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

The 30-year bond sold $28.364 billion at a high yield of 4.080% on , with a bid-to-cover ratio of 2.42.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.080%

Median yield 4.000%

Bid-to-cover

2.42

▲ +0.03 since 13 Oct

Sold

$28.36 billion

$21 billion offered

Indirect bidders

69.9%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 14 July 2011

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 14 July 201136 auctions from 12 December 2019 to 10 November 2022; the latest at 4.080%.1.0%2.0%3.0%4.0%5.0%202020212022This auction, 4.080%The high yield was the highest for a 30-year bond since 14 July 201136 auctions from 12 December 2019 to 10 November 2022; the latest at 4.080%.1.0%2.0%3.0%4.0%5.0%202120224.080%

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
4.0802.42
3.9302.39
3.5112.42
3.1062.31
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.422.352 of 129 of 12
High yield4.0802.9060 of 1212 of 12
Indirect bidders' share69.969.14 of 128 of 12
Direct bidders' share20.417.10 of 1212 of 12
Primary dealers' share9.713.912 of 120 of 12
High minus median, basis points8.08.46 of 124 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 12 August 2021 (14 auctions in between).
  • Primary dealers' share: Lowest of all 165 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 69.9% of the competitive bids accepted

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

Indirect bidders took 69.9% of the competitive bids acceptedIndirect bidders 69.9%, Direct bidders 20.4%, Primary dealers 9.7%Indirect bidders69.9%69.1%Direct bidders20.4%18.7%Primary dealers9.7%12.2%Indirect bidders took 69.9% of the competitive bids acceptedIndirect bidders 69.9%, Direct bidders 20.4%, Primary dealers 9.7%Indirect bidders69.9%69.1%Direct bidders20.4%18.7%Primary dealers9.7%12.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.969.1
Direct bidders20.418.7
Primary dealers9.712.2

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$21,000,000,000
Bids received$58,229,180,100
Sold$28,364,253,300
Competitive bids accepted$20,964,791,200
Non-competitive bids accepted$35,259,700
Federal Reserve (SOMA) add-on$7,364,202,400
Foreign and international (FIMA) non-competitive$0
High yield, %4.080
Median rate, %4.000
Low rate, %3.888
Interest rate (coupon), %4.000
Bids at the high rate filled, %83.22
Bid-to-cover ratio2.42
Indirect bidders accepted$14,660,059,200
Direct bidders accepted$4,273,800,000
Primary dealers accepted$2,030,932,000
Indirect bidders' share, % (ours)69.9
Direct bidders' share, % (ours)20.4
Primary dealers' share, % (ours)9.7
High minus median, basis points (ours)8.0
Treasury par yield curve, 30-year point, same day, %4.03
High yield minus that point, basis points (ours)5.0

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 ratio2.42Last 24 auctions6 of 2417 of 242.33
Bid-to-cover ratio2.42Since 8 May 200866 of 16595 of 1652.38
Bid-to-cover ratio2.42All 172 since 8 February 200167 of 172101 of 1722.38
High yield4.080Last 24 auctions0 of 2424 of 242.234
High yield4.080Since 8 May 200823 of 165141 of 1653.022
High yield4.080All 239 since 1 November 197997 of 239141 of 2393.418
Indirect bidders' share69.9Last 24 auctions5 of 2419 of 2465.5
Indirect bidders' share69.9All 165 since 8 May 20087 of 165158 of 16556.4
Direct bidders' share20.4Last 24 auctions2 of 2422 of 2417.2
Direct bidders' share20.4All 165 since 8 May 200819 of 165146 of 16513.4
Primary dealers' share9.7Last 24 auctions24 of 240 of 2416.5
Primary dealers' share9.7All 165 since 8 May 2008165 of 1650 of 16532.2
High minus median, basis points8.0Last 24 auctions8 of 2413 of 247.7
High minus median, basis points8.0Since 8 May 200819 of 165140 of 1655.4
High minus median, basis points8.0All 239 since 1 November 197920 of 239213 of 2394.2

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 10 November 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221110_3.pdf. Compiled by 500metrics, "30-year bond auction of 10 November 2022 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2022-11-10.

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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