500metrics

All sources checked Checked

30-year bond auction of 12 December 2023 (reopening)

The 30-year bond sold $21 billion at a high yield of 4.344% on , with a bid-to-cover ratio of 2.43.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.344%

Median yield 4.280%

Bid-to-cover

2.43

▲ +0.19 since 9 Nov

Sold

$21.00 billion

$21 billion offered

Indirect bidders

68.5%

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 13 January 2021 to 12 December 2023; the latest at 4.344%.1.0%2.0%3.0%4.0%5.0%202120222023This auction, 4.344%High yield at the last 36 30-year bond auctions36 auctions from 13 January 2021 to 12 December 2023; the latest at 4.344%.2.0%3.0%4.0%5.0%202220234.344%

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
4.3442.43
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.393 of 127 of 12
High yield4.3443.8923 of 129 of 12
Indirect bidders' share68.568.46 of 126 of 12
Direct bidders' share17.319.39 of 123 of 12
Primary dealers' share14.211.85 of 127 of 12
High minus median, basis points6.47.411 of 121 of 12

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

Who bought the 30-year bond?

Indirect bidders took 68.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 November 2023

Indirect bidders took 68.5% of the competitive bids acceptedIndirect bidders 68.5%, Direct bidders 17.3%, Primary dealers 14.2%Indirect bidders68.5%60.1%Direct bidders17.3%15.2%Primary dealers14.2%24.7%Indirect bidders took 68.5% of the competitive bids acceptedIndirect bidders 68.5%, Direct bidders 17.3%, Primary dealers 14.2%Indirect bidders68.5%60.1%Direct bidders17.3%15.2%Primary dealers14.2%24.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.560.1
Direct bidders17.315.2
Primary dealers14.224.7

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$21,000,000,000
Bids received$51,011,239,500
Sold$21,000,002,000
Competitive bids accepted$20,933,494,500
Non-competitive bids accepted$66,507,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.344
Median rate, %4.280
Low rate, %4.230
Interest rate (coupon), %4.750
Bids at the high rate filled, %93.57
Bid-to-cover ratio2.43
Indirect bidders accepted$14,333,694,500
Direct bidders accepted$3,621,800,000
Primary dealers accepted$2,978,000,000
Indirect bidders' share, % (ours)68.5
Direct bidders' share, % (ours)17.3
Primary dealers' share, % (ours)14.2
High minus median, basis points (ours)6.4
Treasury par yield curve, 30-year point, same day, %4.30
High yield minus that point, basis points (ours)4.4

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 ratio2.43Last 24 auctions5 of 2417 of 242.37
Bid-to-cover ratio2.43Since 8 May 200866 of 178107 of 1782.38
Bid-to-cover ratio2.43All 185 since 8 February 200167 of 185113 of 1852.38
High yield4.344Last 24 auctions3 of 2421 of 243.623
High yield4.344Since 8 May 200819 of 178159 of 1783.072
High yield4.344All 252 since 1 November 197993 of 252159 of 2523.562
Indirect bidders' share68.5Last 24 auctions14 of 2410 of 2469.1
Indirect bidders' share68.5All 178 since 8 May 200821 of 178157 of 17858.3
Direct bidders' share17.3Last 24 auctions15 of 249 of 2418.3
Direct bidders' share17.3All 178 since 8 May 200851 of 178127 of 17814.4
Primary dealers' share14.2Last 24 auctions9 of 2415 of 2412.4
Primary dealers' share14.2All 178 since 8 May 2008160 of 17818 of 17829.8
High minus median, basis points6.4Last 24 auctions21 of 243 of 248.0
High minus median, basis points6.4Since 8 May 200862 of 178112 of 1785.6
High minus median, basis points6.4All 252 since 1 November 197963 of 252185 of 2524.5

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 12 December 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231212_2.pdf. Compiled by 500metrics, "30-year bond auction of 12 December 2023 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2023-12-12.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.