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

30-year bond auction of 14 March 2013 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.248% on , with a bid-to-cover ratio of 2.43.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 8 Apr 2010 to 14 Mar 2013
High yield at each 30-year bond auction, 14 Apr 2011 to 14 Mar 2013

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 Apr 2010 to 14 Mar 2013
Bid-to-cover ratio at each 30-year bond auction, 14 Apr 2011 to 14 Mar 2013

Who bought the 30-year bond of 14 Mar 2013

Shares of the competitive bids accepted

  • Indirect bidders 42.0%
  • Direct bidders 4.9%
  • Primary dealers 53.1%
This auction, 14 Mar 2013
  • Indirect bidders 36.4%
  • Direct bidders 14.5%
  • Primary dealers 49.1%
The 30-year bond auction before, 14 Feb 2013

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 bidders42.0%
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
3.2482.43
3.1802.74
3.0702.77
2.9172.50
2.8202.77
2.9042.49
2.8962.68
2.8252.41
2.5802.70
2.7202.40
3.0902.73
3.2302.76
3.3832.70
3.2402.47
2.9852.60
2.9253.05
3.1992.40
3.1202.94
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

Observed .

Right now

The high yield of 3.248% on 14 March 2013 was the highest for a 30-year bond since 14 March 2012.

The direct bidders' share of 4.9% was the lowest for a 30-year bond since 10 September 2009, with 41 auctions in between.

Higher than 16 of the 49 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the direct bidders' share was lower than all 24.

The indirect bidders' share was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 42.0%
  • Direct bidders 4.9%
  • Primary dealers 53.1%

Size

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

Bids received came to $31.592 billion; the bid-to-cover ratio was 2.43.

Its bid-to-cover of 2.43 compares with the 24 auctions before it: lowest 2.08 on , highest 3.05 on ; 36.1% of the way from the low to the high.

2.43

Low 2.08 Midpoint 2.565 High 3.05

The security29-Year 11-Month, reopening

Coupon
3.125%
Announced
Issued
Matures

It adds to the debt that matures in February 2043.

Understanding this result

Where it stands today

The high yield was 3.248% at this 30-year bond auction, the median yield 3.185% and a bid-to-cover ratio of 2.43.

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$31,592,311,100
Sold$13,000,036,000
Competitive bids accepted$12,985,524,900
Non-competitive bids accepted$14,511,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.248
Median rate, %3.185
Low rate, %3.150
Interest rate (coupon), %3.125
Bids at the high rate filled, %71.53
Bid-to-cover ratio2.43
Indirect bidders accepted$5,451,287,400
Direct bidders accepted$633,000,000
Primary dealers accepted$6,901,237,500
Indirect bidders' share, % (ours)42.0
Direct bidders' share, % (ours)4.9
Primary dealers' share, % (ours)53.1
High minus median, basis points (ours)6.3
Treasury par yield curve, 30-year point, same day, %3.25
High yield minus that point, basis points (ours)-0.2
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 ratio2.432.7010 of 122 of 12
High yield3.2482.9101 of 1211 of 12
Indirect bidders' share42.035.11 of 1211 of 12
Direct bidders' share4.914.612 of 120 of 12
Primary dealers' share53.149.04 of 128 of 12
High minus median, basis points6.34.10 of 1211 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 ratio2.43Last 24 auctions19 of 244 of 242.70
Bid-to-cover ratio2.43Since 8 May 200836 of 4912 of 492.68
Bid-to-cover ratio2.43All 56 since 8 February 200137 of 5618 of 562.60
High yield3.248Last 24 auctions8 of 2416 of 243.150
High yield3.248Since 8 May 200833 of 4916 of 494.009
High yield3.248All 123 since 1 November 1979107 of 12316 of 1236.144
Indirect bidders' share42.0Last 24 auctions2 of 2422 of 2433.7
Indirect bidders' share42.0All 49 since 8 May 200811 of 4938 of 4936.7
Direct bidders' share4.9Last 24 auctions24 of 240 of 2414.7
Direct bidders' share4.9All 49 since 8 May 200845 of 494 of 4912.4
Primary dealers' share53.1Last 24 auctions9 of 2415 of 2450.0
Primary dealers' share53.1All 49 since 8 May 200815 of 4934 of 4948.9
High minus median, basis points6.3Last 24 auctions5 of 2418 of 244.1
High minus median, basis points6.3Since 8 May 200818 of 4930 of 495.9
High minus median, basis points6.3All 123 since 1 November 197919 of 123103 of 1233.0

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 March 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130314_2.pdf. Compiled by 500metrics, "30-year bond auction of 14 March 2013 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2013-03-14.

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