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30-year bond auction of 10 June 2021 (reopening)

The 30-year bond sold $26.206 billion at a high yield of 2.172% on , with a bid-to-cover ratio of 2.29.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.172%

Median yield 2.100%

Bid-to-cover

2.29

▲ +0.07 since 13 May

Sold

$26.21 billion

$24 billion offered

Indirect bidders

64.0%

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 July 2018 to 10 June 2021; the latest at 2.172%.1.0%2.0%3.0%4.0%2018201920202021This auction, 2.172%High yield at the last 36 30-year bond auctions36 auctions from 12 July 2018 to 10 June 2021; the latest at 2.172%.1.0%1.5%2.0%2.5%3.0%2019202020212.172%

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
2.1722.29
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.292.306 of 124 of 12
High yield2.1721.6723 of 129 of 12
Indirect bidders' share64.062.03 of 129 of 12
Direct bidders' share18.016.73 of 129 of 12
Primary dealers' share18.020.78 of 124 of 12
High minus median, basis points7.26.22 of 1210 of 12

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

Who bought the 30-year bond?

Indirect bidders took 64.0% of the competitive bids accepted

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

Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 18.0%, Primary dealers 18.0%Indirect bidders64.0%59.9%Direct bidders18.0%20.1%Primary dealers18.0%20.1%Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 18.0%, Primary dealers 18.0%Indirect bidders64.0%59.9%Direct bidders18.0%20.1%Primary dealers18.0%20.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.059.9
Direct bidders18.020.1
Primary dealers18.020.1

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as29-Year 11-Month, reopening
Offering amount$24,000,000,000
Bids received$57,134,638,200
Sold$26,206,402,700
Competitive bids accepted$23,996,814,500
Non-competitive bids accepted$3,188,200
Federal Reserve (SOMA) add-on$2,206,400,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.172
Median rate, %2.100
Low rate, %0.880
Interest rate (coupon), %2.375
Bids at the high rate filled, %17.17
Bid-to-cover ratio2.29
Indirect bidders accepted$15,366,388,000
Direct bidders accepted$4,316,700,000
Primary dealers accepted$4,313,726,500
Indirect bidders' share, % (ours)64.0
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)18.0
High minus median, basis points (ours)7.2
Treasury par yield curve, 30-year point, same day, %2.15
High yield minus that point, basis points (ours)2.2

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 auctions13 of 249 of 242.30
Bid-to-cover ratio2.29Since 8 May 2008102 of 14842 of 1482.40
Bid-to-cover ratio2.29All 155 since 8 February 2001103 of 15548 of 1552.39
High yield2.172Last 24 auctions10 of 2414 of 241.997
High yield2.172Since 8 May 2008133 of 14814 of 1483.047
High yield2.172All 222 since 1 November 1979207 of 22214 of 2223.646
Indirect bidders' share64.0Last 24 auctions6 of 2418 of 2461.7
Indirect bidders' share64.0All 148 since 8 May 200818 of 148130 of 14851.2
Direct bidders' share18.0Last 24 auctions7 of 2417 of 2416.7
Direct bidders' share18.0All 148 since 8 May 200829 of 148119 of 14812.5
Primary dealers' share18.0Last 24 auctions19 of 245 of 2421.5
Primary dealers' share18.0All 148 since 8 May 2008143 of 1485 of 14835.4
High minus median, basis points7.2Last 24 auctions4 of 2420 of 245.8
High minus median, basis points7.2Since 8 May 200822 of 148126 of 1485.2
High minus median, basis points7.2All 222 since 1 November 197923 of 222199 of 2224.1

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 10 June 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210610_3.pdf. Compiled by 500metrics, "30-year bond auction of 10 June 2021 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2021-06-10.

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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