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30-year bond auction of 11 February 2016 (new issue)

The 30-year bond sold $16.178 billion at a high yield of 2.500% on , with a bid-to-cover ratio of 2.09.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.500%

Median yield 2.391%

Bid-to-cover

2.09

▼ −0.20 since 14 Jan

Sold

$16.18 billion

$15 billion offered

Indirect bidders

58.0%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond since 14 January 2015

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond since 14 January 201536 auctions from 14 March 2013 to 11 February 2016; the latest at 2.500%.2.0%2.5%3.0%3.5%4.0%2013201420152016This auction, 2.500%The high yield was the lowest for a 30-year bond since 14 January 201536 auctions from 14 March 2013 to 11 February 2016; the latest at 2.500%.2.0%2.5%3.0%3.5%4.0%2014201520162.500%

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
2.5002.09
2.9052.29
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.092.2812 of 120 of 12
High yield2.5002.94612 of 120 of 12
Indirect bidders' share58.051.93 of 129 of 12
Direct bidders' share10.310.67 of 125 of 12
Primary dealers' share31.734.48 of 124 of 12
High minus median, basis points10.95.60 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 30-year bond since 8 May 2014 (20 auctions in between).
  • High minus median, basis points: Highest for a 30-year bond since 11 August 2011 (53 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 58.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 14 January 2016

Indirect bidders took 58.0% of the competitive bids acceptedIndirect bidders 58.0%, Direct bidders 10.3%, Primary dealers 31.7%Indirect bidders58.0%56.5%Direct bidders10.3%10.8%Primary dealers31.7%32.6%Indirect bidders took 58.0% of the competitive bids acceptedIndirect bidders 58.0%, Direct bidders 10.3%, Primary dealers 31.7%Indirect bidders58.0%56.5%Direct bidders10.3%10.8%Primary dealers31.7%32.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.056.5
Direct bidders10.310.8
Primary dealers31.732.6

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$15,000,000,000
Bids received$32,560,019,300
Sold$16,177,830,500
Competitive bids accepted$14,983,581,200
Non-competitive bids accepted$16,443,100
Federal Reserve (SOMA) add-on$1,177,806,200
Foreign and international (FIMA) non-competitive$0
High yield, %2.500
Median rate, %2.391
Low rate, %2.300
Interest rate (coupon), %2.500
Bids at the high rate filled, %37.52
Bid-to-cover ratio2.09
Indirect bidders accepted$8,693,225,200
Direct bidders accepted$1,535,876,000
Primary dealers accepted$4,754,480,000
Indirect bidders' share, % (ours)58.0
Direct bidders' share, % (ours)10.3
Primary dealers' share, % (ours)31.7
High minus median, basis points (ours)10.9
Treasury par yield curve, 30-year point, same day, %2.50
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 ratio2.09Last 24 auctions23 of 240 of 242.38
Bid-to-cover ratio2.09Since 8 May 200881 of 842 of 842.50
Bid-to-cover ratio2.09All 91 since 8 February 200183 of 917 of 912.47
High yield2.500Last 24 auctions23 of 241 of 243.072
High yield2.500Since 8 May 200883 of 841 of 843.442
High yield2.500All 158 since 1 November 1979157 of 1581 of 1584.584
Indirect bidders' share58.0Last 24 auctions3 of 2421 of 2450.9
Indirect bidders' share58.0All 84 since 8 May 20083 of 8481 of 8440.2
Direct bidders' share10.3Last 24 auctions18 of 246 of 2413.1
Direct bidders' share10.3All 84 since 8 May 200857 of 8427 of 8413.7
Primary dealers' share31.7Last 24 auctions17 of 247 of 2435.4
Primary dealers' share31.7All 84 since 8 May 200877 of 847 of 8444.6
High minus median, basis points10.9Last 24 auctions0 of 2424 of 244.7
High minus median, basis points10.9Since 8 May 20082 of 8482 of 844.8
High minus median, basis points10.9All 158 since 1 November 19793 of 158155 of 1583.4

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 11 February 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160211_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 February 2016 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2016-02-11.

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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