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30-year bond auction of 10 October 2024 (reopening)

The 30-year bond sold $22.302 billion at a high yield of 4.389% on , with a bid-to-cover ratio of 2.50.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.389%

Median yield 4.320%

Bid-to-cover

2.50

▲ +0.12 since 12 Sep

Sold

$22.30 billion

$22 billion offered

Indirect bidders

80.5%

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 10 November 2021 to 10 October 2024; the latest at 4.389%.1.0%2.0%3.0%4.0%5.0%202220232024This auction, 4.389%High yield at the last 36 30-year bond auctions36 auctions from 10 November 2021 to 10 October 2024; the latest at 4.389%.3.5%4.0%4.5%5.0%202320244.389%

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
4.3892.50
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.380 of 1212 of 12
High yield4.3894.3826 of 126 of 12
Indirect bidders' share80.566.50 of 1212 of 12
Direct bidders' share7.417.012 of 120 of 12
Primary dealers' share12.215.512 of 120 of 12
High minus median, basis points6.96.44 of 127 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year bond since 13 June 2023 (15 auctions in between).
  • Indirect bidders' share: Highest of all 188 earlier 30-year bond auctions we hold.
  • Direct bidders' share: Lowest for a 30-year bond since 7 November 2018 (70 auctions in between).
  • Primary dealers' share: Lowest for a 30-year bond since 13 July 2023 (14 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 80.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 September 2024

Indirect bidders took 80.5% of the competitive bids acceptedIndirect bidders 80.5%, Direct bidders 7.4%, Primary dealers 12.2%Indirect bidders80.5%68.7%Direct bidders7.4%15.7%Primary dealers12.2%15.7%Indirect bidders took 80.5% of the competitive bids acceptedIndirect bidders 80.5%, Direct bidders 7.4%, Primary dealers 12.2%Indirect bidders80.5%68.7%Direct bidders7.4%15.7%Primary dealers12.2%15.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders80.568.7
Direct bidders7.415.7
Primary dealers12.215.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$22,000,000,000
Bids received$55,201,874,700
Sold$22,301,948,200
Competitive bids accepted$21,973,803,500
Non-competitive bids accepted$26,200,500
Federal Reserve (SOMA) add-on$301,944,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.389
Median rate, %4.320
Low rate, %2.880
Interest rate (coupon), %4.250
Bids at the high rate filled, %14.83
Bid-to-cover ratio2.50
Indirect bidders accepted$17,683,030,000
Direct bidders accepted$1,619,100,000
Primary dealers accepted$2,671,673,500
Indirect bidders' share, % (ours)80.5
Direct bidders' share, % (ours)7.4
Primary dealers' share, % (ours)12.2
High minus median, basis points (ours)6.9
Treasury par yield curve, 30-year point, same day, %4.38
High yield minus that point, basis points (ours)0.9

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 ratio2.50Last 24 auctions1 of 2423 of 242.40
Bid-to-cover ratio2.50Since 8 May 200845 of 188141 of 1882.38
Bid-to-cover ratio2.50All 195 since 8 February 200145 of 195148 of 1952.38
High yield4.389Last 24 auctions6 of 2418 of 244.209
High yield4.389Since 8 May 200821 of 188167 of 1883.091
High yield4.389All 262 since 1 November 197995 of 262167 of 2623.660
Indirect bidders' share80.5Last 24 auctions0 of 2424 of 2468.5
Indirect bidders' share80.5All 188 since 8 May 20080 of 188188 of 18859.1
Direct bidders' share7.4Last 24 auctions24 of 240 of 2418.2
Direct bidders' share7.4All 188 since 8 May 2008164 of 18824 of 18814.7
Primary dealers' share12.2Last 24 auctions17 of 247 of 2414.4
Primary dealers' share12.2All 188 since 8 May 2008177 of 18811 of 18829.0
High minus median, basis points6.9Last 24 auctions14 of 248 of 247.2
High minus median, basis points6.9Since 8 May 200854 of 188131 of 1885.7
High minus median, basis points6.9All 262 since 1 November 197955 of 262204 of 2624.7

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 10 October 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241010_3.pdf. Compiled by 500metrics, "30-year bond auction of 10 October 2024 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2024-10-10.

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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