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30-year bond auction of 8 February 2024 (new issue)

The 30-year bond sold $26.849 billion at a high yield of 4.360% on , with a bid-to-cover ratio of 2.40.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.360%

Median yield 4.314%

Bid-to-cover

2.40

▲ +0.03 since 11 Jan

Sold

$26.85 billion

$25 billion offered

Indirect bidders

70.7%

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 11 March 2021 to 8 February 2024; the latest at 4.360%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.360%High yield at the last 36 30-year bond auctions36 auctions from 11 March 2021 to 8 February 2024; the latest at 4.360%.2.0%3.0%4.0%5.0%2022202320244.360%

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
4.3602.40
4.2292.37
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.406 of 126 of 12
High yield4.3604.0502 of 1210 of 12
Indirect bidders' share70.768.23 of 129 of 12
Direct bidders' share14.518.512 of 120 of 12
Primary dealers' share14.813.44 of 128 of 12
High minus median, basis points4.67.412 of 120 of 12

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

  • Direct bidders' share: Lowest for a 30-year bond since 13 August 2020 (41 auctions in between).
  • High minus median, basis points: Lowest for a 30-year bond since 13 January 2021 (36 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 70.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 January 2024

Indirect bidders took 70.7% of the competitive bids acceptedIndirect bidders 70.7%, Direct bidders 14.5%, Primary dealers 14.8%Indirect bidders70.7%67.8%Direct bidders14.5%17.7%Primary dealers14.8%14.5%Indirect bidders took 70.7% of the competitive bids acceptedIndirect bidders 70.7%, Direct bidders 14.5%, Primary dealers 14.8%Indirect bidders70.7%67.8%Direct bidders14.5%17.7%Primary dealers14.8%14.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.767.8
Direct bidders14.517.7
Primary dealers14.814.5

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$25,000,000,000
Bids received$61,864,043,800
Sold$26,848,948,800
Competitive bids accepted$24,949,794,000
Non-competitive bids accepted$50,220,200
Federal Reserve (SOMA) add-on$1,848,934,600
Foreign and international (FIMA) non-competitive$0
High yield, %4.360
Median rate, %4.314
Low rate, %4.250
Interest rate (coupon), %4.250
Bids at the high rate filled, %82.55
Bid-to-cover ratio2.40
Indirect bidders accepted$17,638,321,500
Direct bidders accepted$3,616,300,000
Primary dealers accepted$3,695,172,500
Indirect bidders' share, % (ours)70.7
Direct bidders' share, % (ours)14.5
Primary dealers' share, % (ours)14.8
High minus median, basis points (ours)4.6
Treasury par yield curve, 30-year point, same day, %4.36
High yield minus that point, basis points (ours)0.0

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 ratio2.40Last 24 auctions11 of 2413 of 242.38
Bid-to-cover ratio2.40Since 8 May 200881 of 18092 of 1802.38
Bid-to-cover ratio2.40All 187 since 8 February 200182 of 18798 of 1872.38
High yield4.360Last 24 auctions2 of 2422 of 243.714
High yield4.360Since 8 May 200818 of 180162 of 1803.079
High yield4.360All 254 since 1 November 197992 of 254162 of 2543.608
Indirect bidders' share70.7Last 24 auctions7 of 2417 of 2469.1
Indirect bidders' share70.7All 180 since 8 May 20089 of 180171 of 18058.7
Direct bidders' share14.5Last 24 auctions24 of 240 of 2417.9
Direct bidders' share14.5All 180 since 8 May 200889 of 18091 of 18014.4
Primary dealers' share14.8Last 24 auctions6 of 2418 of 2412.4
Primary dealers' share14.8All 180 since 8 May 2008159 of 18021 of 18029.7
High minus median, basis points4.6Last 24 auctions24 of 240 of 247.8
High minus median, basis points4.6Since 8 May 2008119 of 18060 of 1805.7
High minus median, basis points4.6All 254 since 1 November 1979125 of 254128 of 2544.5

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 8 February 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240208_3.pdf. Compiled by 500metrics, "30-year bond auction of 8 February 2024 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2024-02-08.

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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