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30-year bond auction of 11 February 2021 (new issue)

The 30-year bond sold $36.795 billion at a high yield of 1.933% on , with a bid-to-cover ratio of 2.18.

Coupon
1.875%
Announced
Issued
Matures

High yield

1.933%

Median yield 1.870%

Bid-to-cover

2.18

▼ −0.29 since 13 Jan

Sold

$36.80 billion

$27 billion offered

Indirect bidders

60.5%

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 March 2018 to 11 February 2021; the latest at 1.933%.1.0%2.0%3.0%4.0%2018201920202021This auction, 1.933%High yield at the last 36 30-year bond auctions36 auctions from 13 March 2018 to 11 February 2021; the latest at 1.933%.1.0%1.5%2.0%2.5%3.0%3.5%2019202020211.933%

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
1.9332.18
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.182.3311 of 121 of 12
High yield1.9331.4621 of 1211 of 12
Indirect bidders' share60.564.111 of 121 of 12
Direct bidders' share17.314.11 of 1211 of 12
Primary dealers' share22.221.54 of 128 of 12
High minus median, basis points6.35.84 of 127 of 12

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

Who bought the 30-year bond?

Indirect bidders took 60.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 January 2021

Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 17.3%, Primary dealers 22.2%Indirect bidders60.5%68.6%Direct bidders17.3%17.2%Primary dealers22.2%14.2%Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 17.3%, Primary dealers 22.2%Indirect bidders60.5%68.6%Direct bidders17.3%17.2%Primary dealers22.2%14.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.568.6
Direct bidders17.317.2
Primary dealers22.214.2

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$68,555,872,200
Sold$36,795,047,400
Competitive bids accepted$26,989,315,200
Non-competitive bids accepted$10,704,800
Federal Reserve (SOMA) add-on$9,795,027,400
Foreign and international (FIMA) non-competitive$0
High yield, %1.933
Median rate, %1.870
Low rate, %1.820
Interest rate (coupon), %1.875
Bids at the high rate filled, %48.16
Bid-to-cover ratio2.18
Indirect bidders accepted$16,316,740,000
Direct bidders accepted$4,679,620,000
Primary dealers accepted$5,992,955,200
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)17.3
Primary dealers' share, % (ours)22.2
High minus median, basis points (ours)6.3
Treasury par yield curve, 30-year point, same day, %1.94
High yield minus that point, basis points (ours)-0.7

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 ratio2.18Last 24 auctions22 of 242 of 242.30
Bid-to-cover ratio2.18Since 8 May 2008130 of 14412 of 1442.40
Bid-to-cover ratio2.18All 151 since 8 February 2001131 of 15118 of 1512.40
High yield1.933Last 24 auctions13 of 2411 of 242.116
High yield1.933Since 8 May 2008133 of 14411 of 1443.070
High yield1.933All 218 since 1 November 1979207 of 21811 of 2183.675
Indirect bidders' share60.5Last 24 auctions17 of 247 of 2461.7
Indirect bidders' share60.5All 144 since 8 May 200846 of 14498 of 14450.5
Direct bidders' share17.3Last 24 auctions5 of 2419 of 2415.1
Direct bidders' share17.3All 144 since 8 May 200830 of 144114 of 14412.4
Primary dealers' share22.2Last 24 auctions13 of 2411 of 2422.8
Primary dealers' share22.2All 144 since 8 May 2008131 of 14413 of 14435.7
High minus median, basis points6.3Last 24 auctions8 of 2415 of 245.5
High minus median, basis points6.3Since 8 May 200838 of 144102 of 1445.1
High minus median, basis points6.3All 218 since 1 November 197939 of 218175 of 2184.0

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 11 February 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210211_3.pdf. Compiled by 500metrics, "30-year bond auction of 11 February 2021 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2021-02-11.

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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