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30-year bond auction of 10 March 2016 (reopening)

The 30-year bond sold $12 billion at a high yield of 2.720% on , with a bid-to-cover ratio of 2.33.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.720%

Median yield 2.675%

Bid-to-cover

2.33

▲ +0.24 since 11 Feb

Sold

$12.00 billion

$12 billion offered

Indirect bidders

60.9%

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 11 April 2013 to 10 March 2016; the latest at 2.720%.2.0%2.5%3.0%3.5%4.0%2013201420152016This auction, 2.720%High yield at the last 36 30-year bond auctions36 auctions from 11 April 2013 to 10 March 2016; the latest at 2.720%.2.0%2.5%3.0%3.5%4.0%2014201520162.720%

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
2.7202.33
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.285 of 127 of 12
High yield2.7202.9469 of 123 of 12
Indirect bidders' share60.954.22 of 1210 of 12
Direct bidders' share12.010.32 of 1210 of 12
Primary dealers' share27.033.110 of 122 of 12
High minus median, basis points4.56.08 of 124 of 12

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

Who bought the 30-year bond?

Indirect bidders took 60.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 February 2016

Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 12.0%, Primary dealers 27.0%Indirect bidders60.9%58.0%Direct bidders12.0%10.3%Primary dealers27.0%31.7%Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 12.0%, Primary dealers 27.0%Indirect bidders60.9%58.0%Direct bidders12.0%10.3%Primary dealers27.0%31.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.958.0
Direct bidders12.010.3
Primary dealers27.031.7

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$12,000,000,000
Bids received$27,926,899,500
Sold$12,000,000,100
Competitive bids accepted$11,996,210,600
Non-competitive bids accepted$3,789,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.720
Median rate, %2.675
Low rate, %2.592
Interest rate (coupon), %2.500
Bids at the high rate filled, %1.47
Bid-to-cover ratio2.33
Indirect bidders accepted$7,311,387,600
Direct bidders accepted$1,441,000,000
Primary dealers accepted$3,243,823,000
Indirect bidders' share, % (ours)60.9
Direct bidders' share, % (ours)12.0
Primary dealers' share, % (ours)27.0
High minus median, basis points (ours)4.5
Treasury par yield curve, 30-year point, same day, %2.70
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 ratio2.33Last 24 auctions13 of 2411 of 242.38
Bid-to-cover ratio2.33Since 8 May 200865 of 8520 of 852.49
Bid-to-cover ratio2.33All 92 since 8 February 200166 of 9226 of 922.47
High yield2.720Last 24 auctions19 of 245 of 243.057
High yield2.720Since 8 May 200878 of 856 of 853.440
High yield2.720All 159 since 1 November 1979152 of 1596 of 1594.569
Indirect bidders' share60.9Last 24 auctions2 of 2422 of 2451.2
Indirect bidders' share60.9All 85 since 8 May 20082 of 8583 of 8540.2
Direct bidders' share12.0Last 24 auctions12 of 2412 of 2412.1
Direct bidders' share12.0All 85 since 8 May 200850 of 8535 of 8513.7
Primary dealers' share27.0Last 24 auctions20 of 244 of 2434.4
Primary dealers' share27.0All 85 since 8 May 200881 of 854 of 8544.0
High minus median, basis points4.5Last 24 auctions14 of 2410 of 244.8
High minus median, basis points4.5Since 8 May 200845 of 8540 of 854.8
High minus median, basis points4.5All 159 since 1 November 197951 of 159108 of 1593.5

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 March 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160310_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 March 2016 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2016-03-10.

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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