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30-year bond auction of 11 January 2018 (reopening)

The 30-year bond sold $12.406 billion at a high yield of 2.867% on , with a bid-to-cover ratio of 2.74.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.867%

Median yield 2.834%

Bid-to-cover

2.74

▲ +0.26 since 12 Dec

Sold

$12.41 billion

$12 billion offered

Indirect bidders

71.5%

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 12 February 2015 to 11 January 2018; the latest at 2.867%.2.0%2.3%2.5%2.8%3.0%3.3%2015201620172018This auction, 2.867%High yield at the last 36 30-year bond auctions36 auctions from 12 February 2015 to 11 January 2018; the latest at 2.867%.2.0%2.3%2.5%2.8%3.0%3.3%2016201720182.867%

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
2.8672.74
2.8042.48
2.8012.23
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.742.320 of 1212 of 12
High yield2.8672.8928 of 124 of 12
Indirect bidders' share71.562.40 of 1212 of 12
Direct bidders' share7.36.43 of 129 of 12
Primary dealers' share21.229.312 of 120 of 12
High minus median, basis points3.35.212 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year bond since 11 December 2014 (36 auctions in between).
  • Indirect bidders' share: Highest of all 107 earlier 30-year bond auctions we hold.
  • Primary dealers' share: Lowest of all 107 earlier 30-year bond auctions we hold.
  • High minus median, basis points: Lowest for a 30-year bond since 10 September 2015 (27 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 71.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 December 2017

Indirect bidders took 71.5% of the competitive bids acceptedIndirect bidders 71.5%, Direct bidders 7.3%, Primary dealers 21.2%Indirect bidders71.5%61.9%Direct bidders7.3%9.0%Primary dealers21.2%29.1%Indirect bidders took 71.5% of the competitive bids acceptedIndirect bidders 71.5%, Direct bidders 7.3%, Primary dealers 21.2%Indirect bidders71.5%61.9%Direct bidders7.3%9.0%Primary dealers21.2%29.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.561.9
Direct bidders7.39.0
Primary dealers21.229.1

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$33,292,485,200
Sold$12,406,398,400
Competitive bids accepted$11,997,353,200
Non-competitive bids accepted$2,656,200
Federal Reserve (SOMA) add-on$406,389,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.867
Median rate, %2.834
Low rate, %2.288
Interest rate (coupon), %2.750
Bids at the high rate filled, %41.08
Bid-to-cover ratio2.74
Indirect bidders accepted$8,576,790,000
Direct bidders accepted$873,000,000
Primary dealers accepted$2,547,563,200
Indirect bidders' share, % (ours)71.5
Direct bidders' share, % (ours)7.3
Primary dealers' share, % (ours)21.2
High minus median, basis points (ours)3.3
Treasury par yield curve, 30-year point, same day, %2.91
High yield minus that point, basis points (ours)-4.3

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 ratio2.74Last 24 auctions0 of 2424 of 242.32
Bid-to-cover ratio2.74Since 8 May 200815 of 10790 of 1072.43
Bid-to-cover ratio2.74All 114 since 8 February 200115 of 11497 of 1142.42
High yield2.867Last 24 auctions11 of 2413 of 242.811
High yield2.867Since 8 May 200885 of 10722 of 1073.180
High yield2.867All 181 since 1 November 1979159 of 18122 of 1814.320
Indirect bidders' share71.5Last 24 auctions0 of 2424 of 2461.9
Indirect bidders' share71.5All 107 since 8 May 20080 of 107107 of 10744.4
Direct bidders' share7.3Last 24 auctions13 of 2411 of 248.3
Direct bidders' share7.3All 107 since 8 May 200885 of 10722 of 10711.6
Primary dealers' share21.2Last 24 auctions24 of 240 of 2429.0
Primary dealers' share21.2All 107 since 8 May 2008107 of 1070 of 10742.1
High minus median, basis points3.3Last 24 auctions24 of 240 of 245.2
High minus median, basis points3.3Since 8 May 200891 of 10715 of 1075.1
High minus median, basis points3.3All 181 since 1 November 1979104 of 18176 of 1813.9

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 11 January 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180111_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 January 2018 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2018-01-11.

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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