500metrics

All sources checked Checked

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

The 30-year bond sold $12 billion at a high yield of 3.152% on , with a bid-to-cover ratio of 2.39.

Coupon
2.875%
Announced
Issued
Matures

High yield

3.152%

Median yield 3.100%

Bid-to-cover

2.39

▲ +0.28 since 10 Nov

Sold

$12.00 billion

$12 billion offered

Indirect bidders

63.9%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 11 September 2014

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 11 September 201436 auctions from 9 January 2014 to 13 December 2016; the latest at 3.152%.2.0%2.5%3.0%3.5%4.0%201420152016This auction, 3.152%The high yield was the highest for a 30-year bond since 11 September 201436 auctions from 9 January 2014 to 13 December 2016; the latest at 3.152%.2.0%2.3%2.5%2.8%3.0%3.3%201520163.152%

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
3.1522.39
2.9022.11
2.4702.44
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.315 of 127 of 12
High yield3.1522.5480 of 1212 of 12
Indirect bidders' share63.961.25 of 127 of 12
Direct bidders' share9.310.37 of 125 of 12
Primary dealers' share26.828.19 of 123 of 12
High minus median, basis points5.25.46 of 126 of 12

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

Who bought the 30-year bond?

Indirect bidders took 63.9% of the competitive bids accepted

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

Indirect bidders took 63.9% of the competitive bids acceptedIndirect bidders 63.9%, Direct bidders 9.3%, Primary dealers 26.8%Indirect bidders63.9%54.5%Direct bidders9.3%12.5%Primary dealers26.8%33.1%Indirect bidders took 63.9% of the competitive bids acceptedIndirect bidders 63.9%, Direct bidders 9.3%, Primary dealers 26.8%Indirect bidders63.9%54.5%Direct bidders9.3%12.5%Primary dealers26.8%33.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.954.5
Direct bidders9.312.5
Primary dealers26.833.1

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$28,703,357,300
Sold$12,000,033,700
Competitive bids accepted$11,994,987,400
Non-competitive bids accepted$5,046,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.152
Median rate, %3.100
Low rate, %2.888
Interest rate (coupon), %2.875
Bids at the high rate filled, %72.53
Bid-to-cover ratio2.39
Indirect bidders accepted$7,660,022,400
Direct bidders accepted$1,115,700,000
Primary dealers accepted$3,219,265,000
Indirect bidders' share, % (ours)63.9
Direct bidders' share, % (ours)9.3
Primary dealers' share, % (ours)26.8
High minus median, basis points (ours)5.2
Treasury par yield curve, 30-year point, same day, %3.14
High yield minus that point, basis points (ours)1.2

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 ratio2.39Last 24 auctions10 of 2414 of 242.30
Bid-to-cover ratio2.39Since 8 May 200864 of 9430 of 942.47
Bid-to-cover ratio2.39All 101 since 8 February 200165 of 10136 of 1012.45
High yield3.152Last 24 auctions0 of 2424 of 242.700
High yield3.152Since 8 May 200854 of 9440 of 943.279
High yield3.152All 168 since 1 November 1979128 of 16840 of 1684.518
Indirect bidders' share63.9Last 24 auctions6 of 2418 of 2457.2
Indirect bidders' share63.9All 94 since 8 May 20086 of 9488 of 9441.3
Direct bidders' share9.3Last 24 auctions16 of 248 of 2410.6
Direct bidders' share9.3All 94 since 8 May 200866 of 9428 of 9412.5
Primary dealers' share26.8Last 24 auctions19 of 245 of 2431.6
Primary dealers' share26.8All 94 since 8 May 200888 of 946 of 9443.4
High minus median, basis points5.2Last 24 auctions13 of 2411 of 245.5
High minus median, basis points5.2Since 8 May 200843 of 9449 of 944.8
High minus median, basis points5.2All 168 since 1 November 197948 of 168118 of 1683.6

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 December 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20161213_2.pdf. Compiled by 500metrics, "30-year bond auction of 13 December 2016 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2016-12-13.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.