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Treasury auctions · 29-Year 10-Month Bond, reopening

30-year bond auction of 9 January 2014 (reopening)

The 30-year bond sold $13 billion at a high yield of 3.899% on , with a bid-to-cover ratio of 2.57.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 Feb 2011 to 9 Jan 2014
High yield at each 30-year bond auction, 12 Jan 2012 to 9 Jan 2014

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 Feb 2011 to 9 Jan 2014
Bid-to-cover ratio at each 30-year bond auction, 12 Jan 2012 to 9 Jan 2014

Who bought the 30-year bond of 9 Jan 2014

Shares of the competitive bids accepted

  • Indirect bidders 44.4%
  • Direct bidders 17.5%
  • Primary dealers 38.1%
This auction, 9 Jan 2014
  • Indirect bidders 46.0%
  • Direct bidders 12.5%
  • Primary dealers 41.4%
The 30-year bond auction before, 12 Dec 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 bidders44.4%
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
3.8992.57
3.9002.35
3.8102.16
3.7582.64
3.8202.40
3.6522.11
3.6602.26
3.3552.47
2.9802.53
2.9982.49
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

Observed .

Right now

The high yield was 3.899% on 9 January 2014, down from 3.900% at the auction before.

Higher than 32 of the 59 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high yield was higher than 23 of the 24.

The primary dealers' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 44.4%
  • Direct bidders 17.5%
  • Primary dealers 38.1%

Size

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

Bids received came to $33.43 billion; the bid-to-cover ratio was 2.57.

Its bid-to-cover of 2.57 compares with the 24 auctions before it: lowest 2.11 on , highest 2.77 on ; 69.7% of the way from the low to the high.

2.57

Low 2.11 Midpoint 2.440 High 2.77

The security29-Year 10-Month, reopening

Coupon
3.750%
Announced
Issued
Matures

It adds to the debt that matures in November 2043.

Understanding this result

Where it stands today

The high yield was 3.899% at this 30-year bond auction, the median yield 3.860% and a bid-to-cover ratio of 2.57.

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 10-Month, reopening
Offering amount$13,000,000,000
Bids received$33,430,279,500
Sold$13,000,032,100
Competitive bids accepted$12,994,052,600
Non-competitive bids accepted$5,979,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.899
Median rate, %3.860
Low rate, %3.800
Interest rate (coupon), %3.750
Bids at the high rate filled, %69.13
Bid-to-cover ratio2.57
Indirect bidders accepted$5,772,531,600
Direct bidders accepted$2,272,826,000
Primary dealers accepted$4,948,695,000
Indirect bidders' share, % (ours)44.4
Direct bidders' share, % (ours)17.5
Primary dealers' share, % (ours)38.1
High minus median, basis points (ours)3.9
Treasury par yield curve, 30-year point, same day, %3.88
High yield minus that point, basis points (ours)1.9
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 ratio2.572.453 of 129 of 12
High yield3.8993.5041 of 1211 of 12
Indirect bidders' share44.439.51 of 1211 of 12
Direct bidders' share17.516.54 of 128 of 12
Primary dealers' share38.145.611 of 121 of 12
High minus median, basis points3.94.19 of 123 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 ratio2.57Last 24 auctions10 of 2414 of 242.50
Bid-to-cover ratio2.57Since 8 May 200830 of 5929 of 592.60
Bid-to-cover ratio2.57All 66 since 8 February 200130 of 6636 of 662.50
High yield3.899Last 24 auctions1 of 2423 of 243.135
High yield3.899Since 8 May 200827 of 5932 of 593.820
High yield3.899All 133 since 1 November 1979101 of 13332 of 1335.460
Indirect bidders' share44.4Last 24 auctions2 of 2422 of 2436.7
Indirect bidders' share44.4All 59 since 8 May 200810 of 5949 of 5937.4
Direct bidders' share17.5Last 24 auctions7 of 2417 of 2415.1
Direct bidders' share17.5All 59 since 8 May 200817 of 5942 of 5914.2
Primary dealers' share38.1Last 24 auctions23 of 241 of 2447.7
Primary dealers' share38.1All 59 since 8 May 200856 of 593 of 5947.4
High minus median, basis points3.9Last 24 auctions17 of 247 of 244.4
High minus median, basis points3.9Since 8 May 200840 of 5918 of 595.2
High minus median, basis points3.9All 133 since 1 November 197953 of 13379 of 1333.0

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 January 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140109_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 January 2014 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2014-01-09.

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