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

The 30-year bond sold $12 billion at a high yield of 2.475% on , with a bid-to-cover ratio of 2.13.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.475%

Median yield 2.400%

Bid-to-cover

2.13

▼ −0.11 since 11 Aug

Sold

$12.00 billion

$12 billion offered

Indirect bidders

57.9%

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 October 2013 to 13 September 2016; the latest at 2.475%.2.0%2.5%3.0%3.5%4.0%2013201420152016This auction, 2.475%High yield at the last 36 30-year bond auctions36 auctions from 10 October 2013 to 13 September 2016; the latest at 2.475%.2.0%2.3%2.5%2.8%3.0%3.3%201520162.475%

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
2.4752.13
2.2742.24
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.132.4011 of 121 of 12
High yield2.4752.6689 of 122 of 12
Indirect bidders' share57.961.210 of 122 of 12
Direct bidders' share4.610.312 of 120 of 12
Primary dealers' share37.527.30 of 1212 of 12
High minus median, basis points7.54.51 of 1211 of 12

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

  • Direct bidders' share: Lowest for a 30-year bond since 10 September 2009 (83 auctions in between).
  • Primary dealers' share: Highest for a 30-year bond since 13 August 2015 (12 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 57.9% of the competitive bids accepted

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

Indirect bidders took 57.9% of the competitive bids acceptedIndirect bidders 57.9%, Direct bidders 4.6%, Primary dealers 37.5%Indirect bidders57.9%61.5%Direct bidders4.6%10.9%Primary dealers37.5%27.7%Indirect bidders took 57.9% of the competitive bids acceptedIndirect bidders 57.9%, Direct bidders 4.6%, Primary dealers 37.5%Indirect bidders57.9%61.5%Direct bidders4.6%10.9%Primary dealers37.5%27.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.961.5
Direct bidders4.610.9
Primary dealers37.527.7

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$25,547,390,900
Sold$12,000,017,800
Competitive bids accepted$11,981,287,900
Non-competitive bids accepted$18,729,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.475
Median rate, %2.400
Low rate, %2.188
Interest rate (coupon), %2.250
Bids at the high rate filled, %87.33
Bid-to-cover ratio2.13
Indirect bidders accepted$6,941,929,900
Direct bidders accepted$549,493,200
Primary dealers accepted$4,489,864,800
Indirect bidders' share, % (ours)57.9
Direct bidders' share, % (ours)4.6
Primary dealers' share, % (ours)37.5
High minus median, basis points (ours)7.5
Treasury par yield curve, 30-year point, same day, %2.47
High yield minus that point, basis points (ours)0.5

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 ratio2.13Last 24 auctions23 of 241 of 242.32
Bid-to-cover ratio2.13Since 8 May 200886 of 915 of 912.48
Bid-to-cover ratio2.13All 98 since 8 February 200188 of 9810 of 982.46
High yield2.475Last 24 auctions20 of 243 of 242.864
High yield2.475Since 8 May 200887 of 913 of 913.355
High yield2.475All 165 since 1 November 1979161 of 1653 of 1654.530
Indirect bidders' share57.9Last 24 auctions10 of 2414 of 2454.2
Indirect bidders' share57.9All 91 since 8 May 200810 of 9181 of 9140.7
Direct bidders' share4.6Last 24 auctions24 of 240 of 2410.9
Direct bidders' share4.6All 91 since 8 May 200887 of 914 of 9112.5
Primary dealers' share37.5Last 24 auctions5 of 2419 of 2432.0
Primary dealers' share37.5All 91 since 8 May 200867 of 9124 of 9143.5
High minus median, basis points7.5Last 24 auctions1 of 2423 of 244.8
High minus median, basis points7.5Since 8 May 200813 of 9178 of 914.7
High minus median, basis points7.5All 165 since 1 November 197914 of 165151 of 1653.6

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 September 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160913_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 September 2016 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2016-09-13.

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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