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

The 30-year bond sold $18 billion at a high yield of 3.513% on , with a bid-to-cover ratio of 2.25.

Coupon
4.000%
Announced
Issued
Matures

High yield

3.513%

Median yield 3.430%

Bid-to-cover

2.25

▼ −0.17 since 10 Nov

Sold

$18.00 billion

$18 billion offered

Indirect bidders

61.6%

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 9 January 2020 to 13 December 2022; the latest at 3.513%.1.0%2.0%3.0%4.0%5.0%202020212022This auction, 3.513%High yield at the last 36 30-year bond auctions36 auctions from 9 January 2020 to 13 December 2022; the latest at 3.513%.1.0%2.0%3.0%4.0%5.0%202120223.513%

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
3.5132.25
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.252.3611 of 121 of 12
High yield3.5133.0522 of 1210 of 12
Indirect bidders' share61.669.411 of 121 of 12
Direct bidders' share23.117.40 of 1212 of 12
Primary dealers' share15.313.03 of 129 of 12
High minus median, basis points8.38.05 of 127 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 11 December 2014 (95 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 61.6% of the competitive bids accepted

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

Indirect bidders took 61.6% of the competitive bids acceptedIndirect bidders 61.6%, Direct bidders 23.1%, Primary dealers 15.3%Indirect bidders61.6%69.9%Direct bidders23.1%20.4%Primary dealers15.3%9.7%Indirect bidders took 61.6% of the competitive bids acceptedIndirect bidders 61.6%, Direct bidders 23.1%, Primary dealers 15.3%Indirect bidders61.6%69.9%Direct bidders23.1%20.4%Primary dealers15.3%9.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.669.9
Direct bidders23.120.4
Primary dealers15.39.7

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 11-Month, reopening
Offering amount$18,000,000,000
Bids received$40,474,162,200
Sold$18,000,021,400
Competitive bids accepted$17,977,779,200
Non-competitive bids accepted$22,242,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.513
Median rate, %3.430
Low rate, %3.350
Interest rate (coupon), %4.000
Bids at the high rate filled, %98.88
Bid-to-cover ratio2.25
Indirect bidders accepted$11,068,275,200
Direct bidders accepted$4,153,400,000
Primary dealers accepted$2,756,104,000
Indirect bidders' share, % (ours)61.6
Direct bidders' share, % (ours)23.1
Primary dealers' share, % (ours)15.3
High minus median, basis points (ours)8.3
Treasury par yield curve, 30-year point, same day, %3.53
High yield minus that point, basis points (ours)-1.7

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 ratio2.25Last 24 auctions18 of 246 of 242.35
Bid-to-cover ratio2.25Since 8 May 2008129 of 16633 of 1662.38
Bid-to-cover ratio2.25All 173 since 8 February 2001130 of 17339 of 1732.38
High yield3.513Last 24 auctions2 of 2422 of 242.308
High yield3.513Since 8 May 200843 of 166123 of 1663.028
High yield3.513All 240 since 1 November 1979117 of 240123 of 2403.429
Indirect bidders' share61.6Last 24 auctions16 of 248 of 2466.9
Indirect bidders' share61.6All 166 since 8 May 200850 of 166116 of 16656.5
Direct bidders' share23.1Last 24 auctions0 of 2424 of 2417.3
Direct bidders' share23.1All 166 since 8 May 20087 of 166159 of 16613.5
Primary dealers' share15.3Last 24 auctions12 of 2412 of 2415.1
Primary dealers' share15.3All 166 since 8 May 2008154 of 16612 of 16632.1
High minus median, basis points8.3Last 24 auctions7 of 2417 of 248.0
High minus median, basis points8.3Since 8 May 200817 of 166149 of 1665.4
High minus median, basis points8.3All 240 since 1 November 197918 of 240222 of 2404.2

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 December 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221213_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 December 2022 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2022-12-13.

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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