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

30-year bond auction of 9 April 2015 (reopening)

The 30-year bond sold $13 billion at a high yield of 2.597% on , with a bid-to-cover ratio of 2.18.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 May 2012 to 9 Apr 2015
High yield at each 30-year bond auction, 11 Apr 2013 to 9 Apr 2015

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 May 2012 to 9 Apr 2015
Bid-to-cover ratio at each 30-year bond auction, 11 Apr 2013 to 9 Apr 2015

Who bought the 30-year bond of 9 Apr 2015

Shares of the competitive bids accepted

  • Indirect bidders 51.3%
  • Direct bidders 7.0%
  • Primary dealers 41.8%
This auction, 9 Apr 2015
  • Indirect bidders 51.9%
  • Direct bidders 11.6%
  • Primary dealers 36.6%
The 30-year bond auction before, 12 Mar 2015

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 bidders51.3%
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
2.5972.18
2.6812.18
2.5602.26
2.4302.32
2.8482.76
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

Observed .

Right now

The high yield was 2.597% on 9 April 2015, down from 2.681% at the auction before.

The direct bidders' share of 7.0% was the lowest for a 30-year bond since 14 March 2013, with 24 auctions in between.

Higher than 3 of the 74 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 high minus median was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 51.3%
  • Direct bidders 7.0%
  • Primary dealers 41.8%

Size

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

Bids received came to $28.338 billion; the bid-to-cover ratio was 2.18.

Its bid-to-cover of 2.18 compares with the 24 auctions before it: lowest 2.09 on , highest 2.76 on ; 13.4% of the way from the low to the high.

2.18

Low 2.09 Midpoint 2.425 High 2.76

The security29-Year 10-Month, reopening

Coupon
2.500%
Announced
Issued
Matures

It adds to the debt that matures in February 2045.

Understanding this result

Where it stands today

The high yield was 2.597% at this 30-year bond auction, the median yield 2.529% and a bid-to-cover ratio of 2.18.

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$28,337,932,600
Sold$13,000,012,600
Competitive bids accepted$12,991,787,000
Non-competitive bids accepted$8,225,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.597
Median rate, %2.529
Low rate, %2.450
Interest rate (coupon), %2.500
Bids at the high rate filled, %40.72
Bid-to-cover ratio2.18
Indirect bidders accepted$6,659,427,000
Direct bidders accepted$906,000,000
Primary dealers accepted$5,426,360,000
Indirect bidders' share, % (ours)51.3
Direct bidders' share, % (ours)7.0
Primary dealers' share, % (ours)41.8
High minus median, basis points (ours)6.8
Treasury par yield curve, 30-year point, same day, %2.61
High yield minus that point, basis points (ours)-1.3
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 ratio2.182.4010 of 121 of 12
High yield2.5973.15810 of 122 of 12
Indirect bidders' share51.347.63 of 129 of 12
Direct bidders' share7.016.712 of 120 of 12
Primary dealers' share41.835.42 of 1210 of 12
High minus median, basis points6.84.31 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 ratio2.18Last 24 auctions20 of 243 of 242.40
Bid-to-cover ratio2.18Since 8 May 200867 of 746 of 742.52
Bid-to-cover ratio2.18All 81 since 8 February 200168 of 8112 of 812.49
High yield2.597Last 24 auctions22 of 242 of 243.404
High yield2.597Since 8 May 200871 of 743 of 743.646
High yield2.597All 148 since 1 November 1979145 of 1483 of 1484.735
Indirect bidders' share51.3Last 24 auctions3 of 2421 of 2444.1
Indirect bidders' share51.3All 74 since 8 May 20083 of 7471 of 7438.7
Direct bidders' share7.0Last 24 auctions24 of 240 of 2416.7
Direct bidders' share7.0All 74 since 8 May 200865 of 749 of 7414.3
Primary dealers' share41.8Last 24 auctions9 of 2415 of 2439.8
Primary dealers' share41.8All 74 since 8 May 200856 of 7418 of 7446.2
High minus median, basis points6.8Last 24 auctions2 of 2422 of 244.1
High minus median, basis points6.8Since 8 May 200817 of 7456 of 744.7
High minus median, basis points6.8All 148 since 1 November 197918 of 148129 of 1483.1

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 April 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150409_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 April 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2015-04-09.

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