Jun

Sold

$13.00 billion

$13 billion offered

Indirect bidders

51.1%

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 9 August 2012 to 9 July 2015; the latest at 3.084%.2.0%2.5%3.0%3.5%4.0%2012201320142015This auction, 3.084%High yield at the last 36 30-year bond auctions36 auctions from 9 August 2012 to 9 July 2015; the latest at 3.084%.2.0%2.5%3.0%3.5%4.0%2013201420153.084%

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
3.0842.23
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.232.369 of 123 of 12
High yield3.0843.0595 of 127 of 12
Indirect bidders' share51.149.64 of 128 of 12
Direct bidders' share8.114.111 of 121 of 12
Primary dealers' share40.835.42 of 1210 of 12
High minus median, basis points6.14.72 of 1210 of 12

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

Who bought the 30-year bond?

Indirect bidders took 51.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 June 2015

Indirect bidders took 51.1% of the competitive bids acceptedIndirect bidders 51.1%, Direct bidders 8.1%, Primary dealers 40.8%Indirect bidders51.1%52.0%Direct bidders8.1%14.4%Primary dealers40.8%33.6%Indirect bidders took 51.1% of the competitive bids acceptedIndirect bidders 51.1%, Direct bidders 8.1%, Primary dealers 40.8%Indirect bidders51.1%52.0%Direct bidders8.1%14.4%Primary dealers40.8%33.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.152.0
Direct bidders8.114.4
Primary dealers40.833.6

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$13,000,000,000
Bids received$29,003,166,200
Sold$13,000,001,200
Competitive bids accepted$12,990,135,000
Non-competitive bids accepted$9,866,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.084
Median rate, %3.023
Low rate, %2.934
Interest rate (coupon), %3.000
Bids at the high rate filled, %49.67
Bid-to-cover ratio2.23
Indirect bidders accepted$6,635,135,000
Direct bidders accepted$1,055,000,000
Primary dealers accepted$5,300,000,000
Indirect bidders' share, % (ours)51.1
Direct bidders' share, % (ours)8.1
Primary dealers' share, % (ours)40.8
High minus median, basis points (ours)6.1
Treasury par yield curve, 30-year point, same day, %3.11
High yield minus that point, basis points (ours)-2.6

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 ratio2.23Last 24 auctions18 of 246 of 242.35
Bid-to-cover ratio2.23Since 8 May 200868 of 779 of 772.52
Bid-to-cover ratio2.23All 84 since 8 February 200169 of 8415 of 842.49
High yield3.084Last 24 auctions17 of 247 of 243.404
High yield3.084Since 8 May 200858 of 7719 of 773.630
High yield3.084All 151 since 1 November 1979132 of 15119 of 1514.720
Indirect bidders' share51.1Last 24 auctions5 of 2419 of 2445.7
Indirect bidders' share51.1All 77 since 8 May 20085 of 7772 of 7738.8
Direct bidders' share8.1Last 24 auctions23 of 241 of 2415.9
Direct bidders' share8.1All 77 since 8 May 200864 of 7713 of 7714.2
Primary dealers' share40.8Last 24 auctions10 of 2414 of 2438.1
Primary dealers' share40.8All 77 since 8 May 200860 of 7717 of 7745.7
High minus median, basis points6.1Last 24 auctions3 of 2421 of 244.1
High minus median, basis points6.1Since 8 May 200825 of 7751 of 774.7
High minus median, basis points6.1All 151 since 1 November 197926 of 151124 of 1513.3

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 9 July 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150709_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 July 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2015-07-09.

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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