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

The 30-year bond sold $27.684 billion at a high yield of 2.320% on , with a bid-to-cover ratio of 2.47.

Coupon
1.875%
Announced
Issued
Matures

High yield

2.320%

Median yield 2.270%

Bid-to-cover

2.47

▲ +0.19 since 11 Mar

Sold

$27.68 billion

$24 billion offered

Indirect bidders

61.0%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 9 January 2020

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 9 January 202036 auctions from 10 May 2018 to 13 April 2021; the latest at 2.320%.1.0%2.0%3.0%4.0%2018201920202021This auction, 2.320%The high yield was the highest for a 30-year bond since 9 January 202036 auctions from 10 May 2018 to 13 April 2021; the latest at 2.320%.1.0%1.5%2.0%2.5%3.0%2019202020212.320%

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
2.3202.47
2.2952.28
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.302 of 129 of 12
High yield2.3201.5260 of 1212 of 12
Indirect bidders' share61.062.49 of 123 of 12
Direct bidders' share21.915.50 of 1212 of 12
Primary dealers' share17.121.511 of 121 of 12
High minus median, basis points5.06.29 of 123 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 11 December 2014 (75 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 61.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 March 2021

Indirect bidders took 61.0% of the competitive bids acceptedIndirect bidders 61.0%, Direct bidders 21.9%, Primary dealers 17.1%Indirect bidders61.0%60.6%Direct bidders21.9%20.2%Primary dealers17.1%19.2%Indirect bidders took 61.0% of the competitive bids acceptedIndirect bidders 61.0%, Direct bidders 21.9%, Primary dealers 17.1%Indirect bidders61.0%60.6%Direct bidders21.9%20.2%Primary dealers17.1%19.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.060.6
Direct bidders21.920.2
Primary dealers17.119.2

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$62,863,089,400
Sold$27,684,435,400
Competitive bids accepted$23,993,018,000
Non-competitive bids accepted$7,015,000
Federal Reserve (SOMA) add-on$3,684,402,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.320
Median rate, %2.270
Low rate, %2.190
Interest rate (coupon), %1.875
Bids at the high rate filled, %54.85
Bid-to-cover ratio2.47
Indirect bidders accepted$14,625,648,000
Direct bidders accepted$5,265,970,000
Primary dealers accepted$4,101,400,000
Indirect bidders' share, % (ours)61.0
Direct bidders' share, % (ours)21.9
Primary dealers' share, % (ours)17.1
High minus median, basis points (ours)5.0
Treasury par yield curve, 30-year point, same day, %2.32
High yield minus that point, basis points (ours)0.0

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 ratio2.47Last 24 auctions3 of 2420 of 242.30
Bid-to-cover ratio2.47Since 8 May 200852 of 14691 of 1462.40
Bid-to-cover ratio2.47All 153 since 8 February 200152 of 15398 of 1532.39
High yield2.320Last 24 auctions7 of 2417 of 241.997
High yield2.320Since 8 May 2008127 of 14619 of 1463.060
High yield2.320All 220 since 1 November 1979201 of 22019 of 2203.656
Indirect bidders' share61.0Last 24 auctions14 of 2410 of 2461.7
Indirect bidders' share61.0All 146 since 8 May 200842 of 146104 of 14650.9
Direct bidders' share21.9Last 24 auctions0 of 2424 of 2415.6
Direct bidders' share21.9All 146 since 8 May 20088 of 146138 of 14612.5
Primary dealers' share17.1Last 24 auctions22 of 242 of 2421.9
Primary dealers' share17.1All 146 since 8 May 2008144 of 1462 of 14635.6
High minus median, basis points5.0Last 24 auctions19 of 245 of 245.8
High minus median, basis points5.0Since 8 May 200877 of 14665 of 1465.2
High minus median, basis points5.0All 220 since 1 November 197982 of 220134 of 2204.1

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 April 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210413_2.pdf. Compiled by 500metrics, "30-year bond auction of 13 April 2021 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2021-04-13.

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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