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30-year bond auction of 10 October 2019 (reopening)

The 30-year bond sold $16 billion at a high yield of 2.170% on , with a bid-to-cover ratio of 2.25.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.170%

Median yield 2.119%

Bid-to-cover

2.25

▲ +0.03 since 12 Sep

Sold

$16.00 billion

$16 billion offered

Indirect bidders

58.5%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 202 earlier auctions we hold

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond of all 202 earlier auctions we hold36 auctions from 10 November 2016 to 10 October 2019; the latest at 2.170%.2.0%2.5%3.0%3.5%201720182019This auction, 2.170%The high yield was the lowest for a 30-year bond of all 202 earlier auctions we hold36 auctions from 10 November 2016 to 10 October 2019; the latest at 2.170%.2.0%2.5%3.0%3.5%201820192.170%

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
2.1702.25
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.252.244 of 126 of 12
High yield2.1702.97212 of 120 of 12
Indirect bidders' share58.560.48 of 124 of 12
Direct bidders' share18.513.70 of 1212 of 12
Primary dealers' share22.926.510 of 122 of 12
High minus median, basis points5.15.69 of 123 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 11 December 2014 (57 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 58.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 September 2019

Indirect bidders took 58.5% of the competitive bids acceptedIndirect bidders 58.5%, Direct bidders 18.5%, Primary dealers 22.9%Indirect bidders58.5%60.3%Direct bidders18.5%13.3%Primary dealers22.9%26.4%Indirect bidders took 58.5% of the competitive bids acceptedIndirect bidders 58.5%, Direct bidders 18.5%, Primary dealers 22.9%Indirect bidders58.5%60.3%Direct bidders18.5%13.3%Primary dealers22.9%26.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.560.3
Direct bidders18.513.3
Primary dealers22.926.4

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$16,000,000,000
Bids received$35,926,506,300
Sold$16,000,019,200
Competitive bids accepted$15,997,302,900
Non-competitive bids accepted$2,716,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.170
Median rate, %2.119
Low rate, %1.800
Interest rate (coupon), %2.250
Bids at the high rate filled, %75.61
Bid-to-cover ratio2.25
Indirect bidders accepted$9,361,946,400
Direct bidders accepted$2,965,600,000
Primary dealers accepted$3,669,756,500
Indirect bidders' share, % (ours)58.5
Direct bidders' share, % (ours)18.5
Primary dealers' share, % (ours)22.9
High minus median, basis points (ours)5.1
Treasury par yield curve, 30-year point, same day, %2.16
High yield minus that point, basis points (ours)1.0

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 ratio2.25Last 24 auctions15 of 247 of 242.29
Bid-to-cover ratio2.25Since 8 May 2008100 of 12825 of 1282.40
Bid-to-cover ratio2.25All 135 since 8 February 2001101 of 13531 of 1352.40
High yield2.170Last 24 auctions24 of 240 of 243.018
High yield2.170Since 8 May 2008128 of 1280 of 1283.104
High yield2.170All 202 since 1 November 1979202 of 2020 of 2023.900
Indirect bidders' share58.5Last 24 auctions19 of 245 of 2461.2
Indirect bidders' share58.5All 128 since 8 May 200839 of 12889 of 12847.6
Direct bidders' share18.5Last 24 auctions0 of 2424 of 2411.4
Direct bidders' share18.5All 128 since 8 May 200821 of 128107 of 12811.8
Primary dealers' share22.9Last 24 auctions21 of 243 of 2427.2
Primary dealers' share22.9All 128 since 8 May 2008125 of 1283 of 12838.1
High minus median, basis points5.1Last 24 auctions11 of 2412 of 245.0
High minus median, basis points5.1Since 8 May 200862 of 12864 of 1285.0
High minus median, basis points5.1All 202 since 1 November 197967 of 202133 of 2024.0

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 10 October 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191010_3.pdf. Compiled by 500metrics, "30-year bond auction of 10 October 2019 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2019-10-10.

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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