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30-year bond auction of 12 September 2024 (reopening)

The 30-year bond sold $22.21 billion at a high yield of 4.015% on , with a bid-to-cover ratio of 2.38.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.015%

Median yield 3.950%

Bid-to-cover

2.38

▲ +0.07 since 8 Aug

Sold

$22.21 billion

$22 billion offered

Indirect bidders

68.7%

Of competitive bids accepted

The high yield was the lowest for a 30-year bond since 13 July 2023

High yield at each 30-year bond auction, %

The high yield was the lowest for a 30-year bond since 13 July 202336 auctions from 13 October 2021 to 12 September 2024; the latest at 4.015%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.015%The high yield was the lowest for a 30-year bond since 13 July 202336 auctions from 13 October 2021 to 12 September 2024; the latest at 4.015%.3.5%4.0%4.5%5.0%202320244.015%

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
4.0152.38
4.3142.31
4.4052.30
4.4032.49
4.6352.41
4.6712.37
4.3312.47
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.386 of 126 of 12
High yield4.0154.38212 of 120 of 12
Indirect bidders' share68.765.22 of 1210 of 12
Direct bidders' share15.717.59 of 123 of 12
Primary dealers' share15.715.66 of 126 of 12
High minus median, basis points6.56.66 of 126 of 12

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

Who bought the 30-year bond?

Indirect bidders took 68.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 8 August 2024

Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 15.7%, Primary dealers 15.7%Indirect bidders68.7%65.3%Direct bidders15.7%15.5%Primary dealers15.7%19.2%Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 15.7%, Primary dealers 15.7%Indirect bidders68.7%65.3%Direct bidders15.7%15.5%Primary dealers15.7%19.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.765.3
Direct bidders15.715.5
Primary dealers15.719.2

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$22,000,000,000
Bids received$52,478,010,700
Sold$22,210,237,900
Competitive bids accepted$21,968,992,200
Non-competitive bids accepted$31,017,300
Federal Reserve (SOMA) add-on$210,228,400
Foreign and international (FIMA) non-competitive$0
High yield, %4.015
Median rate, %3.950
Low rate, %3.880
Interest rate (coupon), %4.250
Bids at the high rate filled, %55.44
Bid-to-cover ratio2.38
Indirect bidders accepted$15,089,231,400
Direct bidders accepted$3,439,700,000
Primary dealers accepted$3,440,060,800
Indirect bidders' share, % (ours)68.7
Direct bidders' share, % (ours)15.7
Primary dealers' share, % (ours)15.7
High minus median, basis points (ours)6.5
Treasury par yield curve, 30-year point, same day, %4.00
High yield minus that point, basis points (ours)1.5

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 ratio2.38Last 24 auctions14 of 2410 of 242.40
Bid-to-cover ratio2.38Since 8 May 200894 of 18789 of 1872.39
Bid-to-cover ratio2.38All 194 since 8 February 200195 of 19495 of 1942.38
High yield4.015Last 24 auctions14 of 2410 of 244.209
High yield4.015Since 8 May 200838 of 187149 of 1873.090
High yield4.015All 261 since 1 November 1979112 of 261149 of 2613.660
Indirect bidders' share68.7Last 24 auctions11 of 2413 of 2468.5
Indirect bidders' share68.7All 187 since 8 May 200821 of 187166 of 18759.1
Direct bidders' share15.7Last 24 auctions21 of 243 of 2418.2
Direct bidders' share15.7All 187 since 8 May 200883 of 187104 of 18714.7
Primary dealers' share15.7Last 24 auctions7 of 2417 of 2414.1
Primary dealers' share15.7All 187 since 8 May 2008160 of 18727 of 18729.1
High minus median, basis points6.5Last 24 auctions16 of 248 of 247.2
High minus median, basis points6.5Since 8 May 200860 of 187122 of 1875.6
High minus median, basis points6.5All 261 since 1 November 197961 of 261195 of 2614.7

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 September 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240912_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 September 2024 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2024-09-12.

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

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