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30-year bond auction of 10 November 2021 (new issue)

The 30-year bond sold $39.461 billion at a high yield of 1.940% on , with a bid-to-cover ratio of 2.20.

Coupon
1.875%
Announced
Issued
Matures

High yield

1.940%

Median yield 1.824%

Bid-to-cover

2.20

▼ −0.16 since 13 Oct

Sold

$39.46 billion

$25 billion offered

Indirect bidders

59.0%

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 13 December 2018 to 10 November 2021; the latest at 1.940%.1.0%1.5%2.0%2.5%3.0%3.5%201920202021This auction, 1.940%High yield at the last 36 30-year bond auctions36 auctions from 13 December 2018 to 10 November 2021; the latest at 1.940%.1.0%1.5%2.0%2.5%202020211.940%

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
1.9402.20
2.0492.36
1.9102.49
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.202.2910 of 122 of 12
High yield1.9402.0207 of 125 of 12
Indirect bidders' share59.061.512 of 120 of 12
Direct bidders' share15.817.312 of 120 of 12
Primary dealers' share25.218.20 of 1212 of 12
High minus median, basis points11.66.40 of 1212 of 12

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

  • Indirect bidders' share: Lowest for a 30-year bond since 7 November 2019 (23 auctions in between).
  • Direct bidders' share: Lowest for a 30-year bond since 8 October 2020 (12 auctions in between).
  • Primary dealers' share: Highest for a 30-year bond since 13 August 2020 (14 auctions in between).
  • High minus median, basis points: Highest for a 30-year bond since 11 August 2011 (122 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 59.0% of the competitive bids accepted

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

Indirect bidders took 59.0% of the competitive bids acceptedIndirect bidders 59.0%, Direct bidders 15.8%, Primary dealers 25.2%Indirect bidders59.0%70.5%Direct bidders15.8%17.2%Primary dealers25.2%12.3%Indirect bidders took 59.0% of the competitive bids acceptedIndirect bidders 59.0%, Direct bidders 15.8%, Primary dealers 25.2%Indirect bidders59.0%70.5%Direct bidders15.8%17.2%Primary dealers25.2%12.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.070.5
Direct bidders15.817.2
Primary dealers25.212.3

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$25,000,000,000
Bids received$69,521,751,700
Sold$39,461,425,700
Competitive bids accepted$24,996,054,000
Non-competitive bids accepted$3,975,900
Federal Reserve (SOMA) add-on$14,461,395,800
Foreign and international (FIMA) non-competitive$0
High yield, %1.940
Median rate, %1.824
Low rate, %1.750
Interest rate (coupon), %1.875
Bids at the high rate filled, %32.58
Bid-to-cover ratio2.20
Indirect bidders accepted$14,746,780,000
Direct bidders accepted$3,943,890,000
Primary dealers accepted$6,305,384,000
Indirect bidders' share, % (ours)59.0
Direct bidders' share, % (ours)15.8
Primary dealers' share, % (ours)25.2
High minus median, basis points (ours)11.6
Treasury par yield curve, 30-year point, same day, %1.92
High yield minus that point, basis points (ours)2.0

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 ratio2.20Last 24 auctions21 of 243 of 242.30
Bid-to-cover ratio2.20Since 8 May 2008132 of 15319 of 1532.40
Bid-to-cover ratio2.20All 160 since 8 February 2001133 of 16025 of 1602.38
High yield1.940Last 24 auctions11 of 2413 of 241.922
High yield1.940Since 8 May 2008140 of 15313 of 1533.035
High yield1.940All 227 since 1 November 1979214 of 22713 of 2273.540
Indirect bidders' share59.0Last 24 auctions23 of 241 of 2462.4
Indirect bidders' share59.0All 153 since 8 May 200861 of 15392 of 15351.9
Direct bidders' share15.8Last 24 auctions17 of 247 of 2417.2
Direct bidders' share15.8All 153 since 8 May 200852 of 153101 of 15312.6
Primary dealers' share25.2Last 24 auctions1 of 2423 of 2419.6
Primary dealers' share25.2All 153 since 8 May 2008121 of 15332 of 15334.4
High minus median, basis points11.6Last 24 auctions0 of 2424 of 246.2
High minus median, basis points11.6Since 8 May 20082 of 153151 of 1535.2
High minus median, basis points11.6All 227 since 1 November 19793 of 227224 of 2274.1

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 November 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211110_4.pdf. Compiled by 500metrics, "30-year bond auction of 10 November 2021 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2021-11-10.

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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