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

The 30-year bond sold $12 billion at a high yield of 2.870% on , with a bid-to-cover ratio of 2.53.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.870%

Median yield 2.824%

Bid-to-cover

2.53

▲ +0.32 since 13 Sep

Sold

$12.00 billion

$12 billion offered

Indirect bidders

62.8%

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 13 November 2014 to 12 October 2017; the latest at 2.870%.2.0%2.3%2.5%2.8%3.0%3.3%201520162017This auction, 2.870%High yield at the last 36 30-year bond auctions36 auctions from 13 November 2014 to 12 October 2017; the latest at 2.870%.2.0%2.3%2.5%2.8%3.0%3.3%201620172.870%

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
2.8702.53
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.532.320 of 1212 of 12
High yield2.8702.9258 of 123 of 12
Indirect bidders' share62.863.87 of 125 of 12
Direct bidders' share10.66.32 of 1210 of 12
Primary dealers' share26.629.211 of 121 of 12
High minus median, basis points4.65.511 of 121 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year bond since 10 September 2015 (24 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 62.8% of the competitive bids accepted

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

Indirect bidders took 62.8% of the competitive bids acceptedIndirect bidders 62.8%, Direct bidders 10.6%, Primary dealers 26.6%Indirect bidders62.8%58.8%Direct bidders10.6%6.8%Primary dealers26.6%34.4%Indirect bidders took 62.8% of the competitive bids acceptedIndirect bidders 62.8%, Direct bidders 10.6%, Primary dealers 26.6%Indirect bidders62.8%58.8%Direct bidders10.6%6.8%Primary dealers26.6%34.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.858.8
Direct bidders10.66.8
Primary dealers26.634.4

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$30,360,091,400
Sold$12,000,002,900
Competitive bids accepted$11,995,097,500
Non-competitive bids accepted$4,905,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.870
Median rate, %2.824
Low rate, %2.500
Interest rate (coupon), %2.750
Bids at the high rate filled, %23.37
Bid-to-cover ratio2.53
Indirect bidders accepted$7,533,526,000
Direct bidders accepted$1,272,000,000
Primary dealers accepted$3,189,571,500
Indirect bidders' share, % (ours)62.8
Direct bidders' share, % (ours)10.6
Primary dealers' share, % (ours)26.6
High minus median, basis points (ours)4.6
Treasury par yield curve, 30-year point, same day, %2.86
High yield minus that point, basis points (ours)1.0

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 ratio2.53Last 24 auctions0 of 2424 of 242.32
Bid-to-cover ratio2.53Since 8 May 200838 of 10465 of 1042.43
Bid-to-cover ratio2.53All 111 since 8 February 200138 of 11172 of 1112.42
High yield2.870Last 24 auctions12 of 2411 of 242.886
High yield2.870Since 8 May 200883 of 10420 of 1043.212
High yield2.870All 178 since 1 November 1979157 of 17820 of 1784.395
Indirect bidders' share62.8Last 24 auctions11 of 2413 of 2461.6
Indirect bidders' share62.8All 104 since 8 May 200812 of 10492 of 10443.9
Direct bidders' share10.6Last 24 auctions7 of 2417 of 248.6
Direct bidders' share10.6All 104 since 8 May 200861 of 10443 of 10412.1
Primary dealers' share26.6Last 24 auctions20 of 244 of 2428.8
Primary dealers' share26.6All 104 since 8 May 200897 of 1047 of 10442.4
High minus median, basis points4.6Last 24 auctions17 of 247 of 245.2
High minus median, basis points4.6Since 8 May 200859 of 10445 of 1045.0
High minus median, basis points4.6All 178 since 1 November 197965 of 178113 of 1783.9

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 12 October 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20171012_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 October 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-10-12.

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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