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30-year bond auction of 13 July 2016 (reopening)

The 30-year bond sold $12.782 billion at a high yield of 2.172% on , with a bid-to-cover ratio of 2.48.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.172%

Median yield 2.130%

Bid-to-cover

2.48

▲ +0.06 since 9 Jun

Sold

$12.78 billion

$12 billion offered

Indirect bidders

68.5%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 163 earlier auctions we hold

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond of all 163 earlier auctions we hold36 auctions from 8 August 2013 to 13 July 2016; the latest at 2.172%.2.0%2.5%3.0%3.5%4.0%2013201420152016This auction, 2.172%The high yield was the lowest for a 30-year bond of all 163 earlier auctions we hold36 auctions from 8 August 2013 to 13 July 2016; the latest at 2.172%.2.0%2.5%3.0%3.5%2014201520162.172%

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
2.1722.48
2.4752.42
2.6152.19
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.482.361 of 1211 of 12
High yield2.1722.89212 of 120 of 12
Indirect bidders' share68.560.00 of 1212 of 12
Direct bidders' share8.410.29 of 123 of 12
Primary dealers' share23.128.812 of 120 of 12
High minus median, basis points4.24.68 of 124 of 12

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

  • Indirect bidders' share: Highest of all 89 earlier 30-year bond auctions we hold.
  • Primary dealers' share: Lowest of all 89 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 68.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 June 2016

Indirect bidders took 68.5% of the competitive bids acceptedIndirect bidders 68.5%, Direct bidders 8.4%, Primary dealers 23.1%Indirect bidders68.5%64.9%Direct bidders8.4%8.1%Primary dealers23.1%27.0%Indirect bidders took 68.5% of the competitive bids acceptedIndirect bidders 68.5%, Direct bidders 8.4%, Primary dealers 23.1%Indirect bidders68.5%64.9%Direct bidders8.4%8.1%Primary dealers23.1%27.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.564.9
Direct bidders8.48.1
Primary dealers23.127.0

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$30,598,150,600
Sold$12,781,587,000
Competitive bids accepted$11,996,909,400
Non-competitive bids accepted$3,090,800
Federal Reserve (SOMA) add-on$781,586,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.172
Median rate, %2.130
Low rate, %2.000
Interest rate (coupon), %2.500
Bids at the high rate filled, %93.96
Bid-to-cover ratio2.48
Indirect bidders accepted$8,217,221,400
Direct bidders accepted$1,009,500,000
Primary dealers accepted$2,770,188,000
Indirect bidders' share, % (ours)68.5
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)23.1
High minus median, basis points (ours)4.2
Treasury par yield curve, 30-year point, same day, %2.18
High yield minus that point, basis points (ours)-0.8

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 ratio2.48Last 24 auctions5 of 2419 of 242.36
Bid-to-cover ratio2.48Since 8 May 200845 of 8944 of 892.49
Bid-to-cover ratio2.48All 96 since 8 February 200145 of 9651 of 962.46
High yield2.172Last 24 auctions24 of 240 of 242.910
High yield2.172Since 8 May 200889 of 890 of 893.369
High yield2.172All 163 since 1 November 1979163 of 1630 of 1634.531
Indirect bidders' share68.5Last 24 auctions0 of 2424 of 2451.9
Indirect bidders' share68.5All 89 since 8 May 20080 of 8989 of 8940.4
Direct bidders' share8.4Last 24 auctions20 of 244 of 2411.1
Direct bidders' share8.4All 89 since 8 May 200871 of 8918 of 8912.6
Primary dealers' share23.1Last 24 auctions24 of 240 of 2432.4
Primary dealers' share23.1All 89 since 8 May 200889 of 890 of 8943.7
High minus median, basis points4.2Last 24 auctions15 of 249 of 244.7
High minus median, basis points4.2Since 8 May 200849 of 8938 of 894.7
High minus median, basis points4.2All 163 since 1 November 197955 of 163106 of 1633.6

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 13 July 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160713_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 July 2016 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2016-07-13.

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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