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30-year bond auction of 10 September 2015 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.980% on , with a bid-to-cover ratio of 2.54.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.980%

Median yield 2.950%

Bid-to-cover

2.54

▲ +0.28 since 13 Aug

Sold

$13.00 billion

$13 billion offered

Indirect bidders

66.0%

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 11 October 2012 to 10 September 2015; the latest at 2.980%.2.0%2.5%3.0%3.5%4.0%2012201320142015This auction, 2.980%High yield at the last 36 30-year bond auctions36 auctions from 11 October 2012 to 10 September 2015; the latest at 2.980%.2.0%2.5%3.0%3.5%4.0%201420152.980%

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
2.9802.54
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.282 of 129 of 12
High yield2.9802.9626 of 126 of 12
Indirect bidders' share66.050.30 of 1212 of 12
Direct bidders' share7.413.711 of 121 of 12
Primary dealers' share26.637.011 of 121 of 12
High minus median, basis points3.05.510 of 122 of 12

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

  • Indirect bidders' share: Highest of all 79 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 66.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 August 2015

Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 7.4%, Primary dealers 26.6%Indirect bidders66.0%51.9%Direct bidders7.4%9.9%Primary dealers26.6%38.2%Indirect bidders took 66.0% of the competitive bids acceptedIndirect bidders 66.0%, Direct bidders 7.4%, Primary dealers 26.6%Indirect bidders66.0%51.9%Direct bidders7.4%9.9%Primary dealers26.6%38.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.051.9
Direct bidders7.49.9
Primary dealers26.638.2

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$32,961,817,000
Sold$13,000,049,000
Competitive bids accepted$12,986,627,000
Non-competitive bids accepted$13,422,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.980
Median rate, %2.950
Low rate, %2.888
Interest rate (coupon), %2.875
Bids at the high rate filled, %27.92
Bid-to-cover ratio2.54
Indirect bidders accepted$8,574,995,000
Direct bidders accepted$961,000,000
Primary dealers accepted$3,450,632,000
Indirect bidders' share, % (ours)66.0
Direct bidders' share, % (ours)7.4
Primary dealers' share, % (ours)26.6
High minus median, basis points (ours)3.0
Treasury par yield curve, 30-year point, same day, %2.98
High yield minus that point, basis points (ours)0.0

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 ratio2.54Last 24 auctions6 of 2417 of 242.35
Bid-to-cover ratio2.54Since 8 May 200835 of 7942 of 792.51
Bid-to-cover ratio2.54All 86 since 8 February 200135 of 8649 of 862.49
High yield2.980Last 24 auctions18 of 246 of 243.232
High yield2.980Since 8 May 200864 of 7914 of 793.540
High yield2.980All 153 since 1 November 1979138 of 15314 of 1534.679
Indirect bidders' share66.0Last 24 auctions0 of 2424 of 2446.1
Indirect bidders' share66.0All 79 since 8 May 20080 of 7979 of 7939.4
Direct bidders' share7.4Last 24 auctions23 of 241 of 2414.2
Direct bidders' share7.4All 79 since 8 May 200868 of 7911 of 7913.9
Primary dealers' share26.6Last 24 auctions22 of 242 of 2438.1
Primary dealers' share26.6All 79 since 8 May 200877 of 792 of 7945.7
High minus median, basis points3.0Last 24 auctions18 of 245 of 244.4
High minus median, basis points3.0Since 8 May 200866 of 7910 of 794.8
High minus median, basis points3.0All 153 since 1 November 197980 of 15365 of 1533.4

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 10 September 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150910_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 September 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2015-09-10.

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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