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30-year bond auction of 13 May 2021 (new issue)

The 30-year bond sold $41.324 billion at a high yield of 2.395% on , with a bid-to-cover ratio of 2.22.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.395%

Median yield 2.315%

Bid-to-cover

2.22

▼ −0.25 since 13 Apr

Sold

$41.32 billion

$27 billion offered

Indirect bidders

59.9%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 7 November 2019

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 7 November 201936 auctions from 12 June 2018 to 13 May 2021; the latest at 2.395%.1.0%2.0%3.0%4.0%2018201920202021This auction, 2.395%The high yield was the highest for a 30-year bond since 7 November 201936 auctions from 12 June 2018 to 13 May 2021; the latest at 2.395%.1.0%1.5%2.0%2.5%3.0%2019202020212.395%

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
2.3952.22
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.222.3010 of 122 of 12
High yield2.3951.6220 of 1212 of 12
Indirect bidders' share59.962.111 of 121 of 12
Direct bidders' share20.116.32 of 1210 of 12
Primary dealers' share20.121.37 of 125 of 12
High minus median, basis points8.06.21 of 1211 of 12

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

Who bought the 30-year bond?

Indirect bidders took 59.9% of the competitive bids accepted

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

Indirect bidders took 59.9% of the competitive bids acceptedIndirect bidders 59.9%, Direct bidders 20.1%, Primary dealers 20.1%Indirect bidders59.9%61.0%Direct bidders20.1%21.9%Primary dealers20.1%17.1%Indirect bidders took 59.9% of the competitive bids acceptedIndirect bidders 59.9%, Direct bidders 20.1%, Primary dealers 20.1%Indirect bidders59.9%61.0%Direct bidders20.1%21.9%Primary dealers20.1%17.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.961.0
Direct bidders20.121.9
Primary dealers20.117.1

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$74,235,135,100
Sold$41,323,641,800
Competitive bids accepted$26,989,331,700
Non-competitive bids accepted$10,680,100
Federal Reserve (SOMA) add-on$14,323,630,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.395
Median rate, %2.315
Low rate, %0.880
Interest rate (coupon), %2.375
Bids at the high rate filled, %60.93
Bid-to-cover ratio2.22
Indirect bidders accepted$16,162,525,000
Direct bidders accepted$5,415,300,000
Primary dealers accepted$5,411,506,700
Indirect bidders' share, % (ours)59.9
Direct bidders' share, % (ours)20.1
Primary dealers' share, % (ours)20.1
High minus median, basis points (ours)8.0
Treasury par yield curve, 30-year point, same day, %2.39
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 ratio2.22Last 24 auctions19 of 244 of 242.30
Bid-to-cover ratio2.22Since 8 May 2008125 of 14721 of 1472.40
Bid-to-cover ratio2.22All 154 since 8 February 2001126 of 15427 of 1542.40
High yield2.395Last 24 auctions4 of 2420 of 241.997
High yield2.395Since 8 May 2008125 of 14722 of 1473.050
High yield2.395All 221 since 1 November 1979199 of 22122 of 2213.652
Indirect bidders' share59.9Last 24 auctions20 of 244 of 2461.7
Indirect bidders' share59.9All 147 since 8 May 200851 of 14796 of 14751.1
Direct bidders' share20.1Last 24 auctions4 of 2420 of 2416.3
Direct bidders' share20.1All 147 since 8 May 200822 of 147125 of 14712.5
Primary dealers' share20.1Last 24 auctions16 of 248 of 2421.6
Primary dealers' share20.1All 147 since 8 May 2008139 of 1478 of 14735.5
High minus median, basis points8.0Last 24 auctions2 of 2422 of 245.5
High minus median, basis points8.0Since 8 May 200811 of 147133 of 1475.1
High minus median, basis points8.0All 221 since 1 November 197912 of 221206 of 2214.1

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 May 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210513_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 May 2021 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2021-05-13.

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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