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30-year bond auction of 7 February 2019 (new issue)

The 30-year bond sold $23.576 billion at a high yield of 3.022% on , with a bid-to-cover ratio of 2.27.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.022%

Median yield 2.972%

Bid-to-cover

2.27

▲ +0.08 since 10 Jan

Sold

$23.58 billion

$19 billion offered

Indirect bidders

56.4%

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 10 March 2016 to 7 February 2019; the latest at 3.022%.2.0%2.5%3.0%3.5%2016201720182019This auction, 3.022%High yield at the last 36 30-year bond auctions36 auctions from 10 March 2016 to 7 February 2019; the latest at 3.022%.2.6%2.8%3.0%3.2%3.4%3.6%2017201820193.022%

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
3.0222.27
3.0352.19
3.1652.31
3.4182.06
3.3442.42
3.0882.34
3.0902.27
2.9582.34
3.1002.38
3.1302.38
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.272.348 of 123 of 12
High yield3.0223.10411 of 121 of 12
Indirect bidders' share56.461.812 of 120 of 12
Direct bidders' share17.010.80 of 1212 of 12
Primary dealers' share26.627.49 of 123 of 12
High minus median, basis points5.04.33 of 129 of 12

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

  • Indirect bidders' share: Lowest for a 30-year bond since 10 November 2016 (26 auctions in between).
  • Direct bidders' share: Highest for a 30-year bond since 11 December 2014 (49 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 56.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 January 2019

Indirect bidders took 56.4% of the competitive bids acceptedIndirect bidders 56.4%, Direct bidders 17.0%, Primary dealers 26.6%Indirect bidders56.4%57.3%Direct bidders17.0%15.9%Primary dealers26.6%26.7%Indirect bidders took 56.4% of the competitive bids acceptedIndirect bidders 56.4%, Direct bidders 17.0%, Primary dealers 26.6%Indirect bidders56.4%57.3%Direct bidders17.0%15.9%Primary dealers26.6%26.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.457.3
Direct bidders17.015.9
Primary dealers26.626.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as30-Year, new issue
Offering amount$19,000,000,000
Bids received$47,632,318,400
Sold$23,575,631,600
Competitive bids accepted$18,992,283,200
Non-competitive bids accepted$7,729,900
Federal Reserve (SOMA) add-on$4,575,618,500
Foreign and international (FIMA) non-competitive$0
High yield, %3.022
Median rate, %2.972
Low rate, %2.588
Interest rate (coupon), %3.000
Bids at the high rate filled, %29.24
Bid-to-cover ratio2.27
Indirect bidders accepted$10,702,873,200
Direct bidders accepted$3,229,100,000
Primary dealers accepted$5,060,310,000
Indirect bidders' share, % (ours)56.4
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)26.6
High minus median, basis points (ours)5.0
Treasury par yield curve, 30-year point, same day, %3.00
High yield minus that point, basis points (ours)2.2

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 ratio2.27Last 24 auctions15 of 248 of 242.32
Bid-to-cover ratio2.27Since 8 May 200891 of 12027 of 1202.41
Bid-to-cover ratio2.27All 127 since 8 February 200192 of 12733 of 1272.40
High yield3.022Last 24 auctions13 of 2411 of 243.040
High yield3.022Since 8 May 200877 of 12043 of 1203.134
High yield3.022All 194 since 1 November 1979151 of 19443 of 1944.131
Indirect bidders' share56.4Last 24 auctions24 of 240 of 2461.9
Indirect bidders' share56.4All 120 since 8 May 200840 of 12080 of 12046.1
Direct bidders' share17.0Last 24 auctions0 of 2424 of 248.2
Direct bidders' share17.0All 120 since 8 May 200826 of 12094 of 12011.2
Primary dealers' share26.6Last 24 auctions18 of 246 of 2428.4
Primary dealers' share26.6All 120 since 8 May 2008108 of 12012 of 12040.8
High minus median, basis points5.0Last 24 auctions10 of 2411 of 245.0
High minus median, basis points5.0Since 8 May 200857 of 12060 of 1204.9
High minus median, basis points5.0All 194 since 1 November 197962 of 194129 of 1944.0

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 7 February 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190207_3.pdf. Compiled by 500metrics, "30-year bond auction of 7 February 2019 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2019-02-07.

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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