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

The 30-year bond sold $13 billion at a high yield of 2.978% on , with a bid-to-cover ratio of 2.42.

Coupon
3.000%
Announced
Issued
Matures

High yield

2.978%

Median yield 2.930%

Bid-to-cover

2.42

▲ +0.01 since 12 Nov

Sold

$13.00 billion

$13 billion offered

Indirect bidders

63.9%

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 10 January 2013 to 10 December 2015; the latest at 2.978%.2.0%2.5%3.0%3.5%4.0%201320142015This auction, 2.978%High yield at the last 36 30-year bond auctions36 auctions from 10 January 2013 to 10 December 2015; the latest at 2.978%.2.0%2.5%3.0%3.5%4.0%201420152.978%

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
2.9782.42
3.0702.41
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.422.294 of 128 of 12
High yield2.9782.8975 of 127 of 12
Indirect bidders' share63.951.61 of 1211 of 12
Direct bidders' share10.411.47 of 125 of 12
Primary dealers' share25.735.912 of 120 of 12
High minus median, basis points4.85.57 of 125 of 12

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

  • Primary dealers' share: Lowest of all 82 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 63.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 November 2015

Indirect bidders took 63.9% of the competitive bids acceptedIndirect bidders 63.9%, Direct bidders 10.4%, Primary dealers 25.7%Indirect bidders63.9%60.3%Direct bidders10.4%10.2%Primary dealers25.7%29.6%Indirect bidders took 63.9% of the competitive bids acceptedIndirect bidders 63.9%, Direct bidders 10.4%, Primary dealers 25.7%Indirect bidders63.9%60.3%Direct bidders10.4%10.2%Primary dealers25.7%29.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.960.3
Direct bidders10.410.2
Primary dealers25.729.6

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$31,485,558,300
Sold$13,000,002,800
Competitive bids accepted$12,990,084,500
Non-competitive bids accepted$9,918,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.978
Median rate, %2.930
Low rate, %2.850
Interest rate (coupon), %3.000
Bids at the high rate filled, %81.27
Bid-to-cover ratio2.42
Indirect bidders accepted$8,298,857,500
Direct bidders accepted$1,349,000,000
Primary dealers accepted$3,342,227,000
Indirect bidders' share, % (ours)63.9
Direct bidders' share, % (ours)10.4
Primary dealers' share, % (ours)25.7
High minus median, basis points (ours)4.8
Treasury par yield curve, 30-year point, same day, %2.98
High yield minus that point, basis points (ours)-0.2

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 ratio2.42Last 24 auctions9 of 2415 of 242.38
Bid-to-cover ratio2.42Since 8 May 200851 of 8231 of 822.50
Bid-to-cover ratio2.42All 89 since 8 February 200152 of 8937 of 892.49
High yield2.978Last 24 auctions17 of 247 of 243.088
High yield2.978Since 8 May 200867 of 8215 of 823.484
High yield2.978All 156 since 1 November 1979141 of 15615 of 1564.620
Indirect bidders' share63.9Last 24 auctions1 of 2423 of 2449.6
Indirect bidders' share63.9All 82 since 8 May 20081 of 8281 of 8240.2
Direct bidders' share10.4Last 24 auctions18 of 246 of 2413.7
Direct bidders' share10.4All 82 since 8 May 200855 of 8227 of 8213.8
Primary dealers' share25.7Last 24 auctions24 of 240 of 2437.0
Primary dealers' share25.7All 82 since 8 May 200882 of 820 of 8245.3
High minus median, basis points4.8Last 24 auctions9 of 2415 of 244.0
High minus median, basis points4.8Since 8 May 200839 of 8242 of 824.7
High minus median, basis points4.8All 156 since 1 November 197944 of 156110 of 1563.4

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 December 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151210_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 December 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2015-12-10.

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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