Treasury auctions · 29-year 9-month bond
How did the latest 29-year 9-month Treasury bond auction go?
The last 29-year 9-month bond auction, on , sold at a high yield of 4.310% with a bid-to-cover of 2.07.
Discontinued Treasury has not auctioned this term since 13 November 2008.
Right now
The high yield was 4.310% on 13 November 2008, down from 4.609% at the auction before.
Its own history
The direct bidders' share was higher than all 1 earlier 29-year 9-month bond auctions we hold, the primary dealers' share was higher than all 1 earlier 29-year 9-month bond auctions we hold and the high minus median was higher than all 3 earlier 29-year 9-month bond auctions we hold.
The high yield was lower than all 3 earlier 29-year 9-month bond auctions we hold and the indirect bidders' share was lower than all 1 earlier 29-year 9-month bond auctions we hold.
Who bought
Primary dealers took the largest share of the competitive bids accepted at the 13 Nov 2008 auction.
- Indirect bidders 18.2%
- Direct bidders 4.5%
- Primary dealers 77.3%
Size
Treasury offered $10 billion and sold $11.777 billion on 13 Nov 2008.
Understanding the 29-year 9-month bond auction
Where it stands today
The high yield was 4.310% at the 29-year 9-month bond auction of , with a bid-to-cover ratio of 2.07.
What do these figures measure?
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.
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What these figures cannot tell
- 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 numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.07 | Since 7 August 2008 | 1 of 1 | 0 of 1 | 2.40 |
| Bid-to-cover ratio | 2.07 | All 3 since 9 August 2007 | 2 of 3 | 1 of 3 | 2.40 |
| High yield | 4.310 | Since 7 August 2008 | 1 of 1 | 0 of 1 | 4.609 |
| High yield | 4.310 | All 3 since 9 August 2007 | 3 of 3 | 0 of 3 | 4.666 |
| Indirect bidders' share | 18.2 | All 1 since 7 August 2008 | 1 of 1 | 0 of 1 | 42.9 |
| Direct bidders' share | 4.5 | All 1 since 7 August 2008 | 0 of 1 | 1 of 1 | 0.0 |
| Primary dealers' share | 77.3 | All 1 since 7 August 2008 | 0 of 1 | 1 of 1 | 57.1 |
| High minus median, basis points | 10.6 | Since 7 August 2008 | 0 of 1 | 1 of 1 | 2.4 |
| High minus median, basis points | 10.6 | All 3 since 9 August 2007 | 0 of 3 | 3 of 3 | 2.4 |
The table scrolls sideways; the first column stays in place.
What were the results of every 29-year 9-month bond auction?4 auctions, newest first
4 29-year 9-month bond auctions with results since 9 August 2007.
The table scrolls sideways; the first column stays in place.
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 13 November 2008. Compiled by 500metrics, "How did the latest 29-year 9-month Treasury bond auction go?", https://500metrics.com/treasury/auctions/29-year-9-month-bond.
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