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30-year bond auction of 9 February 2017 (new issue)

The 30-year bond sold $16.732 billion at a high yield of 3.005% on , with a bid-to-cover ratio of 2.25.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.005%

Median yield 2.944%

Bid-to-cover

2.25

▼ −0.07 since 12 Jan

Sold

$16.73 billion

$15 billion offered

Indirect bidders

66.2%

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 13 March 2014 to 9 February 2017; the latest at 3.005%.2.0%2.5%3.0%3.5%4.0%2014201520162017This auction, 3.005%High yield at the last 36 30-year bond auctions36 auctions from 13 March 2014 to 9 February 2017; the latest at 3.005%.2.0%2.3%2.5%2.8%3.0%3.3%2015201620173.005%

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
3.0052.25
2.9142.32
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.252.327 of 125 of 12
High yield3.0052.5481 of 1211 of 12
Indirect bidders' share66.262.72 of 1210 of 12
Direct bidders' share4.99.010 of 122 of 12
Primary dealers' share28.928.14 of 128 of 12
High minus median, basis points6.15.65 of 126 of 12

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

Who bought the 30-year bond?

Indirect bidders took 66.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 January 2017

Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 4.9%, Primary dealers 28.9%Indirect bidders66.2%66.7%Direct bidders4.9%4.5%Primary dealers28.9%28.8%Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 4.9%, Primary dealers 28.9%Indirect bidders66.2%66.7%Direct bidders4.9%4.5%Primary dealers28.9%28.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.266.7
Direct bidders4.94.5
Primary dealers28.928.8

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as30-Year, new issue
Offering amount$15,000,000,000
Bids received$35,465,907,600
Sold$16,731,908,100
Competitive bids accepted$14,995,499,500
Non-competitive bids accepted$4,500,700
Federal Reserve (SOMA) add-on$1,731,907,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.005
Median rate, %2.944
Low rate, %2.888
Interest rate (coupon), %3.000
Bids at the high rate filled, %23.53
Bid-to-cover ratio2.25
Indirect bidders accepted$9,928,617,000
Direct bidders accepted$735,000,000
Primary dealers accepted$4,331,882,500
Indirect bidders' share, % (ours)66.2
Direct bidders' share, % (ours)4.9
Primary dealers' share, % (ours)28.9
High minus median, basis points (ours)6.1
Treasury par yield curve, 30-year point, same day, %3.02
High yield minus that point, basis points (ours)-1.5

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 ratio2.25Last 24 auctions15 of 249 of 242.30
Bid-to-cover ratio2.25Since 8 May 200881 of 9615 of 962.46
Bid-to-cover ratio2.25All 103 since 8 February 200182 of 10321 of 1032.44
High yield3.005Last 24 auctions5 of 2419 of 242.800
High yield3.005Since 8 May 200864 of 9632 of 963.244
High yield3.005All 170 since 1 November 1979138 of 17032 of 1704.502
Indirect bidders' share66.2Last 24 auctions2 of 2422 of 2458.9
Indirect bidders' share66.2All 96 since 8 May 20082 of 9694 of 9641.9
Direct bidders' share4.9Last 24 auctions22 of 242 of 2410.2
Direct bidders' share4.9All 96 since 8 May 200889 of 967 of 9612.4
Primary dealers' share28.9Last 24 auctions13 of 2411 of 2430.5
Primary dealers' share28.9All 96 since 8 May 200883 of 9613 of 9643.2
High minus median, basis points6.1Last 24 auctions9 of 2413 of 245.6
High minus median, basis points6.1Since 8 May 200832 of 9661 of 964.8
High minus median, basis points6.1All 170 since 1 November 197933 of 170134 of 1703.6

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 9 February 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170209_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 February 2017 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2017-02-09.

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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