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30-year bond auction of 8 October 2015 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.914% on , with a bid-to-cover ratio of 2.46.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.914%

Median yield 2.874%

Bid-to-cover

2.46

▼ −0.08 since 10 Sep

Sold

$13.00 billion

$13 billion offered

Indirect bidders

56.4%

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 8 November 2012 to 8 October 2015; the latest at 2.914%.2.0%2.5%3.0%3.5%4.0%201320142015This auction, 2.914%High yield at the last 36 30-year bond auctions36 auctions from 8 November 2012 to 8 October 2015; the latest at 2.914%.2.0%2.5%3.0%3.5%4.0%201420152.914%

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
2.9142.46
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.283 of 129 of 12
High yield2.9142.9306 of 126 of 12
Indirect bidders' share56.450.91 of 1211 of 12
Direct bidders' share15.512.62 of 1210 of 12
Primary dealers' share28.137.010 of 122 of 12
High minus median, basis points4.05.58 of 124 of 12

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

Who bought the 30-year bond?

Indirect bidders took 56.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 September 2015

Indirect bidders took 56.4% of the competitive bids acceptedIndirect bidders 56.4%, Direct bidders 15.5%, Primary dealers 28.1%Indirect bidders56.4%66.0%Direct bidders15.5%7.4%Primary dealers28.1%26.6%Indirect bidders took 56.4% of the competitive bids acceptedIndirect bidders 56.4%, Direct bidders 15.5%, Primary dealers 28.1%Indirect bidders56.4%66.0%Direct bidders15.5%7.4%Primary dealers28.1%26.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.466.0
Direct bidders15.57.4
Primary dealers28.126.6

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$31,981,623,000
Sold$13,000,005,300
Competitive bids accepted$12,998,353,300
Non-competitive bids accepted$1,652,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.914
Median rate, %2.874
Low rate, %2.795
Interest rate (coupon), %2.875
Bids at the high rate filled, %91.87
Bid-to-cover ratio2.46
Indirect bidders accepted$7,328,983,300
Direct bidders accepted$2,017,000,000
Primary dealers accepted$3,652,370,000
Indirect bidders' share, % (ours)56.4
Direct bidders' share, % (ours)15.5
Primary dealers' share, % (ours)28.1
High minus median, basis points (ours)4.0
Treasury par yield curve, 30-year point, same day, %2.96
High yield minus that point, basis points (ours)-4.6

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 ratio2.46Last 24 auctions9 of 2415 of 242.35
Bid-to-cover ratio2.46Since 8 May 200847 of 8033 of 802.52
Bid-to-cover ratio2.46All 87 since 8 February 200147 of 8739 of 872.49
High yield2.914Last 24 auctions18 of 246 of 243.181
High yield2.914Since 8 May 200868 of 8012 of 803.532
High yield2.914All 154 since 1 November 1979142 of 15412 of 1544.660
Indirect bidders' share56.4Last 24 auctions1 of 2423 of 2447.6
Indirect bidders' share56.4All 80 since 8 May 20081 of 8079 of 8039.8
Direct bidders' share15.5Last 24 auctions9 of 2415 of 2413.8
Direct bidders' share15.5All 80 since 8 May 200831 of 8049 of 8013.8
Primary dealers' share28.1Last 24 auctions21 of 243 of 2437.7
Primary dealers' share28.1All 80 since 8 May 200877 of 803 of 8045.6
High minus median, basis points4.0Last 24 auctions13 of 2411 of 244.4
High minus median, basis points4.0Since 8 May 200851 of 8029 of 804.8
High minus median, basis points4.0All 154 since 1 November 197958 of 15490 of 1543.4

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 8 October 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151008_1.pdf. Compiled by 500metrics, "30-year bond auction of 8 October 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2015-10-08.

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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