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30-year bond auction of 13 March 2019 (reopening)

The 30-year bond sold $16 billion at a high yield of 3.014% on , with a bid-to-cover ratio of 2.25.

Coupon
3.000%
Announced
Issued
Matures

High yield

3.014%

Median yield 2.950%

Bid-to-cover

2.25

▼ −0.02 since 7 Feb

Sold

$16.00 billion

$16 billion offered

Indirect bidders

57.8%

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 14 April 2016 to 13 March 2019; the latest at 3.014%.2.0%2.5%3.0%3.5%2016201720182019This auction, 3.014%High yield at the last 36 30-year bond auctions36 auctions from 14 April 2016 to 13 March 2019; the latest at 3.014%.2.6%2.8%3.0%3.2%3.4%3.6%2017201820193.014%

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
3.0142.25
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.252.3410 of 122 of 12
High yield3.0143.09511 of 121 of 12
Indirect bidders' share57.861.810 of 122 of 12
Direct bidders' share14.111.44 of 128 of 12
Primary dealers' share28.127.23 of 129 of 12
High minus median, basis points6.44.30 of 1212 of 12

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

  • High minus median, basis points: Highest for a 30-year bond since 13 July 2017 (19 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 57.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 7 February 2019

Indirect bidders took 57.8% of the competitive bids acceptedIndirect bidders 57.8%, Direct bidders 14.1%, Primary dealers 28.1%Indirect bidders57.8%56.4%Direct bidders14.1%17.0%Primary dealers28.1%26.6%Indirect bidders took 57.8% of the competitive bids acceptedIndirect bidders 57.8%, Direct bidders 14.1%, Primary dealers 28.1%Indirect bidders57.8%56.4%Direct bidders14.1%17.0%Primary dealers28.1%26.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.856.4
Direct bidders14.117.0
Primary dealers28.126.6

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$16,000,000,000
Bids received$36,056,246,900
Sold$16,000,010,200
Competitive bids accepted$15,997,798,300
Non-competitive bids accepted$2,211,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.014
Median rate, %2.950
Low rate, %2.588
Interest rate (coupon), %3.000
Bids at the high rate filled, %22.09
Bid-to-cover ratio2.25
Indirect bidders accepted$9,248,035,300
Direct bidders accepted$2,248,300,000
Primary dealers accepted$4,501,463,000
Indirect bidders' share, % (ours)57.8
Direct bidders' share, % (ours)14.1
Primary dealers' share, % (ours)28.1
High minus median, basis points (ours)6.4
Treasury par yield curve, 30-year point, same day, %3.02
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 ratio2.25Last 24 auctions18 of 246 of 242.32
Bid-to-cover ratio2.25Since 8 May 200899 of 12121 of 1212.41
Bid-to-cover ratio2.25All 128 since 8 February 2001100 of 12827 of 1282.40
High yield3.014Last 24 auctions14 of 2410 of 243.040
High yield3.014Since 8 May 200878 of 12143 of 1213.130
High yield3.014All 195 since 1 November 1979152 of 19543 of 1954.080
Indirect bidders' share57.8Last 24 auctions22 of 242 of 2461.8
Indirect bidders' share57.8All 121 since 8 May 200837 of 12184 of 12146.2
Direct bidders' share14.1Last 24 auctions4 of 2420 of 248.7
Direct bidders' share14.1All 121 since 8 May 200844 of 12177 of 12111.3
Primary dealers' share28.1Last 24 auctions11 of 2413 of 2427.8
Primary dealers' share28.1All 121 since 8 May 200897 of 12124 of 12140.8
High minus median, basis points6.4Last 24 auctions2 of 2422 of 245.0
High minus median, basis points6.4Since 8 May 200827 of 12191 of 1215.0
High minus median, basis points6.4All 195 since 1 November 197928 of 195164 of 1954.0

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 13 March 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190313_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 March 2019 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2019-03-13.

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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