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Treasury auctions · 30-Year Bond

30-year bond auction of 13 February 2014 (new issue)

The 30-year bond sold $16 billion at a high yield of 3.690% on , with a bid-to-cover ratio of 2.27.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 Mar 2011 to 13 Feb 2014
High yield at each 30-year bond auction, 14 Mar 2012 to 13 Feb 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 Mar 2011 to 13 Feb 2014
Bid-to-cover ratio at each 30-year bond auction, 14 Mar 2012 to 13 Feb 2014

Who bought the 30-year bond of 13 Feb 2014

Shares of the competitive bids accepted

  • Indirect bidders 45.3%
  • Direct bidders 13.9%
  • Primary dealers 40.8%
This auction, 13 Feb 2014
  • Indirect bidders 44.4%
  • Direct bidders 17.5%
  • Primary dealers 38.1%
The 30-year bond auction before, 9 Jan 2014

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 bidders45.3%
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
3.6902.27
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

Observed .

Right now

The high yield of 3.690% on 13 February 2014 was the lowest for a 30-year bond since 8 August 2013.

Higher than 26 of the 60 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the indirect bidders' share was higher than 22 of the 24.

The high minus median was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 45.3%
  • Direct bidders 13.9%
  • Primary dealers 40.8%

Size

Treasury sold $16 billion of the $16 billion offered.

Bids received came to $36.385 billion; the bid-to-cover ratio was 2.27.

Its bid-to-cover of 2.27 compares with the 24 auctions before it: lowest 2.11 on , highest 2.77 on ; 24.2% of the way from the low to the high.

2.27

Low 2.11 Midpoint 2.440 High 2.77

The security30-Year, new issue

Coupon
3.625%
Announced
Issued
Matures

It adds to the debt that matures in February 2044.

Understanding this result

Where it stands today

The high yield was 3.690% at this 30-year bond auction, the median yield 3.660% and a bid-to-cover ratio of 2.27.

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 as30-Year, new issue
Offering amount$16,000,000,000
Bids received$36,384,627,700
Sold$16,000,018,300
Competitive bids accepted$15,973,955,600
Non-competitive bids accepted$16,062,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$10,000,000
High yield, %3.690
Median rate, %3.660
Low rate, %3.600
Interest rate (coupon), %3.625
Bids at the high rate filled, %93.68
Bid-to-cover ratio2.27
Indirect bidders accepted$7,228,744,400
Direct bidders accepted$2,224,873,600
Primary dealers accepted$6,520,337,600
Indirect bidders' share, % (ours)45.3
Direct bidders' share, % (ours)13.9
Primary dealers' share, % (ours)40.8
High minus median, basis points (ours)3.0
Treasury par yield curve, 30-year point, same day, %3.70
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 ratio2.272.459 of 123 of 12
High yield3.6903.6565 of 127 of 12
Indirect bidders' share45.340.21 of 1211 of 12
Direct bidders' share13.916.79 of 123 of 12
Primary dealers' share40.844.610 of 122 of 12
High minus median, basis points3.04.111 of 121 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 ratio2.27Last 24 auctions21 of 243 of 242.50
Bid-to-cover ratio2.27Since 8 May 200853 of 607 of 602.58
Bid-to-cover ratio2.27All 67 since 8 February 200154 of 6713 of 672.51
High yield3.690Last 24 auctions5 of 2419 of 243.205
High yield3.690Since 8 May 200834 of 6026 of 603.820
High yield3.690All 134 since 1 November 1979108 of 13426 of 1345.380
Indirect bidders' share45.3Last 24 auctions2 of 2422 of 2437.2
Indirect bidders' share45.3All 60 since 8 May 200810 of 6050 of 6037.6
Direct bidders' share13.9Last 24 auctions17 of 247 of 2415.4
Direct bidders' share13.9All 60 since 8 May 200831 of 6029 of 6014.3
Primary dealers' share40.8Last 24 auctions22 of 242 of 2446.3
Primary dealers' share40.8All 60 since 8 May 200855 of 605 of 6047.4
High minus median, basis points3.0Last 24 auctions21 of 242 of 244.1
High minus median, basis points3.0Since 8 May 200852 of 606 of 605.0
High minus median, basis points3.0All 134 since 1 November 197966 of 13461 of 1343.0

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 13 February 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140213_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 February 2014 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2014-02-13.

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