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

30-year bond auction of 14 September 2011 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.310% on , with a bid-to-cover ratio of 2.85.

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 2006 to 14 Sep 2011
High yield at each 30-year bond auction, 8 Oct 2009 to 14 Sep 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, 10 Aug 2006 to 14 Sep 2011
Bid-to-cover ratio at each 30-year bond auction, 8 Oct 2009 to 14 Sep 2011

Who bought the 30-year bond of 14 Sep 2011

Shares of the competitive bids accepted

  • Indirect bidders 39.4%
  • Direct bidders 17.3%
  • Primary dealers 43.3%
This auction, 14 Sep 2011
  • Indirect bidders 12.2%
  • Direct bidders 19.5%
  • Primary dealers 68.3%
The 30-year bond auction before, 11 Aug 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 bidders39.4%
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
3.3102.85
3.7502.08
4.1982.80
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

Observed .

Right now

The high yield of 3.310% on 14 September 2011 was the lowest of all 105 earlier 30-year bond auctions we hold.

The high minus median of 2.5 basis points was the lowest for a 30-year bond since 10 May 2007, with 32 auctions in between.

Lower than all 31 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high yield and the high minus median were lower than all 24.

The bid-to-cover ratio was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 39.4%
  • Direct bidders 17.3%
  • Primary dealers 43.3%

Size

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

Bids received came to $37.072 billion; the bid-to-cover ratio was 2.85.

Its bid-to-cover of 2.85 compares with the 24 auctions before it: lowest 2.08 on , highest 3.02 on ; 81.9% of the way from the low to the high.

2.85

Low 2.08 Midpoint 2.550 High 3.02

The security29-Year 11-Month, reopening

Coupon
3.750%
Announced
Issued
Matures

It adds to the debt that matures in August 2041.

Understanding this result

Where it stands today

The high yield was 3.310% at this 30-year bond auction, the median yield 3.285% and a bid-to-cover ratio of 2.85.

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$37,072,010,200
Sold$13,000,034,200
Competitive bids accepted$12,985,241,000
Non-competitive bids accepted$14,793,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.310
Median rate, %3.285
Low rate, %3.240
Interest rate (coupon), %3.750
Bids at the high rate filled, %74.48
Bid-to-cover ratio2.85
Indirect bidders accepted$5,111,942,600
Direct bidders accepted$2,251,854,400
Primary dealers accepted$5,621,444,000
Indirect bidders' share, % (ours)39.4
Direct bidders' share, % (ours)17.3
Primary dealers' share, % (ours)43.3
High minus median, basis points (ours)2.5
Treasury par yield curve, 30-year point, same day, %3.32
High yield minus that point, basis points (ours)-1.0
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 ratio2.852.651 of 1211 of 12
High yield3.3104.35012 of 120 of 12
Indirect bidders' share39.438.14 of 128 of 12
Direct bidders' share17.39.22 of 1210 of 12
Primary dealers' share43.351.69 of 123 of 12
High minus median, basis points2.56.912 of 120 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 ratio2.85Last 24 auctions5 of 2419 of 242.68
Bid-to-cover ratio2.85Since 8 May 20085 of 3126 of 312.63
Bid-to-cover ratio2.85All 38 since 8 February 20015 of 3833 of 382.50
High yield3.310Last 24 auctions24 of 240 of 244.395
High yield3.310Since 8 May 200831 of 310 of 314.380
High yield3.310All 105 since 1 November 1979105 of 1050 of 1056.980
Indirect bidders' share39.4Last 24 auctions9 of 2415 of 2437.8
Indirect bidders' share39.4All 31 since 8 May 200813 of 3118 of 3137.8
Direct bidders' share17.3Last 24 auctions8 of 2416 of 2410.8
Direct bidders' share17.3All 31 since 8 May 20088 of 3123 of 319.3
Primary dealers' share43.3Last 24 auctions19 of 245 of 2449.4
Primary dealers' share43.3All 31 since 8 May 200825 of 316 of 3148.9
High minus median, basis points2.5Last 24 auctions24 of 240 of 246.4
High minus median, basis points2.5Since 8 May 200831 of 310 of 316.4
High minus median, basis points2.5All 105 since 1 November 197950 of 10555 of 1052.0

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 14 September 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110914_1.pdf. Compiled by 500metrics, "30-year bond auction of 14 September 2011 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2011-09-14.

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