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30-year bond auction of 12 September 2019 (reopening)

The 30-year bond sold $16 billion at a high yield of 2.270% on , with a bid-to-cover ratio of 2.22.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.270%

Median yield 2.205%

Bid-to-cover

2.22

▼ −0.02 since 8 Aug

Sold

$16.00 billion

$16 billion offered

Indirect bidders

60.3%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond since 13 July 2016

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond since 13 July 201636 auctions from 13 October 2016 to 12 September 2019; the latest at 2.270%.2.0%2.5%3.0%3.5%2016201720182019This auction, 2.270%The high yield was the lowest for a 30-year bond since 13 July 201636 auctions from 13 October 2016 to 12 September 2019; the latest at 2.270%.2.0%2.5%3.0%3.5%201820192.270%

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
2.2702.22
2.3352.24
2.6442.13
2.6072.32
2.8922.20
2.9302.25
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.222.258 of 124 of 12
High yield2.2703.01812 of 120 of 12
Indirect bidders' share60.360.57 of 125 of 12
Direct bidders' share13.313.46 of 126 of 12
Primary dealers' share26.426.77 of 125 of 12
High minus median, basis points6.55.42 of 1210 of 12

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

Who bought the 30-year bond?

Indirect bidders took 60.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 8 August 2019

Indirect bidders took 60.3% of the competitive bids acceptedIndirect bidders 60.3%, Direct bidders 13.3%, Primary dealers 26.4%Indirect bidders60.3%61.3%Direct bidders13.3%12.5%Primary dealers26.4%26.1%Indirect bidders took 60.3% of the competitive bids acceptedIndirect bidders 60.3%, Direct bidders 13.3%, Primary dealers 26.4%Indirect bidders60.3%61.3%Direct bidders13.3%12.5%Primary dealers26.4%26.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.361.3
Direct bidders13.312.5
Primary dealers26.426.1

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$35,542,451,200
Sold$16,000,014,000
Competitive bids accepted$15,981,862,800
Non-competitive bids accepted$18,151,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.270
Median rate, %2.205
Low rate, %2.000
Interest rate (coupon), %2.250
Bids at the high rate filled, %43.24
Bid-to-cover ratio2.22
Indirect bidders accepted$9,639,084,800
Direct bidders accepted$2,126,700,000
Primary dealers accepted$4,216,078,000
Indirect bidders' share, % (ours)60.3
Direct bidders' share, % (ours)13.3
Primary dealers' share, % (ours)26.4
High minus median, basis points (ours)6.5
Treasury par yield curve, 30-year point, same day, %2.22
High yield minus that point, basis points (ours)5.0

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 ratio2.22Last 24 auctions19 of 245 of 242.29
Bid-to-cover ratio2.22Since 8 May 2008108 of 12719 of 1272.40
Bid-to-cover ratio2.22All 134 since 8 February 2001109 of 13425 of 1342.40
High yield2.270Last 24 auctions24 of 240 of 243.018
High yield2.270Since 8 May 2008126 of 1271 of 1273.109
High yield2.270All 201 since 1 November 1979200 of 2011 of 2013.900
Indirect bidders' share60.3Last 24 auctions17 of 247 of 2461.2
Indirect bidders' share60.3All 127 since 8 May 200833 of 12794 of 12747.2
Direct bidders' share13.3Last 24 auctions8 of 2416 of 2411.1
Direct bidders' share13.3All 127 since 8 May 200852 of 12775 of 12711.6
Primary dealers' share26.4Last 24 auctions17 of 247 of 2427.4
Primary dealers' share26.4All 127 since 8 May 2008115 of 12712 of 12738.2
High minus median, basis points6.5Last 24 auctions2 of 2422 of 245.0
High minus median, basis points6.5Since 8 May 200828 of 12798 of 1275.0
High minus median, basis points6.5All 201 since 1 November 197929 of 201171 of 2014.0

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 12 September 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190912_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 September 2019 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2019-09-12.

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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