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

30-year bond auction of 9 June 2011 (reopening)

The 30-year bond sold $13 billion at a high yield of 4.238% on , with a bid-to-cover ratio of 2.63.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 8 Feb 2001 to 9 Jun 2011
High yield at each 30-year bond auction, 9 Aug 2001 to 9 Jun 2011
High yield at each 30-year bond auction, 11 Jun 2009 to 9 Jun 2011

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, 8 Feb 2001 to 9 Jun 2011
Bid-to-cover ratio at each 30-year bond auction, 9 Aug 2001 to 9 Jun 2011
Bid-to-cover ratio at each 30-year bond auction, 11 Jun 2009 to 9 Jun 2011

Who bought the 30-year bond of 9 Jun 2011

Shares of the competitive bids accepted

  • Indirect bidders 38.4%
  • Direct bidders 9.3%
  • Primary dealers 52.3%
This auction, 9 Jun 2011
  • Indirect bidders 33.0%
  • Direct bidders 8.7%
  • Primary dealers 58.2%
The 30-year bond auction before, 12 May 2011

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 bidders38.4%
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
4.2382.63
4.3802.43
4.5312.83
4.5693.02
4.7502.51
4.5152.67
4.4102.74
4.3202.31
3.8522.49
3.8202.73
3.9542.77
4.0802.89
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

Observed .

Right now

The high yield of 4.238% on 9 June 2011 was the lowest for a 30-year bond since 14 October 2010.

Higher than 8 of the 28 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the primary dealers' share was higher than 17 of the 24.

The high yield was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 38.4%
  • Direct bidders 9.3%
  • Primary dealers 52.3%

Size

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

Bids received came to $34.175 billion; the bid-to-cover ratio was 2.63.

Its bid-to-cover of 2.63 compares with the 24 auctions before it: lowest 2.26 on , highest 3.02 on ; 48.7% of the way from the low to the high.

2.63

Low 2.26 Midpoint 2.640 High 3.02

The security29-Year 11-Month, reopening

Coupon
4.375%
Announced
Issued
Matures

It adds to the debt that matures in May 2041.

Understanding this result

Where it stands today

The high yield was 4.238% at this 30-year bond auction, the median yield 4.170% and a bid-to-cover ratio of 2.63.

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$34,174,938,200
Sold$13,000,033,700
Competitive bids accepted$12,979,895,500
Non-competitive bids accepted$20,138,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.238
Median rate, %4.170
Low rate, %4.100
Interest rate (coupon), %4.375
Bids at the high rate filled, %17.21
Bid-to-cover ratio2.63
Indirect bidders accepted$4,983,173,000
Direct bidders accepted$1,208,210,000
Primary dealers accepted$6,788,512,500
Indirect bidders' share, % (ours)38.4
Direct bidders' share, % (ours)9.3
Primary dealers' share, % (ours)52.3
High minus median, basis points (ours)6.8
Treasury par yield curve, 30-year point, same day, %4.22
High yield minus that point, basis points (ours)1.8
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 ratio2.632.748 of 124 of 12
High yield4.2384.3507 of 125 of 12
Indirect bidders' share38.438.16 of 126 of 12
Direct bidders' share9.39.96 of 126 of 12
Primary dealers' share52.349.44 of 128 of 12
High minus median, basis points6.86.45 of 127 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 ratio2.63Last 24 auctions13 of 2411 of 242.68
Bid-to-cover ratio2.63Since 8 May 200814 of 2814 of 282.64
Bid-to-cover ratio2.63All 35 since 8 February 200114 of 3521 of 352.49
High yield4.238Last 24 auctions17 of 246 of 244.480
High yield4.238Since 8 May 200819 of 288 of 284.440
High yield4.238All 102 since 1 November 197993 of 1028 of 1027.255
Indirect bidders' share38.4Last 24 auctions13 of 2411 of 2439.3
Indirect bidders' share38.4All 28 since 8 May 200814 of 2814 of 2838.1
Direct bidders' share9.3Last 24 auctions11 of 2413 of 249.0
Direct bidders' share9.3All 28 since 8 May 200813 of 2815 of 289.0
Primary dealers' share52.3Last 24 auctions7 of 2417 of 2447.4
Primary dealers' share52.3All 28 since 8 May 20089 of 2819 of 2848.2
High minus median, basis points6.8Last 24 auctions10 of 2414 of 246.2
High minus median, basis points6.8Since 8 May 200812 of 2816 of 286.2
High minus median, basis points6.8All 102 since 1 November 197913 of 10289 of 1022.0

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 9 June 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110609_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 June 2011 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2011-06-09.

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