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

30-year bond auction of 12 January 2017 (reopening)

The 30-year bond sold $12.665 billion at a high yield of 2.914% on , with a bid-to-cover ratio of 2.32.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 13 Feb 2014 to 12 Jan 2017
High yield at each 30-year bond auction, 14 Jan 2015 to 12 Jan 2017

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, 13 Feb 2014 to 12 Jan 2017
Bid-to-cover ratio at each 30-year bond auction, 14 Jan 2015 to 12 Jan 2017

Who bought the 30-year bond of 12 Jan 2017

Shares of the competitive bids accepted

  • Indirect bidders 66.7%
  • Direct bidders 4.5%
  • Primary dealers 28.8%
This auction, 12 Jan 2017
  • Indirect bidders 63.9%
  • Direct bidders 9.3%
  • Primary dealers 26.8%
The 30-year bond auction before, 13 Dec 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 bidders66.7%
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
2.9142.32
3.1522.39
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

Observed .

Right now

The high yield was 2.914% on 12 January 2017, down from 3.152% at the auction before.

The direct bidders' share of 4.5% was the lowest for a 30-year bond since 10 September 2009, with 87 auctions in between.

Higher than 23 of the 95 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 indirect bidders' share 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 66.7%
  • Direct bidders 4.5%
  • Primary dealers 28.8%

Size

Treasury sold $12.665 billion of the $12 billion offered.

Bids received came to $28.451 billion; the bid-to-cover ratio was 2.32.

Its bid-to-cover of 2.32 compares with the 24 auctions before it: lowest 2.09 on , highest 2.54 on ; 51.1% of the way from the low to the high.

2.32

Low 2.09 Midpoint 2.315 High 2.54

The security29-Year 10-Month, reopening

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 2.914% at this 30-year bond auction, the median yield 2.850% and a bid-to-cover ratio of 2.32.

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$12,000,000,000
Bids received$28,451,323,300
Sold$12,664,929,300
Competitive bids accepted$11,994,935,000
Non-competitive bids accepted$5,068,600
Federal Reserve (SOMA) add-on$664,925,700
Foreign and international (FIMA) non-competitive$0
High yield, %2.914
Median rate, %2.850
Low rate, %2.750
Interest rate (coupon), %2.875
Bids at the high rate filled, %47.34
Bid-to-cover ratio2.32
Indirect bidders accepted$7,995,435,000
Direct bidders accepted$544,000,000
Primary dealers accepted$3,455,500,000
Indirect bidders' share, % (ours)66.7
Direct bidders' share, % (ours)4.5
Primary dealers' share, % (ours)28.8
High minus median, basis points (ours)6.4
Treasury par yield curve, 30-year point, same day, %3.01
High yield minus that point, basis points (ours)-9.6
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 ratio2.322.316 of 126 of 12
High yield2.9142.5481 of 1211 of 12
Indirect bidders' share66.761.21 of 1211 of 12
Direct bidders' share4.59.812 of 120 of 12
Primary dealers' share28.828.15 of 127 of 12
High minus median, basis points6.45.64 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 ratio2.32Last 24 auctions11 of 2412 of 242.30
Bid-to-cover ratio2.32Since 8 May 200871 of 9523 of 952.47
Bid-to-cover ratio2.32All 102 since 8 February 200172 of 10229 of 1022.44
High yield2.914Last 24 auctions7 of 2416 of 242.700
High yield2.914Since 8 May 200871 of 9523 of 953.248
High yield2.914All 169 since 1 November 1979145 of 16923 of 1694.515
Indirect bidders' share66.7Last 24 auctions1 of 2423 of 2458.0
Indirect bidders' share66.7All 95 since 8 May 20081 of 9594 of 9541.9
Direct bidders' share4.5Last 24 auctions24 of 240 of 2410.3
Direct bidders' share4.5All 95 since 8 May 200891 of 954 of 9512.4
Primary dealers' share28.8Last 24 auctions14 of 2410 of 2431.6
Primary dealers' share28.8All 95 since 8 May 200883 of 9512 of 9543.3
High minus median, basis points6.4Last 24 auctions6 of 2417 of 245.5
High minus median, basis points6.4Since 8 May 200825 of 9568 of 954.8
High minus median, basis points6.4All 169 since 1 November 197926 of 169141 of 1693.6

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 12 January 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170112_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 January 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-01-12.

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