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Treasury auctions · 30-Year Bond

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

The 30-year bond sold $16.021 billion at a high yield of 3.092% on , with a bid-to-cover ratio of 2.29.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 14 Dec 2011 to 13 Nov 2014
High yield at each 30-year bond auction, 13 Dec 2012 to 13 Nov 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, 14 Dec 2011 to 13 Nov 2014
Bid-to-cover ratio at each 30-year bond auction, 13 Dec 2012 to 13 Nov 2014

Who bought the 30-year bond of 13 Nov 2014

Shares of the competitive bids accepted

  • Indirect bidders 43.8%
  • Direct bidders 13.8%
  • Primary dealers 42.5%
This auction, 13 Nov 2014
  • Indirect bidders 46.2%
  • Direct bidders 21.5%
  • Primary dealers 32.2%
The 30-year bond auction before, 9 Oct 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 bidders43.8%
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
3.0922.29
3.0742.40
3.2402.67
3.2242.60
3.3692.40
3.4442.69
3.4402.09
3.5252.52
3.6302.35
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

Observed .

Right now

The high yield was 3.092% on 13 November 2014, up from 3.074% at the auction before.

Higher than 14 of the 69 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the indirect bidders' share was higher than 15 of the 24.

The bid-to-cover ratio was higher than 5 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 43.8%
  • Direct bidders 13.8%
  • Primary dealers 42.5%

Size

Treasury sold $16.021 billion of the $16 billion offered.

Bids received came to $36.696 billion; the bid-to-cover ratio was 2.29.

Its bid-to-cover of 2.29 compares with the 24 auctions before it: lowest 2.09 on , highest 2.77 on ; 29.4% of the way from the low to the high.

2.29

Low 2.09 Midpoint 2.430 High 2.77

The security30-Year, new issue

Coupon
3.000%
Announced
Issued
Matures

It adds to the debt that matures in November 2044.

Understanding this result

Where it stands today

The high yield was 3.092% at this 30-year bond auction, the median yield 3.045% and a bid-to-cover ratio of 2.29.

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$36,695,511,200
Sold$16,021,352,000
Competitive bids accepted$15,979,608,800
Non-competitive bids accepted$10,391,600
Federal Reserve (SOMA) add-on$21,351,600
Foreign and international (FIMA) non-competitive$10,000,000
High yield, %3.092
Median rate, %3.045
Low rate, %2.950
Interest rate (coupon), %3.000
Bids at the high rate filled, %85.89
Bid-to-cover ratio2.29
Indirect bidders accepted$6,996,630,800
Direct bidders accepted$2,199,000,000
Primary dealers accepted$6,783,978,000
Indirect bidders' share, % (ours)43.8
Direct bidders' share, % (ours)13.8
Primary dealers' share, % (ours)42.5
High minus median, basis points (ours)4.7
Treasury par yield curve, 30-year point, same day, %3.08
High yield minus that point, basis points (ours)1.2
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 ratio2.292.409 of 123 of 12
High yield3.0923.48411 of 121 of 12
Indirect bidders' share43.845.48 of 124 of 12
Direct bidders' share13.817.78 of 124 of 12
Primary dealers' share42.538.43 of 129 of 12
High minus median, basis points4.73.93 of 128 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 ratio2.29Last 24 auctions19 of 245 of 242.48
Bid-to-cover ratio2.29Since 8 May 200860 of 699 of 692.54
Bid-to-cover ratio2.29All 76 since 8 February 200161 of 7615 of 762.50
High yield3.092Last 24 auctions18 of 246 of 243.404
High yield3.092Since 8 May 200855 of 6914 of 693.690
High yield3.092All 143 since 1 November 1979129 of 14314 of 1434.812
Indirect bidders' share43.8Last 24 auctions9 of 2415 of 2441.1
Indirect bidders' share43.8All 69 since 8 May 200818 of 6951 of 6938.4
Direct bidders' share13.8Last 24 auctions17 of 247 of 2416.9
Direct bidders' share13.8All 69 since 8 May 200837 of 6932 of 6914.5
Primary dealers' share42.5Last 24 auctions12 of 2412 of 2442.4
Primary dealers' share42.5All 69 since 8 May 200851 of 6918 of 6946.4
High minus median, basis points4.7Last 24 auctions8 of 2415 of 244.1
High minus median, basis points4.7Since 8 May 200833 of 6935 of 694.3
High minus median, basis points4.7All 143 since 1 November 197939 of 143103 of 1433.0

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 November 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141113_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 November 2014 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2014-11-13.

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