500metrics

All sources checked Checked

30-year bond auction of 12 November 2020 (new issue)

The 30-year bond sold $34.403 billion at a high yield of 1.680% on , with a bid-to-cover ratio of 2.29.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.680%

Median yield 1.620%

Bid-to-cover

2.29

▬ Unchanged since 8 Oct

Sold

$34.40 billion

$27 billion offered

Indirect bidders

61.9%

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 December 2017 to 12 November 2020; the latest at 1.680%.1.0%2.0%3.0%4.0%201820192020This auction, 1.680%High yield at the last 36 30-year bond auctions36 auctions from 12 December 2017 to 12 November 2020; the latest at 1.680%.1.0%1.5%2.0%2.5%3.0%3.5%201920201.680%

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
1.6802.29
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.292.339 of 122 of 12
High yield1.6801.4624 of 128 of 12
Indirect bidders' share61.962.89 of 123 of 12
Direct bidders' share16.514.14 of 128 of 12
Primary dealers' share21.621.35 of 127 of 12
High minus median, basis points6.05.55 of 127 of 12

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

Who bought the 30-year bond?

Indirect bidders took 61.9% of the competitive bids accepted

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

Indirect bidders took 61.9% of the competitive bids acceptedIndirect bidders 61.9%, Direct bidders 16.5%, Primary dealers 21.6%Indirect bidders61.9%62.0%Direct bidders16.5%15.0%Primary dealers21.6%23.0%Indirect bidders took 61.9% of the competitive bids acceptedIndirect bidders 61.9%, Direct bidders 16.5%, Primary dealers 21.6%Indirect bidders61.9%62.0%Direct bidders16.5%15.0%Primary dealers21.6%23.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.962.0
Direct bidders16.515.0
Primary dealers21.623.0

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$27,000,000,000
Bids received$69,279,416,600
Sold$34,403,465,600
Competitive bids accepted$26,986,999,000
Non-competitive bids accepted$13,025,900
Federal Reserve (SOMA) add-on$7,403,440,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.680
Median rate, %1.620
Low rate, %0.080
Interest rate (coupon), %1.625
Bids at the high rate filled, %62.77
Bid-to-cover ratio2.29
Indirect bidders accepted$16,705,821,000
Direct bidders accepted$4,463,300,000
Primary dealers accepted$5,817,878,000
Indirect bidders' share, % (ours)61.9
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)21.6
High minus median, basis points (ours)6.0
Treasury par yield curve, 30-year point, same day, %1.64
High yield minus that point, basis points (ours)4.0

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 auctions11 of 2412 of 242.28
Bid-to-cover ratio2.29Since 8 May 200899 of 14139 of 1412.40
Bid-to-cover ratio2.29All 148 since 8 February 2001100 of 14845 of 1482.40
High yield1.680Last 24 auctions16 of 248 of 242.321
High yield1.680Since 8 May 2008133 of 1418 of 1413.074
High yield1.680All 215 since 1 November 1979207 of 2158 of 2153.750
Indirect bidders' share61.9Last 24 auctions10 of 2414 of 2461.1
Indirect bidders' share61.9All 141 since 8 May 200829 of 141112 of 14150.0
Direct bidders' share16.5Last 24 auctions7 of 2417 of 2414.2
Direct bidders' share16.5All 141 since 8 May 200834 of 141107 of 14112.4
Primary dealers' share21.6Last 24 auctions17 of 247 of 2423.5
Primary dealers' share21.6All 141 since 8 May 2008133 of 1418 of 14136.6
High minus median, basis points6.0Last 24 auctions9 of 2414 of 245.5
High minus median, basis points6.0Since 8 May 200848 of 14189 of 1415.1
High minus median, basis points6.0All 215 since 1 November 197949 of 215159 of 2154.1

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 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201112_5.pdf. Compiled by 500metrics, "30-year bond auction of 12 November 2020 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2020-11-12.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.