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

The 30-year bond sold $33.635 billion at a high yield of 1.342% on , with a bid-to-cover ratio of 2.30.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.342%

Median yield 1.279%

Bid-to-cover

2.30

▼ −0.05 since 8 Apr

Sold

$33.63 billion

$22 billion offered

Indirect bidders

65.7%

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 13 June 2017 to 13 May 2020; the latest at 1.342%.1.0%2.0%3.0%4.0%2017201820192020This auction, 1.342%High yield at the last 36 30-year bond auctions36 auctions from 13 June 2017 to 13 May 2020; the latest at 1.342%.1.0%2.0%3.0%4.0%2018201920201.342%

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
1.3422.30
1.3252.35
1.3202.36
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.302.286 of 126 of 12
High yield1.3422.32110 of 122 of 12
Indirect bidders' share65.761.12 of 1210 of 12
Direct bidders' share12.916.08 of 124 of 12
Primary dealers' share21.422.88 of 124 of 12
High minus median, basis points6.35.44 of 128 of 12

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

Who bought the 30-year bond?

Indirect bidders took 65.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 8 April 2020

Indirect bidders took 65.7% of the competitive bids acceptedIndirect bidders 65.7%, Direct bidders 12.9%, Primary dealers 21.4%Indirect bidders65.7%66.4%Direct bidders12.9%11.0%Primary dealers21.4%22.6%Indirect bidders took 65.7% of the competitive bids acceptedIndirect bidders 65.7%, Direct bidders 12.9%, Primary dealers 21.4%Indirect bidders65.7%66.4%Direct bidders12.9%11.0%Primary dealers21.4%22.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.766.4
Direct bidders12.911.0
Primary dealers21.422.6

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$22,000,000,000
Bids received$62,265,177,800
Sold$33,634,677,800
Competitive bids accepted$21,993,520,000
Non-competitive bids accepted$6,484,700
Federal Reserve (SOMA) add-on$11,634,673,100
Foreign and international (FIMA) non-competitive$0
High yield, %1.342
Median rate, %1.279
Low rate, %0.080
Interest rate (coupon), %1.250
Bids at the high rate filled, %98.50
Bid-to-cover ratio2.30
Indirect bidders accepted$14,446,920,000
Direct bidders accepted$2,845,200,000
Primary dealers accepted$4,701,400,000
Indirect bidders' share, % (ours)65.7
Direct bidders' share, % (ours)12.9
Primary dealers' share, % (ours)21.4
High minus median, basis points (ours)6.3
Treasury par yield curve, 30-year point, same day, %1.35
High yield minus that point, basis points (ours)-0.8

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 ratio2.30Last 24 auctions12 of 2412 of 242.29
Bid-to-cover ratio2.30Since 8 May 200895 of 13540 of 1352.40
Bid-to-cover ratio2.30All 142 since 8 February 200196 of 14246 of 1422.40
High yield1.342Last 24 auctions22 of 242 of 242.911
High yield1.342Since 8 May 2008133 of 1352 of 1353.090
High yield1.342All 209 since 1 November 1979207 of 2092 of 2093.820
Indirect bidders' share65.7Last 24 auctions3 of 2421 of 2461.4
Indirect bidders' share65.7All 135 since 8 May 20089 of 135126 of 13549.4
Direct bidders' share12.9Last 24 auctions12 of 2412 of 2413.0
Direct bidders' share12.9All 135 since 8 May 200859 of 13576 of 13512.1
Primary dealers' share21.4Last 24 auctions20 of 244 of 2426.3
Primary dealers' share21.4All 135 since 8 May 2008130 of 1355 of 13537.7
High minus median, basis points6.3Last 24 auctions5 of 2419 of 245.2
High minus median, basis points6.3Since 8 May 200835 of 13597 of 1355.1
High minus median, basis points6.3All 209 since 1 November 197936 of 209170 of 2094.0

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 May 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200513_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 May 2020 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2020-05-13.

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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