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

The 30-year bond sold $12 billion at a high yield of 2.790% on , with a bid-to-cover ratio of 2.21.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.790%

Median yield 2.739%

Bid-to-cover

2.21

▼ −0.11 since 10 Aug

Sold

$12.00 billion

$12 billion offered

Indirect bidders

58.8%

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 9 October 2014 to 13 September 2017; the latest at 2.790%.2.0%2.3%2.5%2.8%3.0%3.3%2014201520162017This auction, 2.790%High yield at the last 36 30-year bond auctions36 auctions from 9 October 2014 to 13 September 2017; the latest at 2.790%.2.0%2.3%2.5%2.8%3.0%3.3%201620172.790%

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
2.7902.21
2.8182.32
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.212.329 of 123 of 12
High yield2.7902.92510 of 122 of 12
Indirect bidders' share58.863.810 of 122 of 12
Direct bidders' share6.86.03 of 129 of 12
Primary dealers' share34.429.22 of 1210 of 12
High minus median, basis points5.16.08 of 124 of 12

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

Who bought the 30-year bond?

Indirect bidders took 58.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 August 2017

Indirect bidders took 58.8% of the competitive bids acceptedIndirect bidders 58.8%, Direct bidders 6.8%, Primary dealers 34.4%Indirect bidders58.8%66.8%Direct bidders6.8%5.4%Primary dealers34.4%27.8%Indirect bidders took 58.8% of the competitive bids acceptedIndirect bidders 58.8%, Direct bidders 6.8%, Primary dealers 34.4%Indirect bidders58.8%66.8%Direct bidders6.8%5.4%Primary dealers34.4%27.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.866.8
Direct bidders6.85.4
Primary dealers34.427.8

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$26,488,241,700
Sold$12,000,001,700
Competitive bids accepted$11,995,788,000
Non-competitive bids accepted$4,213,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.790
Median rate, %2.739
Low rate, %2.188
Interest rate (coupon), %2.750
Bids at the high rate filled, %20.40
Bid-to-cover ratio2.21
Indirect bidders accepted$7,051,508,000
Direct bidders accepted$818,000,000
Primary dealers accepted$4,126,280,000
Indirect bidders' share, % (ours)58.8
Direct bidders' share, % (ours)6.8
Primary dealers' share, % (ours)34.4
High minus median, basis points (ours)5.1
Treasury par yield curve, 30-year point, same day, %2.79
High yield minus that point, basis points (ours)0.0

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 ratio2.21Last 24 auctions19 of 245 of 242.32
Bid-to-cover ratio2.21Since 8 May 200889 of 10314 of 1032.43
Bid-to-cover ratio2.21All 110 since 8 February 200190 of 11020 of 1102.42
High yield2.790Last 24 auctions15 of 249 of 242.904
High yield2.790Since 8 May 200888 of 10315 of 1033.224
High yield2.790All 177 since 1 November 1979162 of 17715 of 1774.410
Indirect bidders' share58.8Last 24 auctions19 of 245 of 2462.7
Indirect bidders' share58.8All 103 since 8 May 200819 of 10384 of 10343.8
Direct bidders' share6.8Last 24 auctions15 of 249 of 248.6
Direct bidders' share6.8All 103 since 8 May 200886 of 10317 of 10312.1
Primary dealers' share34.4Last 24 auctions2 of 2422 of 2428.6
Primary dealers' share34.4All 103 since 8 May 200875 of 10328 of 10342.5
High minus median, basis points5.1Last 24 auctions12 of 2412 of 245.1
High minus median, basis points5.1Since 8 May 200851 of 10352 of 1035.0
High minus median, basis points5.1All 177 since 1 November 197956 of 177121 of 1773.9

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 September 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170913_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 September 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-09-13.

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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