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30-year bond auction of 12 April 2018 (reopening)

The 30-year bond sold $13.022 billion at a high yield of 3.044% on , with a bid-to-cover ratio of 2.41.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.044%

Median yield 2.999%

Bid-to-cover

2.41

▲ +0.03 since 13 Mar

Sold

$13.02 billion

$13 billion offered

Indirect bidders

61.0%

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 May 2015 to 12 April 2018; the latest at 3.044%.2.0%2.3%2.5%2.8%3.0%3.3%2015201620172018This auction, 3.044%High yield at the last 36 30-year bond auctions36 auctions from 14 May 2015 to 12 April 2018; the latest at 3.044%.2.0%2.3%2.5%2.8%3.0%3.3%2016201720183.044%

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
3.0442.41
3.1092.38
3.1212.26
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.323 of 129 of 12
High yield3.0442.8703 of 129 of 12
Indirect bidders' share61.061.99 of 123 of 12
Direct bidders' share14.66.81 of 1211 of 12
Primary dealers' share24.429.611 of 121 of 12
High minus median, basis points4.55.110 of 122 of 12

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

Who bought the 30-year bond?

Indirect bidders took 61.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 March 2018

Indirect bidders took 61.0% of the competitive bids acceptedIndirect bidders 61.0%, Direct bidders 14.6%, Primary dealers 24.4%Indirect bidders61.0%57.9%Direct bidders14.6%14.8%Primary dealers24.4%27.3%Indirect bidders took 61.0% of the competitive bids acceptedIndirect bidders 61.0%, Direct bidders 14.6%, Primary dealers 24.4%Indirect bidders61.0%57.9%Direct bidders14.6%14.8%Primary dealers24.4%27.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.057.9
Direct bidders14.614.8
Primary dealers24.427.3

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$13,000,000,000
Bids received$31,409,479,700
Sold$13,022,289,700
Competitive bids accepted$12,998,197,000
Non-competitive bids accepted$1,805,600
Federal Reserve (SOMA) add-on$22,287,100
Foreign and international (FIMA) non-competitive$0
High yield, %3.044
Median rate, %2.999
Low rate, %2.188
Interest rate (coupon), %3.000
Bids at the high rate filled, %41.80
Bid-to-cover ratio2.41
Indirect bidders accepted$7,931,197,000
Direct bidders accepted$1,896,000,000
Primary dealers accepted$3,171,000,000
Indirect bidders' share, % (ours)61.0
Direct bidders' share, % (ours)14.6
Primary dealers' share, % (ours)24.4
High minus median, basis points (ours)4.5
Treasury par yield curve, 30-year point, same day, %3.05
High yield minus that point, basis points (ours)-0.6

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 ratio2.41Last 24 auctions6 of 2418 of 242.32
Bid-to-cover ratio2.41Since 8 May 200858 of 11050 of 1102.43
Bid-to-cover ratio2.41All 117 since 8 February 200159 of 11756 of 1172.42
High yield3.044Last 24 auctions5 of 2419 of 242.868
High yield3.044Since 8 May 200867 of 11042 of 1103.161
High yield3.044All 184 since 1 November 1979141 of 18442 of 1844.296
Indirect bidders' share61.0Last 24 auctions18 of 246 of 2462.4
Indirect bidders' share61.0All 110 since 8 May 200820 of 11090 of 11045.3
Direct bidders' share14.6Last 24 auctions1 of 2423 of 247.7
Direct bidders' share14.6All 110 since 8 May 200838 of 11072 of 11011.4
Primary dealers' share24.4Last 24 auctions21 of 243 of 2428.8
Primary dealers' share24.4All 110 since 8 May 2008107 of 1103 of 11041.9
High minus median, basis points4.5Last 24 auctions18 of 244 of 245.2
High minus median, basis points4.5Since 8 May 200863 of 11044 of 1105.0
High minus median, basis points4.5All 184 since 1 November 197969 of 184112 of 1843.9

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 April 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180412_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 April 2018 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2018-04-12.

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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