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

30-year bond auction of 13 July 2017 (reopening)

The 30-year bond sold $12.274 billion at a high yield of 2.936% on , with a bid-to-cover ratio of 2.31.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 14 Aug 2014 to 13 Jul 2017
High yield at each 30-year bond auction, 13 Aug 2015 to 13 Jul 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, 14 Aug 2014 to 13 Jul 2017
Bid-to-cover ratio at each 30-year bond auction, 13 Aug 2015 to 13 Jul 2017

Who bought the 30-year bond of 13 Jul 2017

Shares of the competitive bids accepted

  • Indirect bidders 61.7%
  • Direct bidders 6.4%
  • Primary dealers 31.9%
This auction, 13 Jul 2017
  • Indirect bidders 63.7%
  • Direct bidders 6.7%
  • Primary dealers 29.6%
The 30-year bond auction before, 13 Jun 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 bidders61.7%
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
2.9362.31
2.8702.32
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

Observed .

Right now

The high yield was 2.936% on 13 July 2017, up from 2.870% at the auction before.

Higher than 28 of the 101 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the primary dealers' share was higher than 18 of the 24.

The direct bidders' share was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 61.7%
  • Direct bidders 6.4%
  • Primary dealers 31.9%

Size

Treasury sold $12.274 billion of the $12 billion offered.

Bids received came to $27.95 billion; the bid-to-cover ratio was 2.31.

Its bid-to-cover of 2.31 compares with the 24 auctions before it: lowest 2.09 on , highest 2.54 on ; 48.9% of the way from the low to the high.

2.31

Low 2.09 Midpoint 2.315 High 2.54

The security29-Year 10-Month, reopening

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 2.936% at this 30-year bond auction, the median yield 2.870% and a bid-to-cover ratio of 2.31.

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$27,949,941,200
Sold$12,273,921,200
Competitive bids accepted$11,995,970,000
Non-competitive bids accepted$4,044,300
Federal Reserve (SOMA) add-on$273,906,900
Foreign and international (FIMA) non-competitive$0
High yield, %2.936
Median rate, %2.870
Low rate, %2.500
Interest rate (coupon), %3.000
Bids at the high rate filled, %30.56
Bid-to-cover ratio2.31
Indirect bidders accepted$7,399,330,000
Direct bidders accepted$765,000,000
Primary dealers accepted$3,831,640,000
Indirect bidders' share, % (ours)61.7
Direct bidders' share, % (ours)6.4
Primary dealers' share, % (ours)31.9
High minus median, basis points (ours)6.6
Treasury par yield curve, 30-year point, same day, %2.92
High yield minus that point, basis points (ours)1.6
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 ratio2.312.286 of 126 of 12
High yield2.9362.9085 of 127 of 12
Indirect bidders' share61.763.87 of 125 of 12
Direct bidders' share6.46.46 of 126 of 12
Primary dealers' share31.928.83 of 129 of 12
High minus median, basis points6.65.64 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 ratio2.31Last 24 auctions13 of 2411 of 242.32
Bid-to-cover ratio2.31Since 8 May 200875 of 10125 of 1012.44
Bid-to-cover ratio2.31All 108 since 8 February 200176 of 10831 of 1082.42
High yield2.936Last 24 auctions9 of 2415 of 242.904
High yield2.936Since 8 May 200873 of 10128 of 1013.230
High yield2.936All 175 since 1 November 1979147 of 17528 of 1754.449
Indirect bidders' share61.7Last 24 auctions11 of 2413 of 2461.3
Indirect bidders' share61.7All 101 since 8 May 200811 of 10190 of 10143.3
Direct bidders' share6.4Last 24 auctions18 of 246 of 249.0
Direct bidders' share6.4All 101 since 8 May 200887 of 10114 of 10112.4
Primary dealers' share31.9Last 24 auctions6 of 2418 of 2428.8
Primary dealers' share31.9All 101 since 8 May 200880 of 10121 of 10142.7
High minus median, basis points6.6Last 24 auctions6 of 2418 of 245.1
High minus median, basis points6.6Since 8 May 200825 of 10176 of 1015.0
High minus median, basis points6.6All 175 since 1 November 197926 of 175149 of 1753.8

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 13 July 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170713_1.pdf. Compiled by 500metrics, "30-year bond auction of 13 July 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-07-13.

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