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30-year bond auction of 13 June 2023 (reopening)

The 30-year bond sold $18 billion at a high yield of 3.908% on , with a bid-to-cover ratio of 2.52.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.908%

Median yield 3.839%

Bid-to-cover

2.52

▲ +0.09 since 11 May

Sold

$18.00 billion

$18 billion offered

Indirect bidders

72.9%

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 July 2020 to 13 June 2023; the latest at 3.908%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.908%High yield at the last 36 30-year bond auctions36 auctions from 9 July 2020 to 13 June 2023; the latest at 3.908%.1.0%2.0%3.0%4.0%5.0%2021202220233.908%

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
3.9082.52
3.7412.43
3.6612.36
3.8772.35
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.380 of 1212 of 12
High yield3.9083.6232 of 1210 of 12
Indirect bidders' share72.970.32 of 1210 of 12
Direct bidders' share18.118.67 of 125 of 12
Primary dealers' share9.010.812 of 120 of 12
High minus median, basis points6.97.69 of 123 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year bond since 9 January 2020 (40 auctions in between).
  • Primary dealers' share: Lowest of all 172 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 72.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 May 2023

Indirect bidders took 72.9% of the competitive bids acceptedIndirect bidders 72.9%, Direct bidders 18.1%, Primary dealers 9.0%Indirect bidders72.9%72.4%Direct bidders18.1%17.4%Primary dealers9.0%10.2%Indirect bidders took 72.9% of the competitive bids acceptedIndirect bidders 72.9%, Direct bidders 18.1%, Primary dealers 9.0%Indirect bidders72.9%72.4%Direct bidders18.1%17.4%Primary dealers9.0%10.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders72.972.4
Direct bidders18.117.4
Primary dealers9.010.2

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$45,388,518,500
Sold$18,000,018,100
Competitive bids accepted$17,994,584,600
Non-competitive bids accepted$5,433,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.908
Median rate, %3.839
Low rate, %2.880
Interest rate (coupon), %3.625
Bids at the high rate filled, %33.99
Bid-to-cover ratio2.52
Indirect bidders accepted$13,120,085,000
Direct bidders accepted$3,263,012,100
Primary dealers accepted$1,611,487,500
Indirect bidders' share, % (ours)72.9
Direct bidders' share, % (ours)18.1
Primary dealers' share, % (ours)9.0
High minus median, basis points (ours)6.9
Treasury par yield curve, 30-year point, same day, %3.94
High yield minus that point, basis points (ours)-3.2

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 ratio2.52Last 24 auctions0 of 2424 of 242.35
Bid-to-cover ratio2.52Since 8 May 200842 of 172129 of 1722.38
Bid-to-cover ratio2.52All 179 since 8 February 200142 of 179136 of 1792.38
High yield3.908Last 24 auctions2 of 2422 of 243.052
High yield3.908Since 8 May 200828 of 172144 of 1723.047
High yield3.908All 246 since 1 November 1979102 of 246144 of 2463.512
Indirect bidders' share72.9Last 24 auctions2 of 2422 of 2469.1
Indirect bidders' share72.9All 172 since 8 May 20082 of 172170 of 17257.9
Direct bidders' share18.1Last 24 auctions10 of 2414 of 2417.6
Direct bidders' share18.1All 172 since 8 May 200839 of 172133 of 17214.0
Primary dealers' share9.0Last 24 auctions24 of 240 of 2413.4
Primary dealers' share9.0All 172 since 8 May 2008172 of 1720 of 17231.6
High minus median, basis points6.9Last 24 auctions19 of 245 of 248.0
High minus median, basis points6.9Since 8 May 200847 of 172124 of 1725.5
High minus median, basis points6.9All 246 since 1 November 197948 of 246197 of 2464.4

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 June 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230613_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 June 2023 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2023-06-13.

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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