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30-year bond auction of 10 February 2022 (new issue)

The 30-year bond sold $36.914 billion at a high yield of 2.340% on , with a bid-to-cover ratio of 2.30.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.340%

Median yield 2.249%

Bid-to-cover

2.30

▼ −0.05 since 13 Jan

Sold

$36.91 billion

$23 billion offered

Indirect bidders

68.0%

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 March 2019 to 10 February 2022; the latest at 2.340%.1.0%1.5%2.0%2.5%3.0%3.5%2019202020212022This auction, 2.340%High yield at the last 36 30-year bond auctions36 auctions from 13 March 2019 to 10 February 2022; the latest at 2.340%.1.0%1.5%2.0%2.5%2020202120222.340%

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
2.3402.30
2.0752.35
1.8952.22
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.302.254 of 128 of 12
High yield2.3402.0441 of 1211 of 12
Indirect bidders' share68.060.92 of 1210 of 12
Direct bidders' share17.817.76 of 126 of 12
Primary dealers' share14.318.810 of 122 of 12
High minus median, basis points9.17.73 of 129 of 12

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

Who bought the 30-year bond?

Indirect bidders took 68.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 January 2022

Indirect bidders took 68.0% of the competitive bids acceptedIndirect bidders 68.0%, Direct bidders 17.8%, Primary dealers 14.3%Indirect bidders68.0%65.0%Direct bidders17.8%17.1%Primary dealers14.3%17.9%Indirect bidders took 68.0% of the competitive bids acceptedIndirect bidders 68.0%, Direct bidders 17.8%, Primary dealers 14.3%Indirect bidders68.0%65.0%Direct bidders17.8%17.1%Primary dealers14.3%17.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.065.0
Direct bidders17.817.1
Primary dealers14.317.9

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$23,000,000,000
Bids received$66,852,603,700
Sold$36,914,133,100
Competitive bids accepted$22,996,924,400
Non-competitive bids accepted$3,081,600
Federal Reserve (SOMA) add-on$13,914,127,100
Foreign and international (FIMA) non-competitive$0
High yield, %2.340
Median rate, %2.249
Low rate, %2.150
Interest rate (coupon), %2.250
Bids at the high rate filled, %98.94
Bid-to-cover ratio2.30
Indirect bidders accepted$15,627,311,400
Direct bidders accepted$4,082,150,000
Primary dealers accepted$3,287,463,000
Indirect bidders' share, % (ours)68.0
Direct bidders' share, % (ours)17.8
Primary dealers' share, % (ours)14.3
High minus median, basis points (ours)9.1
Treasury par yield curve, 30-year point, same day, %2.30
High yield minus that point, basis points (ours)4.0

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 ratio2.30Last 24 auctions11 of 2411 of 242.30
Bid-to-cover ratio2.30Since 8 May 2008103 of 15651 of 1562.38
Bid-to-cover ratio2.30All 163 since 8 February 2001104 of 16357 of 1632.38
High yield2.340Last 24 auctions1 of 2423 of 241.902
High yield2.340Since 8 May 2008127 of 15629 of 1563.018
High yield2.340All 230 since 1 November 1979201 of 23029 of 2303.484
Indirect bidders' share68.0Last 24 auctions5 of 2419 of 2462.1
Indirect bidders' share68.0All 156 since 8 May 20087 of 156149 of 15651.9
Direct bidders' share17.8Last 24 auctions7 of 2417 of 2416.9
Direct bidders' share17.8All 156 since 8 May 200834 of 156122 of 15612.9
Primary dealers' share14.3Last 24 auctions21 of 243 of 2420.4
Primary dealers' share14.3All 156 since 8 May 2008153 of 1563 of 15633.4
High minus median, basis points9.1Last 24 auctions4 of 2420 of 246.5
High minus median, basis points9.1Since 8 May 200811 of 156145 of 1565.2
High minus median, basis points9.1All 230 since 1 November 197912 of 230218 of 2304.1

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 February 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220210_3.pdf. Compiled by 500metrics, "30-year bond auction of 10 February 2022 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2022-02-10.

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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