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Treasury auctions · 30-Year Bond

30-year bond auction of 10 November 2016 (new issue)

The 30-year bond sold $18.284 billion at a high yield of 2.902% on , with a bid-to-cover ratio of 2.11.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 12 Dec 2013 to 10 Nov 2016
High yield at each 30-year bond auction, 13 Nov 2014 to 10 Nov 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, 12 Dec 2013 to 10 Nov 2016
Bid-to-cover ratio at each 30-year bond auction, 13 Nov 2014 to 10 Nov 2016

Who bought the 30-year bond of 10 Nov 2016

Shares of the competitive bids accepted

  • Indirect bidders 54.5%
  • Direct bidders 12.5%
  • Primary dealers 33.1%
This auction, 10 Nov 2016
  • Indirect bidders 65.4%
  • Direct bidders 6.1%
  • Primary dealers 28.5%
The 30-year bond auction before, 13 Oct 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 bidders54.5%
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
2.9022.11
2.4702.44
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

Observed .

Right now

The high yield of 2.902% on 10 November 2016 was the highest for a 30-year bond since 14 January 2016.

The indirect bidders' share of 54.5% was the lowest for a 30-year bond since 13 August 2015, with 14 auctions in between.

The direct bidders' share of 12.5% was the highest for a 30-year bond since 8 October 2015, with 12 auctions in between.

Higher than 20 of the 93 since 8 May 2008

Its own history

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

The bid-to-cover ratio 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 54.5%
  • Direct bidders 12.5%
  • Primary dealers 33.1%

Size

Treasury sold $18.284 billion of the $15 billion offered.

Bids received came to $34.886 billion; the bid-to-cover ratio was 2.11.

Its bid-to-cover of 2.11 compares with the 24 auctions before it: lowest 2.09 on , highest 2.76 on ; 3.0% of the way from the low to the high.

2.11

Low 2.09 Midpoint 2.425 High 2.76

The security30-Year, new issue

Coupon
2.875%
Announced
Issued
Matures

It adds to the debt that matures in November 2046.

Understanding this result

Where it stands today

The high yield was 2.902% at this 30-year bond auction, the median yield 2.826% and a bid-to-cover ratio of 2.11.

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$15,000,000,000
Bids received$34,886,215,400
Sold$18,283,818,600
Competitive bids accepted$14,990,499,200
Non-competitive bids accepted$9,500,800
Federal Reserve (SOMA) add-on$3,283,818,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.902
Median rate, %2.826
Low rate, %2.688
Interest rate (coupon), %2.875
Bids at the high rate filled, %35.56
Bid-to-cover ratio2.11
Indirect bidders accepted$8,162,387,200
Direct bidders accepted$1,873,000,000
Primary dealers accepted$4,955,112,000
Indirect bidders' share, % (ours)54.5
Direct bidders' share, % (ours)12.5
Primary dealers' share, % (ours)33.1
High minus median, basis points (ours)7.6
Treasury par yield curve, 30-year point, same day, %2.94
High yield minus that point, basis points (ours)-3.8
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 ratio2.112.3611 of 121 of 12
High yield2.9022.5483 of 129 of 12
Indirect bidders' share54.561.212 of 120 of 12
Direct bidders' share12.510.20 of 1212 of 12
Primary dealers' share33.128.11 of 1211 of 12
High minus median, basis points7.64.61 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 ratio2.11Last 24 auctions23 of 241 of 242.30
Bid-to-cover ratio2.11Since 8 May 200888 of 934 of 932.47
Bid-to-cover ratio2.11All 100 since 8 February 200190 of 1009 of 1002.46
High yield2.902Last 24 auctions9 of 2415 of 242.700
High yield2.902Since 8 May 200873 of 9320 of 933.310
High yield2.902All 167 since 1 November 1979147 of 16720 of 1674.520
Indirect bidders' share54.5Last 24 auctions14 of 2410 of 2457.2
Indirect bidders' share54.5All 93 since 8 May 200814 of 9379 of 9340.7
Direct bidders' share12.5Last 24 auctions6 of 2418 of 2410.6
Direct bidders' share12.5All 93 since 8 May 200846 of 9347 of 9312.4
Primary dealers' share33.1Last 24 auctions10 of 2414 of 2431.6
Primary dealers' share33.1All 93 since 8 May 200875 of 9318 of 9343.4
High minus median, basis points7.6Last 24 auctions1 of 2423 of 245.1
High minus median, basis points7.6Since 8 May 200813 of 9380 of 934.7
High minus median, basis points7.6All 167 since 1 November 197914 of 167153 of 1673.6

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 10 November 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20161110_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 November 2016 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2016-11-10.

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