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30-year bond auction of 13 April 2022 (reopening)

The 30-year bond sold $24.771 billion at a high yield of 2.815% on , with a bid-to-cover ratio of 2.30.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.815%

Median yield 2.725%

Bid-to-cover

2.30

▼ −0.16 since 10 Mar

Sold

$24.77 billion

$20 billion offered

Indirect bidders

65.2%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 9 May 2019

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 9 May 201936 auctions from 9 May 2019 to 13 April 2022; the latest at 2.815%.1.0%1.5%2.0%2.5%3.0%2019202020212022This auction, 2.815%The high yield was the highest for a 30-year bond since 9 May 201936 auctions from 9 May 2019 to 13 April 2022; the latest at 2.815%.1.0%1.5%2.0%2.5%3.0%2020202120222.815%

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
2.8152.30
2.3752.46
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.302.305 of 126 of 12
High yield2.8152.0620 of 1212 of 12
Indirect bidders' share65.262.64 of 128 of 12
Direct bidders' share18.917.53 of 129 of 12
Primary dealers' share15.918.08 of 124 of 12
High minus median, basis points9.08.04 of 128 of 12

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

Who bought the 30-year bond?

Indirect bidders took 65.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 March 2022

Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 18.9%, Primary dealers 15.9%Indirect bidders65.2%71.5%Direct bidders18.9%16.4%Primary dealers15.9%12.1%Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 18.9%, Primary dealers 15.9%Indirect bidders65.2%71.5%Direct bidders18.9%16.4%Primary dealers15.9%12.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.271.5
Direct bidders18.916.4
Primary dealers15.912.1

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$20,000,000,000
Bids received$50,773,558,800
Sold$24,770,919,400
Competitive bids accepted$19,995,400,600
Non-competitive bids accepted$4,635,600
Federal Reserve (SOMA) add-on$4,770,883,200
Foreign and international (FIMA) non-competitive$0
High yield, %2.815
Median rate, %2.725
Low rate, %2.670
Interest rate (coupon), %2.250
Bids at the high rate filled, %67.71
Bid-to-cover ratio2.30
Indirect bidders accepted$13,042,019,600
Direct bidders accepted$3,780,900,000
Primary dealers accepted$3,172,481,000
Indirect bidders' share, % (ours)65.2
Direct bidders' share, % (ours)18.9
Primary dealers' share, % (ours)15.9
High minus median, basis points (ours)9.0
Treasury par yield curve, 30-year point, same day, %2.81
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 ratio2.30Last 24 auctions10 of 2411 of 242.30
Bid-to-cover ratio2.30Since 8 May 2008104 of 15851 of 1582.38
Bid-to-cover ratio2.30All 165 since 8 February 2001105 of 16557 of 1652.38
High yield2.815Last 24 auctions0 of 2424 of 241.922
High yield2.815Since 8 May 2008106 of 15852 of 1583.010
High yield2.815All 232 since 1 November 1979180 of 23252 of 2323.442
Indirect bidders' share65.2Last 24 auctions9 of 2415 of 2462.4
Indirect bidders' share65.2All 158 since 8 May 200818 of 158140 of 15852.6
Direct bidders' share18.9Last 24 auctions4 of 2420 of 2416.9
Direct bidders' share18.9All 158 since 8 May 200827 of 158131 of 15813.0
Primary dealers' share15.9Last 24 auctions19 of 245 of 2419.6
Primary dealers' share15.9All 158 since 8 May 2008152 of 1586 of 15833.1
High minus median, basis points9.0Last 24 auctions4 of 2420 of 246.5
High minus median, basis points9.0Since 8 May 200812 of 158146 of 1585.2
High minus median, basis points9.0All 232 since 1 November 197913 of 232219 of 2324.2

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 April 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220413_2.pdf. Compiled by 500metrics, "30-year bond auction of 13 April 2022 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2022-04-13.

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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