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

The 30-year bond sold $21.422 billion at a high yield of 3.115% on , with a bid-to-cover ratio of 2.44.

Coupon
2.875%
Announced
Issued
Matures

High yield

3.115%

Median yield 3.050%

Bid-to-cover

2.44

▲ +0.09 since 9 Jun

Sold

$21.42 billion

$19 billion offered

Indirect bidders

73.2%

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 8 August 2019 to 13 July 2022; the latest at 3.115%.1.0%1.5%2.0%2.5%3.0%3.5%2019202020212022This auction, 3.115%High yield at the last 36 30-year bond auctions36 auctions from 8 August 2019 to 13 July 2022; the latest at 3.115%.1.0%1.5%2.0%2.5%3.0%3.5%2020202120223.115%

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
3.1152.44
3.1852.35
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.322 of 1210 of 12
High yield3.1152.0621 of 1211 of 12
Indirect bidders' share73.266.60 of 1212 of 12
Direct bidders' share16.317.111 of 121 of 12
Primary dealers' share10.515.112 of 120 of 12
High minus median, basis points6.58.410 of 122 of 12

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

  • Indirect bidders' share: Highest of all 161 earlier 30-year bond auctions we hold.
  • Primary dealers' share: Lowest of all 161 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 73.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 June 2022

Indirect bidders took 73.2% of the competitive bids acceptedIndirect bidders 73.2%, Direct bidders 16.3%, Primary dealers 10.5%Indirect bidders73.2%69.0%Direct bidders16.3%16.9%Primary dealers10.5%14.1%Indirect bidders took 73.2% of the competitive bids acceptedIndirect bidders 73.2%, Direct bidders 16.3%, Primary dealers 10.5%Indirect bidders73.2%69.0%Direct bidders16.3%16.9%Primary dealers10.5%14.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.269.0
Direct bidders16.316.9
Primary dealers10.514.1

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$19,000,000,000
Bids received$48,701,153,200
Sold$21,421,698,300
Competitive bids accepted$18,997,865,100
Non-competitive bids accepted$2,140,800
Federal Reserve (SOMA) add-on$2,421,692,400
Foreign and international (FIMA) non-competitive$0
High yield, %3.115
Median rate, %3.050
Low rate, %2.990
Interest rate (coupon), %2.875
Bids at the high rate filled, %84.69
Bid-to-cover ratio2.44
Indirect bidders accepted$13,906,415,100
Direct bidders accepted$3,103,450,000
Primary dealers accepted$1,988,000,000
Indirect bidders' share, % (ours)73.2
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)10.5
High minus median, basis points (ours)6.5
Treasury par yield curve, 30-year point, same day, %3.08
High yield minus that point, basis points (ours)3.5

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 ratio2.44Last 24 auctions6 of 2418 of 242.30
Bid-to-cover ratio2.44Since 8 May 200861 of 16199 of 1612.38
Bid-to-cover ratio2.44All 168 since 8 February 200162 of 168105 of 1682.38
High yield3.115Last 24 auctions1 of 2423 of 242.020
High yield3.115Since 8 May 200864 of 16197 of 1613.005
High yield3.115All 235 since 1 November 1979138 of 23597 of 2353.418
Indirect bidders' share73.2Last 24 auctions0 of 2424 of 2463.3
Indirect bidders' share73.2All 161 since 8 May 20080 of 161161 of 16154.5
Direct bidders' share16.3Last 24 auctions19 of 245 of 2417.1
Direct bidders' share16.3All 161 since 8 May 200855 of 161106 of 16113.3
Primary dealers' share10.5Last 24 auctions24 of 240 of 2418.0
Primary dealers' share10.5All 161 since 8 May 2008161 of 1610 of 16132.8
High minus median, basis points6.5Last 24 auctions13 of 249 of 247.4
High minus median, basis points6.5Since 8 May 200843 of 161114 of 1615.2
High minus median, basis points6.5All 235 since 1 November 197944 of 235187 of 2354.2

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 July 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220713_2.pdf. Compiled by 500metrics, "30-year bond auction of 13 July 2022 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2022-07-13.

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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