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30-year bond auction of 14 April 2016 (reopening)

The 30-year bond sold $12.084 billion at a high yield of 2.596% on , with a bid-to-cover ratio of 2.40.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.596%

Median yield 2.560%

Bid-to-cover

2.40

▲ +0.07 since 10 Mar

Sold

$12.08 billion

$12 billion offered

Indirect bidders

65.1%

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 9 May 2013 to 14 April 2016; the latest at 2.596%.2.0%2.5%3.0%3.5%4.0%2013201420152016This auction, 2.596%High yield at the last 36 30-year bond auctions36 auctions from 9 May 2013 to 14 April 2016; the latest at 2.596%.2.0%2.5%3.0%3.5%2014201520162.596%

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
2.5962.40
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.315 of 127 of 12
High yield2.5962.94611 of 121 of 12
Indirect bidders' share65.156.51 of 1211 of 12
Direct bidders' share10.810.35 of 127 of 12
Primary dealers' share24.132.212 of 120 of 12
High minus median, basis points3.65.411 of 121 of 12

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

  • Primary dealers' share: Lowest of all 86 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 65.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 March 2016

Indirect bidders took 65.1% of the competitive bids acceptedIndirect bidders 65.1%, Direct bidders 10.8%, Primary dealers 24.1%Indirect bidders65.1%60.9%Direct bidders10.8%12.0%Primary dealers24.1%27.0%Indirect bidders took 65.1% of the competitive bids acceptedIndirect bidders 65.1%, Direct bidders 10.8%, Primary dealers 24.1%Indirect bidders65.1%60.9%Direct bidders10.8%12.0%Primary dealers24.1%27.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.160.9
Direct bidders10.812.0
Primary dealers24.127.0

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$12,000,000,000
Bids received$28,910,785,100
Sold$12,084,451,100
Competitive bids accepted$11,987,516,000
Non-competitive bids accepted$12,487,500
Federal Reserve (SOMA) add-on$84,447,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.596
Median rate, %2.560
Low rate, %2.388
Interest rate (coupon), %2.500
Bids at the high rate filled, %81.30
Bid-to-cover ratio2.40
Indirect bidders accepted$7,804,671,000
Direct bidders accepted$1,296,500,000
Primary dealers accepted$2,886,345,000
Indirect bidders' share, % (ours)65.1
Direct bidders' share, % (ours)10.8
Primary dealers' share, % (ours)24.1
High minus median, basis points (ours)3.6
Treasury par yield curve, 30-year point, same day, %2.61
High yield minus that point, basis points (ours)-1.4

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 ratio2.40Last 24 auctions10 of 2412 of 242.36
Bid-to-cover ratio2.40Since 8 May 200854 of 8626 of 862.49
Bid-to-cover ratio2.40All 93 since 8 February 200155 of 9332 of 932.47
High yield2.596Last 24 auctions21 of 243 of 243.012
High yield2.596Since 8 May 200882 of 864 of 863.412
High yield2.596All 160 since 1 November 1979156 of 1604 of 1604.555
Indirect bidders' share65.1Last 24 auctions1 of 2423 of 2451.5
Indirect bidders' share65.1All 86 since 8 May 20081 of 8685 of 8640.2
Direct bidders' share10.8Last 24 auctions16 of 248 of 2411.8
Direct bidders' share10.8All 86 since 8 May 200855 of 8631 of 8613.5
Primary dealers' share24.1Last 24 auctions24 of 240 of 2433.2
Primary dealers' share24.1All 86 since 8 May 200886 of 860 of 8644.0
High minus median, basis points3.6Last 24 auctions18 of 246 of 244.7
High minus median, basis points3.6Since 8 May 200862 of 8620 of 864.8
High minus median, basis points3.6All 160 since 1 November 197975 of 16081 of 1603.5

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 14 April 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160414_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 April 2016 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2016-04-14.

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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