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

The 30-year bond sold $20 billion at a high yield of 4.345% on , with a bid-to-cover ratio of 2.46.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.345%

Median yield 4.270%

Bid-to-cover

2.46

▲ +0.04 since 10 Aug

Sold

$20.00 billion

$20 billion offered

Indirect bidders

64.5%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 12 May 2011

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 12 May 201136 auctions from 8 October 2020 to 13 September 2023; the latest at 4.345%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 4.345%The high yield was the highest for a 30-year bond since 12 May 201136 auctions from 8 October 2020 to 13 September 2023; the latest at 4.345%.1.0%2.0%3.0%4.0%5.0%202220234.345%

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
4.3452.46
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.421 of 1211 of 12
High yield4.3453.8090 of 1212 of 12
Indirect bidders' share64.569.511 of 121 of 12
Direct bidders' share19.719.35 of 127 of 12
Primary dealers' share15.810.91 of 1211 of 12
High minus median, basis points7.57.45 of 127 of 12

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

Who bought the 30-year bond?

Indirect bidders took 64.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 10 August 2023

Indirect bidders took 64.5% of the competitive bids acceptedIndirect bidders 64.5%, Direct bidders 19.7%, Primary dealers 15.8%Indirect bidders64.5%67.8%Direct bidders19.7%19.6%Primary dealers15.8%12.5%Indirect bidders took 64.5% of the competitive bids acceptedIndirect bidders 64.5%, Direct bidders 19.7%, Primary dealers 15.8%Indirect bidders64.5%67.8%Direct bidders19.7%19.6%Primary dealers15.8%12.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.567.8
Direct bidders19.719.6
Primary dealers15.812.5

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$20,000,000,000
Bids received$49,220,636,500
Sold$20,000,007,500
Competitive bids accepted$19,984,111,000
Non-competitive bids accepted$15,896,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.345
Median rate, %4.270
Low rate, %4.230
Interest rate (coupon), %4.125
Bids at the high rate filled, %70.90
Bid-to-cover ratio2.46
Indirect bidders accepted$12,887,111,000
Direct bidders accepted$3,944,100,000
Primary dealers accepted$3,152,900,000
Indirect bidders' share, % (ours)64.5
Direct bidders' share, % (ours)19.7
Primary dealers' share, % (ours)15.8
High minus median, basis points (ours)7.5
Treasury par yield curve, 30-year point, same day, %4.34
High yield minus that point, basis points (ours)0.5

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 ratio2.46Last 24 auctions2 of 2421 of 242.37
Bid-to-cover ratio2.46Since 8 May 200858 of 175114 of 1752.39
Bid-to-cover ratio2.46All 182 since 8 February 200158 of 182120 of 1822.38
High yield4.345Last 24 auctions0 of 2424 of 243.348
High yield4.345Since 8 May 200816 of 175159 of 1753.070
High yield4.345All 249 since 1 November 197990 of 249159 of 2493.525
Indirect bidders' share64.5Last 24 auctions21 of 243 of 2469.4
Indirect bidders' share64.5All 175 since 8 May 200837 of 175138 of 17557.9
Direct bidders' share19.7Last 24 auctions5 of 2419 of 2417.9
Direct bidders' share19.7All 175 since 8 May 200829 of 175146 of 17514.2
Primary dealers' share15.8Last 24 auctions5 of 2419 of 2412.3
Primary dealers' share15.8All 175 since 8 May 2008154 of 17521 of 17530.8
High minus median, basis points7.5Last 24 auctions13 of 2410 of 248.0
High minus median, basis points7.5Since 8 May 200833 of 175140 of 1755.5
High minus median, basis points7.5All 249 since 1 November 197934 of 249213 of 2494.5

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 13 September 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230913_2.pdf. Compiled by 500metrics, "30-year bond auction of 13 September 2023 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2023-09-13.

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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