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30-year bond auction of 12 August 2021 (new issue)

The 30-year bond sold $39.046 billion at a high yield of 2.040% on , with a bid-to-cover ratio of 2.21.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.040%

Median yield 1.959%

Bid-to-cover

2.21

▲ +0.02 since 13 Jul

Sold

$39.05 billion

$27 billion offered

Indirect bidders

60.7%

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 September 2018 to 12 August 2021; the latest at 2.040%.1.0%2.0%3.0%4.0%2018201920202021This auction, 2.040%High yield at the last 36 30-year bond auctions36 auctions from 13 September 2018 to 12 August 2021; the latest at 2.040%.1.0%1.5%2.0%2.5%202020212.040%

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
2.0402.21
2.0002.19
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.212.299 of 123 of 12
High yield2.0401.8794 of 128 of 12
Indirect bidders' share60.761.58 of 124 of 12
Direct bidders' share21.017.01 of 1211 of 12
Primary dealers' share18.320.78 of 124 of 12
High minus median, basis points8.16.42 of 1210 of 12

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

Who bought the 30-year bond?

Indirect bidders took 60.7% of the competitive bids accepted

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

Indirect bidders took 60.7% of the competitive bids acceptedIndirect bidders 60.7%, Direct bidders 21.0%, Primary dealers 18.3%Indirect bidders60.7%61.1%Direct bidders21.0%16.6%Primary dealers18.3%22.3%Indirect bidders took 60.7% of the competitive bids acceptedIndirect bidders 60.7%, Direct bidders 21.0%, Primary dealers 18.3%Indirect bidders60.7%61.1%Direct bidders21.0%16.6%Primary dealers18.3%22.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.761.1
Direct bidders21.016.6
Primary dealers18.322.3

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$71,671,752,900
Sold$39,045,825,200
Competitive bids accepted$26,997,292,300
Non-competitive bids accepted$2,710,800
Federal Reserve (SOMA) add-on$12,045,822,100
Foreign and international (FIMA) non-competitive$0
High yield, %2.040
Median rate, %1.959
Low rate, %1.900
Interest rate (coupon), %2.000
Bids at the high rate filled, %50.59
Bid-to-cover ratio2.21
Indirect bidders accepted$16,374,915,000
Direct bidders accepted$5,668,600,000
Primary dealers accepted$4,953,777,300
Indirect bidders' share, % (ours)60.7
Direct bidders' share, % (ours)21.0
Primary dealers' share, % (ours)18.3
High minus median, basis points (ours)8.1
Treasury par yield curve, 30-year point, same day, %2.03
High yield minus that point, basis points (ours)1.0

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 ratio2.21Last 24 auctions21 of 243 of 242.30
Bid-to-cover ratio2.21Since 8 May 2008128 of 15021 of 1502.40
Bid-to-cover ratio2.21All 157 since 8 February 2001129 of 15727 of 1572.38
High yield2.040Last 24 auctions11 of 2413 of 241.966
High yield2.040Since 8 May 2008137 of 15013 of 1503.044
High yield2.040All 224 since 1 November 1979211 of 22413 of 2243.635
Indirect bidders' share60.7Last 24 auctions17 of 247 of 2462.0
Indirect bidders' share60.7All 150 since 8 May 200847 of 150103 of 15051.5
Direct bidders' share21.0Last 24 auctions2 of 2422 of 2416.7
Direct bidders' share21.0All 150 since 8 May 200816 of 150134 of 15012.5
Primary dealers' share18.3Last 24 auctions18 of 246 of 2421.3
Primary dealers' share18.3All 150 since 8 May 2008144 of 1506 of 15035.2
High minus median, basis points8.1Last 24 auctions3 of 2421 of 246.2
High minus median, basis points8.1Since 8 May 200811 of 150138 of 1505.2
High minus median, basis points8.1All 224 since 1 November 197912 of 224211 of 2244.1

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 12 August 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210812_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 August 2021 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2021-08-12.

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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