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Treasury auctions · 29-Year 11-Month Bond, reopening

30-year bond auction of 10 June 2010 (reopening)

The 30-year bond sold $13.075 billion at a high yield of 4.182% on , with a bid-to-cover ratio of 2.87.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 Aug 1995 to 10 Jun 2010
High yield at each 30-year bond auction, 8 Feb 2001 to 10 Jun 2010
High yield at each 30-year bond auction, 12 Feb 2009 to 10 Jun 2010

Bid-to-cover ratio at each 30-year bond auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 30-year bond auction, 10 Aug 1995 to 10 Jun 2010
Bid-to-cover ratio at each 30-year bond auction, 8 Feb 2001 to 10 Jun 2010
Bid-to-cover ratio at each 30-year bond auction, 12 Feb 2009 to 10 Jun 2010

Who bought the 30-year bond of 10 Jun 2010

Shares of the competitive bids accepted

  • Indirect bidders 36.0%
  • Direct bidders 20.3%
  • Primary dealers 43.7%
This auction, 10 Jun 2010
  • Indirect bidders 32.5%
  • Direct bidders 21.8%
  • Primary dealers 45.7%
The 30-year bond auction before, 13 May 2010

Each point is one 30-year bond auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders36.0%
Inspect and compare dates
High yield and bid-to-cover of the last 36 30-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
4.1822.87
4.4902.60
4.7702.73
4.6792.89
4.7202.36
4.6402.68
4.5202.45
4.4692.26
4.0092.37
4.2382.92
4.5412.54
4.3032.36
4.7202.68
4.2882.14
3.6402.40
3.5402.02
4.5992.69
4.4491.82
4.8381.97
4.8122.46
5.0801.77
4.5302.05
5.5202.16
5.4601.95
6.144–
5.298–
5.300–
5.598–
5.830–
6.207–
6.452–
6.660–
6.625–
6.778–
6.130–
6.909–

Observed .

Right now

The high yield of 4.182% on 10 June 2010 was the lowest for a 30-year bond since 8 October 2009.

Higher than 3 of the 16 since 8 May 2008

Its own history

The bid-to-cover ratio was higher than 10 of the previous 12 30-year bond auctions.

The high yield was higher than 3 of the previous 24 30-year bond auctions.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 36.0%
  • Direct bidders 20.3%
  • Primary dealers 43.7%

Size

Treasury sold $13.075 billion of the $13 billion offered.

Bids received came to $37.409 billion; the bid-to-cover ratio was 2.87.

Its bid-to-cover of 2.87 compares with the 12 auctions before it: lowest 2.26 on , highest 2.92 on ; 92.4% of the way from the low to the high.

2.87

Low 2.26 Midpoint 2.590 High 2.92

The security29-Year 11-Month, reopening

Coupon
4.375%
Announced
Issued
Matures

It adds to the debt that matures in May 2040.

Understanding this result

Where it stands today

The high yield was 4.182% at this 30-year bond auction, the median yield 4.140% and a bid-to-cover ratio of 2.87.

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.

Read more

How does it compare with the par yield curve?

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 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

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as29-Year 11-Month, reopening
Offering amount$13,000,000,000
Bids received$37,409,399,400
Sold$13,075,029,400
Competitive bids accepted$12,974,030,000
Non-competitive bids accepted$25,970,900
Federal Reserve (SOMA) add-on$75,028,500
Foreign and international (FIMA) non-competitive$0
High yield, %4.182
Median rate, %4.140
Low rate, %4.080
Interest rate (coupon), %4.375
Bids at the high rate filled, %84.84
Bid-to-cover ratio2.87
Indirect bidders accepted$4,674,600,000
Direct bidders accepted$2,634,420,000
Primary dealers accepted$5,665,010,000
Indirect bidders' share, % (ours)36.0
Direct bidders' share, % (ours)20.3
Primary dealers' share, % (ours)43.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 30-year point, same day, %4.25
High yield minus that point, basis points (ours)-6.8
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.872.572 of 1210 of 12
High yield4.1824.53011 of 121 of 12
Indirect bidders' share36.040.48 of 124 of 12
Direct bidders' share20.38.74 of 128 of 12
Primary dealers' share43.746.910 of 122 of 12
High minus median, basis points4.25.67 of 124 of 12

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

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 ratio2.87Since 8 May 20082 of 1614 of 162.50
Bid-to-cover ratio2.87All 23 since 8 February 20012 of 2321 of 232.37
High yield4.182Last 24 auctions21 of 243 of 244.570
High yield4.182Since 8 May 200813 of 163 of 164.505
High yield4.182All 90 since 1 November 197987 of 903 of 907.660
Indirect bidders' share36.0All 16 since 8 May 20089 of 167 of 1638.5
Direct bidders' share20.3All 16 since 8 May 20084 of 1612 of 168.7
Primary dealers' share43.7All 16 since 8 May 200814 of 162 of 1647.4
High minus median, basis points4.2Last 24 auctions12 of 2411 of 244.2
High minus median, basis points4.2Since 8 May 200810 of 165 of 165.6
High minus median, basis points4.2All 90 since 1 November 197916 of 9073 of 902.0

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 10 June 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100610_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 June 2010 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2010-06-10.

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