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30-year bond auction of 12 April 2017 (reopening)

The 30-year bond sold $12.099 billion at a high yield of 2.938% on , with a bid-to-cover ratio of 2.23.

Coupon
3.000%
Announced
Issued
Matures

High yield

2.938%

Median yield 2.861%

Bid-to-cover

2.23

▼ −0.11 since 9 Mar

Sold

$12.10 billion

$12 billion offered

Indirect bidders

64.5%

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 8 May 2014 to 12 April 2017; the latest at 2.938%.2.0%2.5%3.0%3.5%2014201520162017This auction, 2.938%High yield at the last 36 30-year bond auctions36 auctions from 8 May 2014 to 12 April 2017; the latest at 2.938%.2.0%2.3%2.5%2.8%3.0%3.3%2015201620172.938%

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
2.9382.23
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.232.339 of 123 of 12
High yield2.9382.6063 of 129 of 12
Indirect bidders' share64.564.46 of 126 of 12
Direct bidders' share5.88.69 of 123 of 12
Primary dealers' share29.728.13 of 129 of 12
High minus median, basis points7.75.60 of 1212 of 12

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

  • High minus median, basis points: Highest for a 30-year bond since 11 February 2016 (13 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 64.5% of the competitive bids accepted

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

Indirect bidders took 64.5% of the competitive bids acceptedIndirect bidders 64.5%, Direct bidders 5.8%, Primary dealers 29.7%Indirect bidders64.5%61.1%Direct bidders5.8%13.1%Primary dealers29.7%25.8%Indirect bidders took 64.5% of the competitive bids acceptedIndirect bidders 64.5%, Direct bidders 5.8%, Primary dealers 29.7%Indirect bidders64.5%61.1%Direct bidders5.8%13.1%Primary dealers29.7%25.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.561.1
Direct bidders5.813.1
Primary dealers29.725.8

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$26,811,570,100
Sold$12,098,641,600
Competitive bids accepted$11,992,750,500
Non-competitive bids accepted$7,259,000
Federal Reserve (SOMA) add-on$98,632,100
Foreign and international (FIMA) non-competitive$0
High yield, %2.938
Median rate, %2.861
Low rate, %2.800
Interest rate (coupon), %3.000
Bids at the high rate filled, %27.01
Bid-to-cover ratio2.23
Indirect bidders accepted$7,731,235,500
Direct bidders accepted$698,000,000
Primary dealers accepted$3,563,515,000
Indirect bidders' share, % (ours)64.5
Direct bidders' share, % (ours)5.8
Primary dealers' share, % (ours)29.7
High minus median, basis points (ours)7.7
Treasury par yield curve, 30-year point, same day, %2.92
High yield minus that point, basis points (ours)1.8

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 ratio2.23Last 24 auctions17 of 246 of 242.32
Bid-to-cover ratio2.23Since 8 May 200884 of 9813 of 982.46
Bid-to-cover ratio2.23All 105 since 8 February 200185 of 10519 of 1052.43
High yield2.938Last 24 auctions9 of 2415 of 242.904
High yield2.938Since 8 May 200871 of 9827 of 983.240
High yield2.938All 172 since 1 November 1979145 of 17227 of 1724.480
Indirect bidders' share64.5Last 24 auctions7 of 2417 of 2460.6
Indirect bidders' share64.5All 98 since 8 May 20087 of 9891 of 9842.5
Direct bidders' share5.8Last 24 auctions21 of 243 of 2410.0
Direct bidders' share5.8All 98 since 8 May 200889 of 989 of 9812.4
Primary dealers' share29.7Last 24 auctions10 of 2414 of 2428.8
Primary dealers' share29.7All 98 since 8 May 200882 of 9816 of 9843.1
High minus median, basis points7.7Last 24 auctions1 of 2423 of 245.6
High minus median, basis points7.7Since 8 May 200813 of 9885 of 984.9
High minus median, basis points7.7All 172 since 1 November 197914 of 172158 of 1723.7

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 12 April 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170412_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 April 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-04-12.

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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