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30-year bond auction of 9 March 2017 (reopening)

The 30-year bond sold $12 billion at a high yield of 3.170% on , with a bid-to-cover ratio of 2.34.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.170%

Median yield 3.120%

Bid-to-cover

2.34

▲ +0.09 since 9 Feb

Sold

$12.00 billion

$12 billion offered

Indirect bidders

61.1%

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 10 April 2014 to 9 March 2017; the latest at 3.170%.2.0%2.5%3.0%3.5%4.0%2014201520162017This auction, 3.170%The high yield was the highest for a 30-year bond since 11 September 201436 auctions from 10 April 2014 to 9 March 2017; the latest at 3.170%.2.0%2.3%2.5%2.8%3.0%3.3%2015201620173.170%

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
3.1702.34
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.325 of 127 of 12
High yield3.1702.6060 of 1212 of 12
Indirect bidders' share61.164.48 of 124 of 12
Direct bidders' share13.18.60 of 1212 of 12
Primary dealers' share25.828.110 of 122 of 12
High minus median, basis points5.05.67 of 125 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 8 October 2015 (16 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 61.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 February 2017

Indirect bidders took 61.1% of the competitive bids acceptedIndirect bidders 61.1%, Direct bidders 13.1%, Primary dealers 25.8%Indirect bidders61.1%66.2%Direct bidders13.1%4.9%Primary dealers25.8%28.9%Indirect bidders took 61.1% of the competitive bids acceptedIndirect bidders 61.1%, Direct bidders 13.1%, Primary dealers 25.8%Indirect bidders61.1%66.2%Direct bidders13.1%4.9%Primary dealers25.8%28.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.166.2
Direct bidders13.14.9
Primary dealers25.828.9

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$28,045,070,700
Sold$12,000,003,100
Competitive bids accepted$11,993,718,400
Non-competitive bids accepted$6,284,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.170
Median rate, %3.120
Low rate, %3.000
Interest rate (coupon), %3.000
Bids at the high rate filled, %3.27
Bid-to-cover ratio2.34
Indirect bidders accepted$7,322,603,500
Direct bidders accepted$1,573,065,400
Primary dealers accepted$3,098,049,500
Indirect bidders' share, % (ours)61.1
Direct bidders' share, % (ours)13.1
Primary dealers' share, % (ours)25.8
High minus median, basis points (ours)5.0
Treasury par yield curve, 30-year point, same day, %3.19
High yield minus that point, basis points (ours)-2.0

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 ratio2.34Last 24 auctions10 of 2414 of 242.30
Bid-to-cover ratio2.34Since 8 May 200870 of 9727 of 972.46
Bid-to-cover ratio2.34All 104 since 8 February 200171 of 10433 of 1042.44
High yield3.170Last 24 auctions0 of 2424 of 242.891
High yield3.170Since 8 May 200854 of 9743 of 973.240
High yield3.170All 171 since 1 November 1979128 of 17143 of 1714.490
Indirect bidders' share61.1Last 24 auctions10 of 2414 of 2460.0
Indirect bidders' share61.1All 97 since 8 May 200810 of 9787 of 9742.0
Direct bidders' share13.1Last 24 auctions2 of 2422 of 2410.0
Direct bidders' share13.1All 97 since 8 May 200844 of 9753 of 9712.4
Primary dealers' share25.8Last 24 auctions21 of 243 of 2429.2
Primary dealers' share25.8All 97 since 8 May 200894 of 973 of 9743.1
High minus median, basis points5.0Last 24 auctions14 of 2410 of 246.0
High minus median, basis points5.0Since 8 May 200848 of 9749 of 974.8
High minus median, basis points5.0All 171 since 1 November 197953 of 171118 of 1713.6

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 March 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170309_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 March 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-03-09.

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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