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30-year bond auction of 13 July 2017 (reopening)

The 30-year bond sold $12.274 billion at a high yield of 2.936% on , with a bid-to-cover ratio of 2.31.

Coupon
3.000%
Announced
Issued
Matures

High yield

2.936%

Median yield 2.870%

Bid-to-cover

2.31

▼ −0.01 since 13 Jun

Sold

$12.27 billion

$12 billion offered

Indirect bidders

61.7%

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 14 August 2014 to 13 July 2017; the latest at 2.936%.2.0%2.5%3.0%3.5%2014201520162017This auction, 2.936%High yield at the last 36 30-year bond auctions36 auctions from 14 August 2014 to 13 July 2017; the latest at 2.936%.2.0%2.3%2.5%2.8%3.0%3.3%2015201620172.936%

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
2.9362.31
2.8702.32
3.0502.19
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.312.286 of 126 of 12
High yield2.9362.9085 of 127 of 12
Indirect bidders' share61.763.87 of 125 of 12
Direct bidders' share6.46.46 of 126 of 12
Primary dealers' share31.928.83 of 129 of 12
High minus median, basis points6.65.64 of 128 of 12

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

Who bought the 30-year bond?

Indirect bidders took 61.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 June 2017

Indirect bidders took 61.7% of the competitive bids acceptedIndirect bidders 61.7%, Direct bidders 6.4%, Primary dealers 31.9%Indirect bidders61.7%63.7%Direct bidders6.4%6.7%Primary dealers31.9%29.6%Indirect bidders took 61.7% of the competitive bids acceptedIndirect bidders 61.7%, Direct bidders 6.4%, Primary dealers 31.9%Indirect bidders61.7%63.7%Direct bidders6.4%6.7%Primary dealers31.9%29.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.763.7
Direct bidders6.46.7
Primary dealers31.929.6

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$27,949,941,200
Sold$12,273,921,200
Competitive bids accepted$11,995,970,000
Non-competitive bids accepted$4,044,300
Federal Reserve (SOMA) add-on$273,906,900
Foreign and international (FIMA) non-competitive$0
High yield, %2.936
Median rate, %2.870
Low rate, %2.500
Interest rate (coupon), %3.000
Bids at the high rate filled, %30.56
Bid-to-cover ratio2.31
Indirect bidders accepted$7,399,330,000
Direct bidders accepted$765,000,000
Primary dealers accepted$3,831,640,000
Indirect bidders' share, % (ours)61.7
Direct bidders' share, % (ours)6.4
Primary dealers' share, % (ours)31.9
High minus median, basis points (ours)6.6
Treasury par yield curve, 30-year point, same day, %2.92
High yield minus that point, basis points (ours)1.6

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 ratio2.31Last 24 auctions13 of 2411 of 242.32
Bid-to-cover ratio2.31Since 8 May 200875 of 10125 of 1012.44
Bid-to-cover ratio2.31All 108 since 8 February 200176 of 10831 of 1082.42
High yield2.936Last 24 auctions9 of 2415 of 242.904
High yield2.936Since 8 May 200873 of 10128 of 1013.230
High yield2.936All 175 since 1 November 1979147 of 17528 of 1754.449
Indirect bidders' share61.7Last 24 auctions11 of 2413 of 2461.3
Indirect bidders' share61.7All 101 since 8 May 200811 of 10190 of 10143.3
Direct bidders' share6.4Last 24 auctions18 of 246 of 249.0
Direct bidders' share6.4All 101 since 8 May 200887 of 10114 of 10112.4
Primary dealers' share31.9Last 24 auctions6 of 2418 of 2428.8
Primary dealers' share31.9All 101 since 8 May 200880 of 10121 of 10142.7
High minus median, basis points6.6Last 24 auctions6 of 2418 of 245.1
High minus median, basis points6.6Since 8 May 200825 of 10176 of 1015.0
High minus median, basis points6.6All 175 since 1 November 197926 of 175149 of 1753.8

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 July 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170713_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 July 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-07-13.

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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