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

30-year bond auction of 13 September 2016 (reopening)

The 30-year bond sold $12 billion at a high yield of 2.475% on , with a bid-to-cover ratio of 2.13.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 Oct 2013 to 13 Sep 2016
High yield at each 30-year bond auction, 9 Oct 2014 to 13 Sep 2016

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 Oct 2013 to 13 Sep 2016
Bid-to-cover ratio at each 30-year bond auction, 9 Oct 2014 to 13 Sep 2016

Who bought the 30-year bond of 13 Sep 2016

Shares of the competitive bids accepted

  • Indirect bidders 57.9%
  • Direct bidders 4.6%
  • Primary dealers 37.5%
This auction, 13 Sep 2016
  • Indirect bidders 61.5%
  • Direct bidders 10.9%
  • Primary dealers 27.7%
The 30-year bond auction before, 11 Aug 2016

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 bidders57.9%
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
2.4752.13
2.2742.24
2.1722.48
2.4752.42
2.6152.19
2.5962.40
2.7202.33
2.5002.09
2.9052.29
2.9782.42
3.0702.41
2.9142.46
2.9802.54
2.8802.26
3.0842.23
3.1382.54
3.0442.20
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

Observed .

Right now

The high yield was 2.475% on 13 September 2016, up from 2.274% at the auction before.

The direct bidders' share of 4.6% was the lowest for a 30-year bond since 10 September 2009, with 83 auctions in between.

The primary dealers' share of 37.5% was the highest for a 30-year bond since 13 August 2015, with 12 auctions in between.

Higher than 3 of the 91 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 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.9%
  • Direct bidders 4.6%
  • Primary dealers 37.5%

Size

Treasury sold $12 billion of the $12 billion offered.

Bids received came to $25.547 billion; the bid-to-cover ratio was 2.13.

Its bid-to-cover of 2.13 compares with the 24 auctions before it: lowest 2.09 on , highest 2.76 on ; 6.0% of the way from the low to the high.

2.13

Low 2.09 Midpoint 2.425 High 2.76

The security29-Year 11-Month, reopening

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in August 2046.

Understanding this result

Where it stands today

The high yield was 2.475% at this 30-year bond auction, the median yield 2.400% and a bid-to-cover ratio of 2.13.

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$12,000,000,000
Bids received$25,547,390,900
Sold$12,000,017,800
Competitive bids accepted$11,981,287,900
Non-competitive bids accepted$18,729,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.475
Median rate, %2.400
Low rate, %2.188
Interest rate (coupon), %2.250
Bids at the high rate filled, %87.33
Bid-to-cover ratio2.13
Indirect bidders accepted$6,941,929,900
Direct bidders accepted$549,493,200
Primary dealers accepted$4,489,864,800
Indirect bidders' share, % (ours)57.9
Direct bidders' share, % (ours)4.6
Primary dealers' share, % (ours)37.5
High minus median, basis points (ours)7.5
Treasury par yield curve, 30-year point, same day, %2.47
High yield minus that point, basis points (ours)0.5
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 ratio2.132.4011 of 121 of 12
High yield2.4752.6689 of 122 of 12
Indirect bidders' share57.961.210 of 122 of 12
Direct bidders' share4.610.312 of 120 of 12
Primary dealers' share37.527.30 of 1212 of 12
High minus median, basis points7.54.51 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 ratio2.13Last 24 auctions23 of 241 of 242.32
Bid-to-cover ratio2.13Since 8 May 200886 of 915 of 912.48
Bid-to-cover ratio2.13All 98 since 8 February 200188 of 9810 of 982.46
High yield2.475Last 24 auctions20 of 243 of 242.864
High yield2.475Since 8 May 200887 of 913 of 913.355
High yield2.475All 165 since 1 November 1979161 of 1653 of 1654.530
Indirect bidders' share57.9Last 24 auctions10 of 2414 of 2454.2
Indirect bidders' share57.9All 91 since 8 May 200810 of 9181 of 9140.7
Direct bidders' share4.6Last 24 auctions24 of 240 of 2410.9
Direct bidders' share4.6All 91 since 8 May 200887 of 914 of 9112.5
Primary dealers' share37.5Last 24 auctions5 of 2419 of 2432.0
Primary dealers' share37.5All 91 since 8 May 200867 of 9124 of 9143.5
High minus median, basis points7.5Last 24 auctions1 of 2423 of 244.8
High minus median, basis points7.5Since 8 May 200813 of 9178 of 914.7
High minus median, basis points7.5All 165 since 1 November 197914 of 165151 of 1653.6

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 September 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160913_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 September 2016 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2016-09-13.

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