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30-year bond auction of 13 August 2015 (new issue)

The 30-year bond sold $16.322 billion at a high yield of 2.880% on , with a bid-to-cover ratio of 2.26.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.880%

Median yield 2.810%

Bid-to-cover

2.26

▲ +0.03 since 9 Jul

Sold

$16.32 billion

$16 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 13 September 2012 to 13 August 2015; the latest at 2.880%.2.0%2.5%3.0%3.5%4.0%2012201320142015This auction, 2.880%High yield at the last 36 30-year bond auctions36 auctions from 13 September 2012 to 13 August 2015; the latest at 2.880%.2.0%2.5%3.0%3.5%4.0%201420152.880%

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
2.8802.26
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.262.307 of 124 of 12
High yield2.8803.0597 of 125 of 12
Indirect bidders' share51.949.61 of 1211 of 12
Direct bidders' share9.914.110 of 122 of 12
Primary dealers' share38.235.93 of 129 of 12
High minus median, basis points7.05.00 of 1212 of 12

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

  • High minus median, basis points: Highest for a 30-year bond since 8 May 2014 (14 auctions in between).

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, 9 July 2015

Indirect bidders took 51.9% of the competitive bids acceptedIndirect bidders 51.9%, Direct bidders 9.9%, Primary dealers 38.2%Indirect bidders51.9%51.1%Direct bidders9.9%8.1%Primary dealers38.2%40.8%Indirect bidders took 51.9% of the competitive bids acceptedIndirect bidders 51.9%, Direct bidders 9.9%, Primary dealers 38.2%Indirect bidders51.9%51.1%Direct bidders9.9%8.1%Primary dealers38.2%40.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.951.1
Direct bidders9.98.1
Primary dealers38.240.8

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$36,523,174,800
Sold$16,321,647,800
Competitive bids accepted$15,991,233,000
Non-competitive bids accepted$5,774,600
Federal Reserve (SOMA) add-on$321,640,200
Foreign and international (FIMA) non-competitive$3,000,000
High yield, %2.880
Median rate, %2.810
Low rate, %2.708
Interest rate (coupon), %2.875
Bids at the high rate filled, %71.47
Bid-to-cover ratio2.26
Indirect bidders accepted$8,296,498,000
Direct bidders accepted$1,587,000,000
Primary dealers accepted$6,107,735,000
Indirect bidders' share, % (ours)51.9
Direct bidders' share, % (ours)9.9
Primary dealers' share, % (ours)38.2
High minus median, basis points (ours)7.0
Treasury par yield curve, 30-year point, same day, %2.86
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 auctions16 of 247 of 242.35
Bid-to-cover ratio2.26Since 8 May 200865 of 7810 of 782.52
Bid-to-cover ratio2.26All 85 since 8 February 200166 of 8516 of 852.49
High yield2.880Last 24 auctions19 of 245 of 243.304
High yield2.880Since 8 May 200869 of 789 of 783.585
High yield2.880All 152 since 1 November 1979143 of 1529 of 1524.700
Indirect bidders' share51.9Last 24 auctions2 of 2422 of 2445.9
Indirect bidders' share51.9All 78 since 8 May 20082 of 7876 of 7839.1
Direct bidders' share9.9Last 24 auctions21 of 243 of 2414.9
Direct bidders' share9.9All 78 since 8 May 200854 of 7824 of 7814.0
Primary dealers' share38.2Last 24 auctions11 of 2413 of 2438.1
Primary dealers' share38.2All 78 since 8 May 200863 of 7815 of 7845.7
High minus median, basis points7.0Last 24 auctions1 of 2423 of 244.4
High minus median, basis points7.0Since 8 May 200815 of 7861 of 784.8
High minus median, basis points7.0All 152 since 1 November 197916 of 152134 of 1523.4

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 13 August 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150813_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 August 2015 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2015-08-13.

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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