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30-year bond auction of 12 May 2022 (new issue)

The 30-year bond sold $37.396 billion at a high yield of 2.997% on , with a bid-to-cover ratio of 2.38.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.997%

Median yield 2.910%

Bid-to-cover

2.38

▲ +0.08 since 13 Apr

Sold

$37.40 billion

$22 billion offered

Indirect bidders

69.7%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 13 March 2019

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 13 March 201936 auctions from 13 June 2019 to 12 May 2022; the latest at 2.997%.1.0%1.5%2.0%2.5%3.0%2019202020212022This auction, 2.997%The high yield was the highest for a 30-year bond since 13 March 201936 auctions from 13 June 2019 to 12 May 2022; the latest at 2.997%.1.0%1.5%2.0%2.5%3.0%2020202120222.997%

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
2.9972.38
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.302 of 1210 of 12
High yield2.9972.0620 of 1212 of 12
Indirect bidders' share69.764.53 of 129 of 12
Direct bidders' share16.617.510 of 122 of 12
Primary dealers' share13.718.09 of 123 of 12
High minus median, basis points8.78.05 of 127 of 12

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

Who bought the 30-year bond?

Indirect bidders took 69.7% of the competitive bids accepted

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

Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 16.6%, Primary dealers 13.7%Indirect bidders69.7%65.2%Direct bidders16.6%18.9%Primary dealers13.7%15.9%Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 16.6%, Primary dealers 13.7%Indirect bidders69.7%65.2%Direct bidders16.6%18.9%Primary dealers13.7%15.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.765.2
Direct bidders16.618.9
Primary dealers13.715.9

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$22,000,000,000
Bids received$67,799,076,100
Sold$37,396,398,800
Competitive bids accepted$21,985,717,700
Non-competitive bids accepted$14,282,500
Federal Reserve (SOMA) add-on$15,396,398,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.997
Median rate, %2.910
Low rate, %2.860
Interest rate (coupon), %2.875
Bids at the high rate filled, %23.16
Bid-to-cover ratio2.38
Indirect bidders accepted$15,315,875,000
Direct bidders accepted$3,648,842,700
Primary dealers accepted$3,021,000,000
Indirect bidders' share, % (ours)69.7
Direct bidders' share, % (ours)16.6
Primary dealers' share, % (ours)13.7
High minus median, basis points (ours)8.7
Treasury par yield curve, 30-year point, same day, %3.00
High yield minus that point, basis points (ours)-0.3

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 ratio2.38Last 24 auctions6 of 2418 of 242.30
Bid-to-cover ratio2.38Since 8 May 200879 of 15977 of 1592.38
Bid-to-cover ratio2.38All 166 since 8 February 200180 of 16683 of 1662.38
High yield2.997Last 24 auctions0 of 2424 of 241.936
High yield2.997Since 8 May 200881 of 15978 of 1593.005
High yield2.997All 233 since 1 November 1979155 of 23378 of 2333.440
Indirect bidders' share69.7Last 24 auctions4 of 2420 of 2462.4
Indirect bidders' share69.7All 159 since 8 May 20085 of 159154 of 15953.2
Direct bidders' share16.6Last 24 auctions15 of 249 of 2417.1
Direct bidders' share16.6All 159 since 8 May 200849 of 159110 of 15913.1
Primary dealers' share13.7Last 24 auctions21 of 243 of 2418.8
Primary dealers' share13.7All 159 since 8 May 2008156 of 1593 of 15933.1
High minus median, basis points8.7Last 24 auctions5 of 2419 of 246.8
High minus median, basis points8.7Since 8 May 200813 of 159146 of 1595.2
High minus median, basis points8.7All 233 since 1 November 197914 of 233219 of 2334.2

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 12 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220512_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 May 2022 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2022-05-12.

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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