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30-year bond auction of 8 October 2020 (reopening)

The 30-year bond sold $23.643 billion at a high yield of 1.578% on , with a bid-to-cover ratio of 2.29.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.578%

Median yield 1.513%

Bid-to-cover

2.29

▼ −0.02 since 10 Sep

Sold

$23.64 billion

$23 billion offered

Indirect bidders

62.0%

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 9 November 2017 to 8 October 2020; the latest at 1.578%.1.0%2.0%3.0%4.0%201820192020This auction, 1.578%High yield at the last 36 30-year bond auctions36 auctions from 9 November 2017 to 8 October 2020; the latest at 1.578%.1.0%2.0%3.0%4.0%201920201.578%

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
1.5782.29
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.292.339 of 123 of 12
High yield1.5781.4625 of 127 of 12
Indirect bidders' share62.062.88 of 124 of 12
Direct bidders' share15.014.76 of 126 of 12
Primary dealers' share23.021.32 of 1210 of 12
High minus median, basis points6.55.53 of 129 of 12

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

Who bought the 30-year bond?

Indirect bidders took 62.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 September 2020

Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 15.0%, Primary dealers 23.0%Indirect bidders62.0%62.6%Direct bidders15.0%16.1%Primary dealers23.0%21.3%Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 15.0%, Primary dealers 23.0%Indirect bidders62.0%62.6%Direct bidders15.0%16.1%Primary dealers23.0%21.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.062.6
Direct bidders15.016.1
Primary dealers23.021.3

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$23,000,000,000
Bids received$53,262,282,500
Sold$23,643,373,500
Competitive bids accepted$22,996,151,800
Non-competitive bids accepted$3,849,000
Federal Reserve (SOMA) add-on$643,372,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.578
Median rate, %1.513
Low rate, %1.450
Interest rate (coupon), %1.375
Bids at the high rate filled, %18.34
Bid-to-cover ratio2.29
Indirect bidders accepted$14,260,830,800
Direct bidders accepted$3,443,400,000
Primary dealers accepted$5,291,921,000
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)15.0
Primary dealers' share, % (ours)23.0
High minus median, basis points (ours)6.5
Treasury par yield curve, 30-year point, same day, %1.57
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 ratio2.29Last 24 auctions12 of 2412 of 242.28
Bid-to-cover ratio2.29Since 8 May 200899 of 14039 of 1402.40
Bid-to-cover ratio2.29All 147 since 8 February 2001100 of 14745 of 1472.40
High yield1.578Last 24 auctions17 of 247 of 242.338
High yield1.578Since 8 May 2008133 of 1407 of 1403.079
High yield1.578All 214 since 1 November 1979207 of 2147 of 2143.754
Indirect bidders' share62.0Last 24 auctions10 of 2414 of 2461.1
Indirect bidders' share62.0All 140 since 8 May 200827 of 140113 of 14049.9
Direct bidders' share15.0Last 24 auctions10 of 2414 of 2413.7
Direct bidders' share15.0All 140 since 8 May 200845 of 14095 of 14012.2
Primary dealers' share23.0Last 24 auctions12 of 2412 of 2423.5
Primary dealers' share23.0All 140 since 8 May 2008127 of 14013 of 14037.0
High minus median, basis points6.5Last 24 auctions5 of 2418 of 245.5
High minus median, basis points6.5Since 8 May 200831 of 140107 of 1405.1
High minus median, basis points6.5All 214 since 1 November 197932 of 214180 of 2144.0

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 8 October 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201008_3.pdf. Compiled by 500metrics, "30-year bond auction of 8 October 2020 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2020-10-08.

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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