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30-year bond auction of 10 August 2023 (new issue)

The 30-year bond sold $31.605 billion at a high yield of 4.189% on , with a bid-to-cover ratio of 2.42.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.189%

Median yield 4.115%

Bid-to-cover

2.42

▼ −0.01 since 13 Jul

Sold

$31.60 billion

$23 billion offered

Indirect bidders

67.8%

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 10 September 2020 to 10 August 2023; the latest at 4.189%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 4.189%The high yield was the highest for a 30-year bond since 14 July 201136 auctions from 10 September 2020 to 10 August 2023; the latest at 4.189%.1.0%2.0%3.0%4.0%5.0%202220234.189%

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
4.1892.42
3.9102.43
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.422.404 of 126 of 12
High yield4.1893.7140 of 1212 of 12
Indirect bidders' share67.870.310 of 122 of 12
Direct bidders' share19.618.85 of 127 of 12
Primary dealers' share12.510.82 of 1210 of 12
High minus median, basis points7.47.66 of 126 of 12

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

Who bought the 30-year bond?

Indirect bidders took 67.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 July 2023

Indirect bidders took 67.8% of the competitive bids acceptedIndirect bidders 67.8%, Direct bidders 19.6%, Primary dealers 12.5%Indirect bidders67.8%69.0%Direct bidders19.6%20.1%Primary dealers12.5%10.9%Indirect bidders took 67.8% of the competitive bids acceptedIndirect bidders 67.8%, Direct bidders 19.6%, Primary dealers 12.5%Indirect bidders67.8%69.0%Direct bidders19.6%20.1%Primary dealers12.5%10.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.869.0
Direct bidders19.620.1
Primary dealers12.510.9

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$23,000,000,000
Bids received$64,210,053,900
Sold$31,604,606,400
Competitive bids accepted$22,955,401,500
Non-competitive bids accepted$44,608,700
Federal Reserve (SOMA) add-on$8,604,596,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.189
Median rate, %4.115
Low rate, %4.050
Interest rate (coupon), %4.125
Bids at the high rate filled, %10.05
Bid-to-cover ratio2.42
Indirect bidders accepted$15,570,864,000
Direct bidders accepted$4,509,000,000
Primary dealers accepted$2,875,537,500
Indirect bidders' share, % (ours)67.8
Direct bidders' share, % (ours)19.6
Primary dealers' share, % (ours)12.5
High minus median, basis points (ours)7.4
Treasury par yield curve, 30-year point, same day, %4.24
High yield minus that point, basis points (ours)-5.1

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 auctions7 of 2415 of 242.36
Bid-to-cover ratio2.42Since 8 May 200870 of 17499 of 1742.38
Bid-to-cover ratio2.42All 181 since 8 February 200171 of 181105 of 1812.38
High yield4.189Last 24 auctions0 of 2424 of 243.150
High yield4.189Since 8 May 200822 of 174152 of 1743.060
High yield4.189All 248 since 1 November 197996 of 248152 of 2483.519
Indirect bidders' share67.8Last 24 auctions17 of 247 of 2469.4
Indirect bidders' share67.8All 174 since 8 May 200822 of 174152 of 17457.9
Direct bidders' share19.6Last 24 auctions6 of 2418 of 2417.9
Direct bidders' share19.6All 174 since 8 May 200829 of 174145 of 17414.1
Primary dealers' share12.5Last 24 auctions11 of 2413 of 2412.3
Primary dealers' share12.5All 174 since 8 May 2008161 of 17413 of 17431.1
High minus median, basis points7.4Last 24 auctions15 of 249 of 248.0
High minus median, basis points7.4Since 8 May 200835 of 174137 of 1745.5
High minus median, basis points7.4All 248 since 1 November 197936 of 248210 of 2484.5

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 August 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230810_3.pdf. Compiled by 500metrics, "30-year bond auction of 10 August 2023 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2023-08-10.

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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