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Treasury auctions · 30-Year Bond

30-year bond auction of 11 May 2017 (new issue)

The 30-year bond sold $19.956 billion at a high yield of 3.050% on , with a bid-to-cover ratio of 2.19.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 12 Jun 2014 to 11 May 2017
High yield at each 30-year bond auction, 14 May 2015 to 11 May 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, 12 Jun 2014 to 11 May 2017
Bid-to-cover ratio at each 30-year bond auction, 14 May 2015 to 11 May 2017

Who bought the 30-year bond of 11 May 2017

Shares of the competitive bids accepted

  • Indirect bidders 59.1%
  • Direct bidders 5.3%
  • Primary dealers 35.6%
This auction, 11 May 2017
  • Indirect bidders 64.5%
  • Direct bidders 5.8%
  • Primary dealers 29.7%
The 30-year bond auction before, 12 Apr 2017

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 bidders59.1%
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
3.0502.19
2.9382.23
3.1702.34
3.0052.25
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

Observed .

Right now

The high yield was 3.050% on 11 May 2017, up from 2.938% at the auction before.

Higher than 35 of the 99 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the primary dealers' share was higher than 20 of the 24.

The direct bidders' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 59.1%
  • Direct bidders 5.3%
  • Primary dealers 35.6%

Size

Treasury sold $19.956 billion of the $15 billion offered.

Bids received came to $37.82 billion; the bid-to-cover ratio was 2.19.

Its bid-to-cover of 2.19 compares with the 24 auctions before it: lowest 2.09 on , highest 2.54 on ; 22.2% of the way from the low to the high.

2.19

Low 2.09 Midpoint 2.315 High 2.54

The security30-Year, new issue

Coupon
3.000%
Announced
Issued
Matures

It adds to the debt that matures in May 2047.

Understanding this result

Where it stands today

The high yield was 3.050% at this 30-year bond auction, the median yield 3.000% and a bid-to-cover ratio of 2.19.

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$37,819,560,200
Sold$19,955,665,200
Competitive bids accepted$14,987,803,000
Non-competitive bids accepted$12,215,000
Federal Reserve (SOMA) add-on$4,955,647,200
Foreign and international (FIMA) non-competitive$0
High yield, %3.050
Median rate, %3.000
Low rate, %2.920
Interest rate (coupon), %3.000
Bids at the high rate filled, %83.10
Bid-to-cover ratio2.19
Indirect bidders accepted$8,854,573,000
Direct bidders accepted$792,000,000
Primary dealers accepted$5,341,230,000
Indirect bidders' share, % (ours)59.1
Direct bidders' share, % (ours)5.3
Primary dealers' share, % (ours)35.6
High minus median, basis points (ours)5.0
Treasury par yield curve, 30-year point, same day, %3.03
High yield minus that point, basis points (ours)2.0
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 ratio2.192.289 of 122 of 12
High yield3.0502.7582 of 1210 of 12
Indirect bidders' share59.164.210 of 122 of 12
Direct bidders' share5.38.39 of 123 of 12
Primary dealers' share35.628.61 of 1211 of 12
High minus median, basis points5.06.18 of 123 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 ratio2.19Last 24 auctions20 of 243 of 242.32
Bid-to-cover ratio2.19Since 8 May 200887 of 9911 of 992.45
Bid-to-cover ratio2.19All 106 since 8 February 200188 of 10617 of 1062.43
High yield3.050Last 24 auctions5 of 2419 of 242.910
High yield3.050Since 8 May 200864 of 9935 of 993.240
High yield3.050All 173 since 1 November 1979138 of 17335 of 1734.469
Indirect bidders' share59.1Last 24 auctions15 of 249 of 2461.0
Indirect bidders' share59.1All 99 since 8 May 200815 of 9984 of 9943.1
Direct bidders' share5.3Last 24 auctions21 of 243 of 2410.0
Direct bidders' share5.3All 99 since 8 May 200890 of 999 of 9912.4
Primary dealers' share35.6Last 24 auctions4 of 2420 of 2428.8
Primary dealers' share35.6All 99 since 8 May 200871 of 9928 of 9943.1
High minus median, basis points5.0Last 24 auctions13 of 2410 of 245.6
High minus median, basis points5.0Since 8 May 200849 of 9949 of 995.0
High minus median, basis points5.0All 173 since 1 November 197954 of 173118 of 1733.8

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 11 May 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170511_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 May 2017 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2017-05-11.

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