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30-year bond auction of 10 September 2020 (reopening)

The 30-year bond sold $23.946 billion at a high yield of 1.473% on , with a bid-to-cover ratio of 2.31.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.473%

Median yield 1.418%

Bid-to-cover

2.31

▲ +0.17 since 13 Aug

Sold

$23.95 billion

$23 billion offered

Indirect bidders

62.6%

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 October 2017 to 10 September 2020; the latest at 1.473%.1.0%2.0%3.0%4.0%2017201820192020This auction, 1.473%High yield at the last 36 30-year bond auctions36 auctions from 12 October 2017 to 10 September 2020; the latest at 1.473%.1.0%2.0%3.0%4.0%201920201.473%

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
1.4732.31
1.4062.14
1.3302.50
1.4502.30
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.312.326 of 126 of 12
High yield1.4731.7566 of 126 of 12
Indirect bidders' share62.662.66 of 126 of 12
Direct bidders' share16.113.35 of 127 of 12
Primary dealers' share21.321.57 of 125 of 12
High minus median, basis points5.55.55 of 125 of 12

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

Who bought the 30-year bond?

Indirect bidders took 62.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 August 2020

Indirect bidders took 62.6% of the competitive bids acceptedIndirect bidders 62.6%, Direct bidders 16.1%, Primary dealers 21.3%Indirect bidders62.6%59.8%Direct bidders16.1%11.9%Primary dealers21.3%28.3%Indirect bidders took 62.6% of the competitive bids acceptedIndirect bidders 62.6%, Direct bidders 16.1%, Primary dealers 21.3%Indirect bidders62.6%59.8%Direct bidders16.1%11.9%Primary dealers21.3%28.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.659.8
Direct bidders16.111.9
Primary dealers21.328.3

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$23,000,000,000
Bids received$54,020,234,700
Sold$23,945,568,700
Competitive bids accepted$22,993,399,000
Non-competitive bids accepted$6,614,200
Federal Reserve (SOMA) add-on$945,555,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.473
Median rate, %1.418
Low rate, %0.900
Interest rate (coupon), %1.375
Bids at the high rate filled, %28.56
Bid-to-cover ratio2.31
Indirect bidders accepted$14,393,115,000
Direct bidders accepted$3,698,000,000
Primary dealers accepted$4,902,284,000
Indirect bidders' share, % (ours)62.6
Direct bidders' share, % (ours)16.1
Primary dealers' share, % (ours)21.3
High minus median, basis points (ours)5.5
Treasury par yield curve, 30-year point, same day, %1.43
High yield minus that point, basis points (ours)4.3

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 ratio2.31Last 24 auctions9 of 2414 of 242.28
Bid-to-cover ratio2.31Since 8 May 200893 of 13943 of 1392.40
Bid-to-cover ratio2.31All 146 since 8 February 200194 of 14649 of 1462.40
High yield1.473Last 24 auctions18 of 246 of 242.386
High yield1.473Since 8 May 2008133 of 1396 of 1393.084
High yield1.473All 213 since 1 November 1979207 of 2136 of 2133.758
Indirect bidders' share62.6Last 24 auctions8 of 2416 of 2461.1
Indirect bidders' share62.6All 139 since 8 May 200823 of 139116 of 13949.8
Direct bidders' share16.1Last 24 auctions7 of 2417 of 2413.3
Direct bidders' share16.1All 139 since 8 May 200837 of 139102 of 13912.1
Primary dealers' share21.3Last 24 auctions19 of 245 of 2424.3
Primary dealers' share21.3All 139 since 8 May 2008133 of 1396 of 13937.4
High minus median, basis points5.5Last 24 auctions10 of 2411 of 245.5
High minus median, basis points5.5Since 8 May 200857 of 13979 of 1395.1
High minus median, basis points5.5All 213 since 1 November 197961 of 213149 of 2134.0

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 September 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200910_3.pdf. Compiled by 500metrics, "30-year bond auction of 10 September 2020 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2020-09-10.

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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