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30-year bond auction of 13 February 2020 (new issue)

The 30-year bond sold $27.45 billion at a high yield of 2.061% on , with a bid-to-cover ratio of 2.43.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.061%

Median yield 2.010%

Bid-to-cover

2.43

▼ −0.11 since 9 Jan

Sold

$27.45 billion

$19 billion offered

Indirect bidders

61.5%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond of all 206 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 206 earlier auctions we hold36 auctions from 9 March 2017 to 13 February 2020; the latest at 2.061%.2.0%2.5%3.0%3.5%2017201820192020This auction, 2.061%The high yield was the lowest for a 30-year bond of all 206 earlier auctions we hold36 auctions from 9 March 2017 to 13 February 2020; the latest at 2.061%.2.0%2.5%3.0%3.5%2018201920202.061%

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
2.0612.43
2.3412.54
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.252 of 1210 of 12
High yield2.0612.51812 of 120 of 12
Indirect bidders' share61.560.42 of 1210 of 12
Direct bidders' share19.416.02 of 1210 of 12
Primary dealers' share19.125.611 of 121 of 12
High minus median, basis points5.15.48 of 123 of 12

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

Who bought the 30-year bond?

Indirect bidders took 61.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 January 2020

Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 19.4%, Primary dealers 19.1%Indirect bidders61.5%63.0%Direct bidders19.4%17.9%Primary dealers19.1%19.1%Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 19.4%, Primary dealers 19.1%Indirect bidders61.5%63.0%Direct bidders19.4%17.9%Primary dealers19.1%19.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.563.0
Direct bidders19.417.9
Primary dealers19.119.1

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$54,585,933,700
Sold$27,449,872,500
Competitive bids accepted$18,996,908,800
Non-competitive bids accepted$3,093,900
Federal Reserve (SOMA) add-on$8,449,869,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.061
Median rate, %2.010
Low rate, %1.750
Interest rate (coupon), %2.000
Bids at the high rate filled, %26.95
Bid-to-cover ratio2.43
Indirect bidders accepted$11,685,733,800
Direct bidders accepted$3,687,700,000
Primary dealers accepted$3,623,475,000
Indirect bidders' share, % (ours)61.5
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)19.1
High minus median, basis points (ours)5.1
Treasury par yield curve, 30-year point, same day, %2.07
High yield minus that point, basis points (ours)-0.9

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 ratio2.43Last 24 auctions2 of 2422 of 242.27
Bid-to-cover ratio2.43Since 8 May 200856 of 13274 of 1322.40
Bid-to-cover ratio2.43All 139 since 8 February 200157 of 13980 of 1392.40
High yield2.061Last 24 auctions24 of 240 of 243.018
High yield2.061Since 8 May 2008132 of 1320 of 1323.091
High yield2.061All 206 since 1 November 1979206 of 2060 of 2063.836
Indirect bidders' share61.5Last 24 auctions9 of 2415 of 2460.9
Indirect bidders' share61.5All 132 since 8 May 200826 of 132106 of 13249.0
Direct bidders' share19.4Last 24 auctions2 of 2422 of 2413.7
Direct bidders' share19.4All 132 since 8 May 200821 of 132111 of 13212.2
Primary dealers' share19.1Last 24 auctions23 of 241 of 2426.7
Primary dealers' share19.1All 132 since 8 May 2008131 of 1321 of 13238.0
High minus median, basis points5.1Last 24 auctions11 of 2412 of 245.0
High minus median, basis points5.1Since 8 May 200863 of 13266 of 1325.0
High minus median, basis points5.1All 206 since 1 November 197968 of 206135 of 2064.0

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 February 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200213_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 February 2020 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2020-02-13.

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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