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30-year bond auction of 13 January 2021 (reopening)

The 30-year bond sold $26.413 billion at a high yield of 1.825% on , with a bid-to-cover ratio of 2.47.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.825%

Median yield 1.790%

Bid-to-cover

2.47

▼ −0.01 since 10 Dec

Sold

$26.41 billion

$24 billion offered

Indirect bidders

68.6%

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 8 February 2018 to 13 January 2021; the latest at 1.825%.1.0%2.0%3.0%4.0%2018201920202021This auction, 1.825%High yield at the last 36 30-year bond auctions36 auctions from 8 February 2018 to 13 January 2021; the latest at 1.825%.1.0%1.5%2.0%2.5%3.0%3.5%2019202020211.825%

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
1.8252.47
1.6652.48
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.333 of 129 of 12
High yield1.8251.4622 of 1210 of 12
Indirect bidders' share68.662.82 of 1210 of 12
Direct bidders' share17.214.12 of 1210 of 12
Primary dealers' share14.221.512 of 120 of 12
High minus median, basis points3.55.811 of 121 of 12

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

  • Primary dealers' share: Lowest of all 143 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 68.6% of the competitive bids accepted

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

Indirect bidders took 68.6% of the competitive bids acceptedIndirect bidders 68.6%, Direct bidders 17.2%, Primary dealers 14.2%Indirect bidders68.6%65.9%Direct bidders17.2%16.8%Primary dealers14.2%17.4%Indirect bidders took 68.6% of the competitive bids acceptedIndirect bidders 68.6%, Direct bidders 17.2%, Primary dealers 14.2%Indirect bidders68.6%65.9%Direct bidders17.2%16.8%Primary dealers14.2%17.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.665.9
Direct bidders17.216.8
Primary dealers14.217.4

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$24,000,000,000
Bids received$61,740,735,700
Sold$26,412,625,300
Competitive bids accepted$23,996,512,600
Non-competitive bids accepted$3,489,200
Federal Reserve (SOMA) add-on$2,412,623,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.825
Median rate, %1.790
Low rate, %0.080
Interest rate (coupon), %1.625
Bids at the high rate filled, %79.27
Bid-to-cover ratio2.47
Indirect bidders accepted$16,471,750,600
Direct bidders accepted$4,128,017,500
Primary dealers accepted$3,396,744,500
Indirect bidders' share, % (ours)68.6
Direct bidders' share, % (ours)17.2
Primary dealers' share, % (ours)14.2
High minus median, basis points (ours)3.5
Treasury par yield curve, 30-year point, same day, %1.82
High yield minus that point, basis points (ours)0.5

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 ratio2.47Last 24 auctions3 of 2421 of 242.29
Bid-to-cover ratio2.47Since 8 May 200852 of 14389 of 1432.40
Bid-to-cover ratio2.47All 150 since 8 February 200152 of 15096 of 1502.40
High yield1.825Last 24 auctions14 of 2410 of 242.220
High yield1.825Since 8 May 2008133 of 14310 of 1433.070
High yield1.825All 217 since 1 November 1979207 of 21710 of 2173.690
Indirect bidders' share68.6Last 24 auctions2 of 2422 of 2461.4
Indirect bidders' share68.6All 143 since 8 May 20083 of 143140 of 14350.2
Direct bidders' share17.2Last 24 auctions5 of 2419 of 2415.1
Direct bidders' share17.2All 143 since 8 May 200830 of 143113 of 14312.4
Primary dealers' share14.2Last 24 auctions24 of 240 of 2423.0
Primary dealers' share14.2All 143 since 8 May 2008143 of 1430 of 14335.7
High minus median, basis points3.5Last 24 auctions23 of 241 of 245.5
High minus median, basis points3.5Since 8 May 2008118 of 14322 of 1435.1
High minus median, basis points3.5All 217 since 1 November 1979131 of 21783 of 2174.1

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 13 January 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210113_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 January 2021 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2021-01-13.

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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