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

The 30-year bond sold $24.457 billion at a high yield of 4.769% on , with a bid-to-cover ratio of 2.24.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.769%

Median yield 4.650%

Bid-to-cover

2.24

▼ −0.11 since 12 Oct

Sold

$24.46 billion

$24 billion offered

Indirect bidders

60.1%

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 10 December 2020 to 9 November 2023; the latest at 4.769%.1.0%2.0%3.0%4.0%5.0%202120222023This auction, 4.769%High yield at the last 36 30-year bond auctions36 auctions from 10 December 2020 to 9 November 2023; the latest at 4.769%.1.0%2.0%3.0%4.0%5.0%202220234.769%

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
4.7692.24
4.8372.35
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.242.4212 of 120 of 12
High yield4.7693.8921 of 1211 of 12
Indirect bidders' share60.169.112 of 120 of 12
Direct bidders' share15.219.712 of 120 of 12
Primary dealers' share24.711.00 of 1212 of 12
High minus median, basis points11.97.40 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 30-year bond since 9 December 2021 (22 auctions in between).
  • Indirect bidders' share: Lowest for a 30-year bond since 10 November 2021 (23 auctions in between).
  • Direct bidders' share: Lowest for a 30-year bond since 8 October 2020 (36 auctions in between).
  • Primary dealers' share: Highest for a 30-year bond since 10 November 2021 (23 auctions in between).
  • High minus median, basis points: Highest for a 30-year bond since 11 August 2011 (146 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 60.1% of the competitive bids accepted

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

Indirect bidders took 60.1% of the competitive bids acceptedIndirect bidders 60.1%, Direct bidders 15.2%, Primary dealers 24.7%Indirect bidders60.1%65.1%Direct bidders15.2%16.7%Primary dealers24.7%18.2%Indirect bidders took 60.1% of the competitive bids acceptedIndirect bidders 60.1%, Direct bidders 15.2%, Primary dealers 24.7%Indirect bidders60.1%65.1%Direct bidders15.2%16.7%Primary dealers24.7%18.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.165.1
Direct bidders15.216.7
Primary dealers24.718.2

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$24,000,000,000
Bids received$54,124,792,400
Sold$24,456,732,400
Competitive bids accepted$23,910,420,000
Non-competitive bids accepted$89,597,100
Federal Reserve (SOMA) add-on$456,715,300
Foreign and international (FIMA) non-competitive$0
High yield, %4.769
Median rate, %4.650
Low rate, %4.590
Interest rate (coupon), %4.750
Bids at the high rate filled, %17.97
Bid-to-cover ratio2.24
Indirect bidders accepted$14,371,980,000
Direct bidders accepted$3,625,500,000
Primary dealers accepted$5,912,940,000
Indirect bidders' share, % (ours)60.1
Direct bidders' share, % (ours)15.2
Primary dealers' share, % (ours)24.7
High minus median, basis points (ours)11.9
Treasury par yield curve, 30-year point, same day, %4.77
High yield minus that point, basis points (ours)-0.1

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 ratio2.24Last 24 auctions22 of 242 of 242.37
Bid-to-cover ratio2.24Since 8 May 2008144 of 17731 of 1772.39
Bid-to-cover ratio2.24All 184 since 8 February 2001145 of 18437 of 1842.38
High yield4.769Last 24 auctions1 of 2423 of 243.549
High yield4.769Since 8 May 20082 of 177175 of 1773.070
High yield4.769All 251 since 1 November 197974 of 251177 of 2513.540
Indirect bidders' share60.1Last 24 auctions23 of 241 of 2469.1
Indirect bidders' share60.1All 177 since 8 May 200879 of 17798 of 17758.0
Direct bidders' share15.2Last 24 auctions24 of 240 of 2418.3
Direct bidders' share15.2All 177 since 8 May 200880 of 17797 of 17714.4
Primary dealers' share24.7Last 24 auctions1 of 2423 of 2412.4
Primary dealers' share24.7All 177 since 8 May 2008123 of 17754 of 17729.8
High minus median, basis points11.9Last 24 auctions0 of 2424 of 248.0
High minus median, basis points11.9Since 8 May 20082 of 177175 of 1775.5
High minus median, basis points11.9All 251 since 1 November 19793 of 251248 of 2514.5

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 9 November 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231109_3.pdf. Compiled by 500metrics, "30-year bond auction of 9 November 2023 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2023-11-09.

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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