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30-year bond auction of 9 February 2023 (new issue)

The 30-year bond sold $29.207 billion at a high yield of 3.686% on , with a bid-to-cover ratio of 2.25.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.686%

Median yield 3.572%

Bid-to-cover

2.25

▼ −0.20 since 12 Jan

Sold

$29.21 billion

$21 billion offered

Indirect bidders

65.2%

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 12 March 2020 to 9 February 2023; the latest at 3.686%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.686%High yield at the last 36 30-year bond auctions36 auctions from 12 March 2020 to 9 February 2023; the latest at 3.686%.1.0%2.0%3.0%4.0%5.0%2021202220233.686%

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
3.6862.25
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.252.3811 of 120 of 12
High yield3.6863.1502 of 1210 of 12
Indirect bidders' share65.269.811 of 121 of 12
Direct bidders' share18.917.42 of 1210 of 12
Primary dealers' share15.812.11 of 1211 of 12
High minus median, basis points11.48.00 of 1212 of 12

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

  • High minus median, basis points: Highest for a 30-year bond since 10 November 2021 (14 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 65.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 January 2023

Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 18.9%, Primary dealers 15.8%Indirect bidders65.2%74.6%Direct bidders18.9%16.3%Primary dealers15.8%9.0%Indirect bidders took 65.2% of the competitive bids acceptedIndirect bidders 65.2%, Direct bidders 18.9%, Primary dealers 15.8%Indirect bidders65.2%74.6%Direct bidders18.9%16.3%Primary dealers15.8%9.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.274.6
Direct bidders18.916.3
Primary dealers15.89.0

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$55,388,910,300
Sold$29,206,565,300
Competitive bids accepted$20,982,385,000
Non-competitive bids accepted$17,629,100
Federal Reserve (SOMA) add-on$8,206,551,200
Foreign and international (FIMA) non-competitive$0
High yield, %3.686
Median rate, %3.572
Low rate, %3.500
Interest rate (coupon), %3.625
Bids at the high rate filled, %61.77
Bid-to-cover ratio2.25
Indirect bidders accepted$13,683,330,000
Direct bidders accepted$3,974,400,000
Primary dealers accepted$3,324,655,000
Indirect bidders' share, % (ours)65.2
Direct bidders' share, % (ours)18.9
Primary dealers' share, % (ours)15.8
High minus median, basis points (ours)11.4
Treasury par yield curve, 30-year point, same day, %3.75
High yield minus that point, basis points (ours)-6.4

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 auctions17 of 246 of 242.33
Bid-to-cover ratio2.25Since 8 May 2008130 of 16833 of 1682.38
Bid-to-cover ratio2.25All 175 since 8 February 2001131 of 17539 of 1752.38
High yield3.686Last 24 auctions2 of 2422 of 242.358
High yield3.686Since 8 May 200837 of 168131 of 1683.040
High yield3.686All 242 since 1 November 1979111 of 242131 of 2423.442
Indirect bidders' share65.2Last 24 auctions13 of 2411 of 2466.6
Indirect bidders' share65.2All 168 since 8 May 200827 of 168141 of 16856.9
Direct bidders' share18.9Last 24 auctions6 of 2418 of 2417.5
Direct bidders' share18.9All 168 since 8 May 200829 of 168139 of 16813.7
Primary dealers' share15.8Last 24 auctions11 of 2413 of 2414.8
Primary dealers' share15.8All 168 since 8 May 2008153 of 16815 of 16831.9
High minus median, basis points11.4Last 24 auctions1 of 2423 of 248.0
High minus median, basis points11.4Since 8 May 20083 of 168165 of 1685.4
High minus median, basis points11.4All 242 since 1 November 19794 of 242238 of 2424.2

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 9 February 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230209_3.pdf. Compiled by 500metrics, "30-year bond auction of 9 February 2023 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2023-02-09.

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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