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30-year bond auction of 12 January 2023 (reopening)

The 30-year bond sold $18 billion at a high yield of 3.585% on , with a bid-to-cover ratio of 2.45.

Coupon
4.000%
Announced
Issued
Matures

High yield

3.585%

Median yield 3.535%

Bid-to-cover

2.45

▲ +0.20 since 13 Dec

Sold

$18.00 billion

$18 billion offered

Indirect bidders

74.6%

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 13 February 2020 to 12 January 2023; the latest at 3.585%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.585%High yield at the last 36 30-year bond auctions36 auctions from 13 February 2020 to 12 January 2023; the latest at 3.585%.1.0%2.0%3.0%4.0%5.0%2021202220233.585%

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
3.5852.45
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.361 of 1211 of 12
High yield3.5853.1102 of 1210 of 12
Indirect bidders' share74.669.40 of 1212 of 12
Direct bidders' share16.317.412 of 120 of 12
Primary dealers' share9.013.012 of 120 of 12
High minus median, basis points5.08.012 of 120 of 12

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

  • Indirect bidders' share: Highest of all 167 earlier 30-year bond auctions we hold.
  • Direct bidders' share: Lowest for a 30-year bond since 10 November 2021 (13 auctions in between).
  • Primary dealers' share: Lowest of all 167 earlier 30-year bond auctions we hold.
  • High minus median, basis points: Lowest for a 30-year bond since 9 September 2021 (15 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 74.6% of the competitive bids accepted

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

Indirect bidders took 74.6% of the competitive bids acceptedIndirect bidders 74.6%, Direct bidders 16.3%, Primary dealers 9.0%Indirect bidders74.6%61.6%Direct bidders16.3%23.1%Primary dealers9.0%15.3%Indirect bidders took 74.6% of the competitive bids acceptedIndirect bidders 74.6%, Direct bidders 16.3%, Primary dealers 9.0%Indirect bidders74.6%61.6%Direct bidders16.3%23.1%Primary dealers9.0%15.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.661.6
Direct bidders16.323.1
Primary dealers9.015.3

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$18,000,000,000
Bids received$44,109,278,700
Sold$18,000,040,700
Competitive bids accepted$17,986,672,000
Non-competitive bids accepted$13,368,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.585
Median rate, %3.535
Low rate, %3.500
Interest rate (coupon), %4.000
Bids at the high rate filled, %50.66
Bid-to-cover ratio2.45
Indirect bidders accepted$13,422,940,000
Direct bidders accepted$2,937,600,000
Primary dealers accepted$1,626,132,000
Indirect bidders' share, % (ours)74.6
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)9.0
High minus median, basis points (ours)5.0
Treasury par yield curve, 30-year point, same day, %3.56
High yield minus that point, basis points (ours)2.5

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 ratio2.45Last 24 auctions4 of 2420 of 242.33
Bid-to-cover ratio2.45Since 8 May 200860 of 167106 of 1672.38
Bid-to-cover ratio2.45All 174 since 8 February 200161 of 174112 of 1742.38
High yield3.585Last 24 auctions2 of 2422 of 242.330
High yield3.585Since 8 May 200841 of 167126 of 1673.035
High yield3.585All 241 since 1 November 1979115 of 241126 of 2413.440
Indirect bidders' share74.6Last 24 auctions0 of 2424 of 2466.6
Indirect bidders' share74.6All 167 since 8 May 20080 of 167167 of 16756.5
Direct bidders' share16.3Last 24 auctions23 of 241 of 2417.5
Direct bidders' share16.3All 167 since 8 May 200861 of 167106 of 16713.7
Primary dealers' share9.0Last 24 auctions24 of 240 of 2414.8
Primary dealers' share9.0All 167 since 8 May 2008167 of 1670 of 16731.9
High minus median, basis points5.0Last 24 auctions21 of 241 of 248.0
High minus median, basis points5.0Since 8 May 200896 of 16765 of 1675.5
High minus median, basis points5.0All 241 since 1 November 1979101 of 241134 of 2414.2

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 January 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230112_4.pdf. Compiled by 500metrics, "30-year bond auction of 12 January 2023 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2023-01-12.

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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