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

The 30-year bond sold $22.158 billion at a high yield of 4.535% on , with a bid-to-cover ratio of 2.39.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.535%

Median yield 4.475%

Bid-to-cover

2.39

▼ −0.25 since 6 Nov

Sold

$22.16 billion

$22 billion offered

Indirect bidders

66.5%

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 2022 to 12 December 2024; the latest at 4.535%.2.0%3.0%4.0%5.0%202220232024This auction, 4.535%High yield at the last 36 30-year bond auctions36 auctions from 13 January 2022 to 12 December 2024; the latest at 4.535%.3.5%4.0%4.5%5.0%202320244.535%

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
4.5352.39
4.6082.64
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.407 of 125 of 12
High yield4.5354.3743 of 129 of 12
Indirect bidders' share66.568.17 of 125 of 12
Direct bidders' share19.117.53 of 129 of 12
Primary dealers' share14.414.77 of 125 of 12
High minus median, basis points6.06.47 of 125 of 12

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

Who bought the 30-year bond?

Indirect bidders took 66.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 6 November 2024

Indirect bidders took 66.5% of the competitive bids acceptedIndirect bidders 66.5%, Direct bidders 19.1%, Primary dealers 14.4%Indirect bidders66.5%62.7%Direct bidders19.1%27.1%Primary dealers14.4%10.2%Indirect bidders took 66.5% of the competitive bids acceptedIndirect bidders 66.5%, Direct bidders 19.1%, Primary dealers 14.4%Indirect bidders66.5%62.7%Direct bidders19.1%27.1%Primary dealers14.4%10.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.562.7
Direct bidders19.127.1
Primary dealers14.410.2

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$52,746,240,100
Sold$22,157,590,100
Competitive bids accepted$21,974,300,000
Non-competitive bids accepted$25,729,000
Federal Reserve (SOMA) add-on$157,561,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.535
Median rate, %4.475
Low rate, %4.000
Interest rate (coupon), %4.500
Bids at the high rate filled, %44.76
Bid-to-cover ratio2.39
Indirect bidders accepted$14,618,640,000
Direct bidders accepted$4,196,900,000
Primary dealers accepted$3,158,760,000
Indirect bidders' share, % (ours)66.5
Direct bidders' share, % (ours)19.1
Primary dealers' share, % (ours)14.4
High minus median, basis points (ours)6.0
Treasury par yield curve, 30-year point, same day, %4.55
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 ratio2.39Last 24 auctions13 of 2411 of 242.40
Bid-to-cover ratio2.39Since 8 May 200894 of 19094 of 1902.39
Bid-to-cover ratio2.39All 197 since 8 February 200195 of 197100 of 1972.38
High yield4.535Last 24 auctions5 of 2419 of 244.322
High yield4.535Since 8 May 200814 of 190176 of 1903.096
High yield4.535All 264 since 1 November 197986 of 264178 of 2643.674
Indirect bidders' share66.5Last 24 auctions14 of 2410 of 2468.2
Indirect bidders' share66.5All 190 since 8 May 200832 of 190158 of 19059.4
Direct bidders' share19.1Last 24 auctions9 of 2415 of 2418.0
Direct bidders' share19.1All 190 since 8 May 200837 of 190153 of 19014.7
Primary dealers' share14.4Last 24 auctions12 of 2412 of 2414.4
Primary dealers' share14.4All 190 since 8 May 2008166 of 19024 of 19028.9
High minus median, basis points6.0Last 24 auctions18 of 246 of 247.0
High minus median, basis points6.0Since 8 May 200885 of 190100 of 1905.7
High minus median, basis points6.0All 264 since 1 November 197986 of 264170 of 2644.7

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 December 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241212_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 December 2024 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2024-12-12.

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

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