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

The 30-year bond sold $16 billion at a high yield of 2.307% on , with a bid-to-cover ratio of 2.46.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.307%

Median yield 2.265%

Bid-to-cover

2.46

▲ +0.23 since 7 Nov

Sold

$16.00 billion

$16 billion offered

Indirect bidders

63.4%

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 12 January 2017 to 12 December 2019; the latest at 2.307%.2.0%2.5%3.0%3.5%201720182019This auction, 2.307%High yield at the last 36 30-year bond auctions36 auctions from 12 January 2017 to 12 December 2019; the latest at 2.307%.2.0%2.5%3.0%3.5%201820192.307%

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
2.3072.46
2.4302.23
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.240 of 1212 of 12
High yield2.3072.76810 of 122 of 12
Indirect bidders' share63.459.61 of 1211 of 12
Direct bidders' share21.114.80 of 1212 of 12
Primary dealers' share15.526.312 of 120 of 12
High minus median, basis points4.25.512 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year bond since 11 January 2018 (22 auctions in between).
  • Direct bidders' share: Highest for a 30-year bond since 11 December 2014 (59 auctions in between).
  • Primary dealers' share: Lowest of all 130 earlier 30-year bond auctions we hold.
  • High minus median, basis points: Lowest for a 30-year bond since 11 October 2018 (13 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 63.4% of the competitive bids accepted

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

Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 21.1%, Primary dealers 15.5%Indirect bidders63.4%58.8%Direct bidders21.1%20.5%Primary dealers15.5%20.7%Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 21.1%, Primary dealers 15.5%Indirect bidders63.4%58.8%Direct bidders21.1%20.5%Primary dealers15.5%20.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.458.8
Direct bidders21.120.5
Primary dealers15.520.7

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$39,280,156,300
Sold$16,000,006,300
Competitive bids accepted$15,994,580,000
Non-competitive bids accepted$5,426,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.307
Median rate, %2.265
Low rate, %0.880
Interest rate (coupon), %2.375
Bids at the high rate filled, %22.20
Bid-to-cover ratio2.46
Indirect bidders accepted$10,145,430,000
Direct bidders accepted$3,375,600,000
Primary dealers accepted$2,473,550,000
Indirect bidders' share, % (ours)63.4
Direct bidders' share, % (ours)21.1
Primary dealers' share, % (ours)15.5
High minus median, basis points (ours)4.2
Treasury par yield curve, 30-year point, same day, %2.32
High yield minus that point, basis points (ours)-1.3

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 ratio2.46Last 24 auctions2 of 2422 of 242.27
Bid-to-cover ratio2.46Since 8 May 200851 of 13078 of 1302.40
Bid-to-cover ratio2.46All 137 since 8 February 200151 of 13784 of 1372.40
High yield2.307Last 24 auctions22 of 242 of 243.018
High yield2.307Since 8 May 2008126 of 1304 of 1303.096
High yield2.307All 204 since 1 November 1979200 of 2044 of 2043.876
Indirect bidders' share63.4Last 24 auctions3 of 2421 of 2460.9
Indirect bidders' share63.4All 130 since 8 May 200815 of 130115 of 13048.5
Direct bidders' share21.1Last 24 auctions0 of 2424 of 2412.6
Direct bidders' share21.1All 130 since 8 May 200814 of 130116 of 13012.1
Primary dealers' share15.5Last 24 auctions24 of 240 of 2426.9
Primary dealers' share15.5All 130 since 8 May 2008130 of 1300 of 13038.1
High minus median, basis points4.2Last 24 auctions17 of 246 of 245.1
High minus median, basis points4.2Since 8 May 200882 of 13044 of 1305.1
High minus median, basis points4.2All 204 since 1 November 197988 of 204112 of 2044.0

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 December 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191212_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 December 2019 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2019-12-12.

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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