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

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

The 30-year bond sold $12 billion at a high yield of 2.870% on , with a bid-to-cover ratio of 2.53.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 13 Nov 2014 to 12 Oct 2017
High yield at each 30-year bond auction, 12 Nov 2015 to 12 Oct 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 Nov 2014 to 12 Oct 2017
Bid-to-cover ratio at each 30-year bond auction, 12 Nov 2015 to 12 Oct 2017

Who bought the 30-year bond of 12 Oct 2017

Shares of the competitive bids accepted

  • Indirect bidders 62.8%
  • Direct bidders 10.6%
  • Primary dealers 26.6%
This auction, 12 Oct 2017
  • Indirect bidders 58.8%
  • Direct bidders 6.8%
  • Primary dealers 34.4%
The 30-year bond auction before, 13 Sep 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 bidders62.8%
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
2.8702.53
2.7902.21
2.8182.32
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

Observed .

Right now

The high yield was 2.870% on 12 October 2017, up from 2.790% at the auction before.

The bid-to-cover ratio of 2.53 was the highest for a 30-year bond since 10 September 2015, with 24 auctions in between.

Higher than 20 of the 104 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the bid-to-cover ratio was higher than all 24.

The direct bidders' share was higher than 17 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.8%
  • Direct bidders 10.6%
  • Primary dealers 26.6%

Size

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

Bids received came to $30.36 billion; the bid-to-cover ratio was 2.53.

Its bid-to-cover of 2.53 compares with the 24 auctions before it: lowest 2.09 on , highest 2.53 on ; 100.0% of the way from the low to the high.

2.53

Low 2.09 Midpoint 2.310 High 2.53

The security29-Year 10-Month, reopening

Coupon
2.750%
Announced
Issued
Matures

It adds to the debt that matures in August 2047.

Understanding this result

Where it stands today

The high yield was 2.870% at this 30-year bond auction, the median yield 2.824% and a bid-to-cover ratio of 2.53.

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$30,360,091,400
Sold$12,000,002,900
Competitive bids accepted$11,995,097,500
Non-competitive bids accepted$4,905,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.870
Median rate, %2.824
Low rate, %2.500
Interest rate (coupon), %2.750
Bids at the high rate filled, %23.37
Bid-to-cover ratio2.53
Indirect bidders accepted$7,533,526,000
Direct bidders accepted$1,272,000,000
Primary dealers accepted$3,189,571,500
Indirect bidders' share, % (ours)62.8
Direct bidders' share, % (ours)10.6
Primary dealers' share, % (ours)26.6
High minus median, basis points (ours)4.6
Treasury par yield curve, 30-year point, same day, %2.86
High yield minus that point, basis points (ours)1.0
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 ratio2.532.320 of 1212 of 12
High yield2.8702.9258 of 123 of 12
Indirect bidders' share62.863.87 of 125 of 12
Direct bidders' share10.66.32 of 1210 of 12
Primary dealers' share26.629.211 of 121 of 12
High minus median, basis points4.65.511 of 121 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 ratio2.53Last 24 auctions0 of 2424 of 242.32
Bid-to-cover ratio2.53Since 8 May 200838 of 10465 of 1042.43
Bid-to-cover ratio2.53All 111 since 8 February 200138 of 11172 of 1112.42
High yield2.870Last 24 auctions12 of 2411 of 242.886
High yield2.870Since 8 May 200883 of 10420 of 1043.212
High yield2.870All 178 since 1 November 1979157 of 17820 of 1784.395
Indirect bidders' share62.8Last 24 auctions11 of 2413 of 2461.6
Indirect bidders' share62.8All 104 since 8 May 200812 of 10492 of 10443.9
Direct bidders' share10.6Last 24 auctions7 of 2417 of 248.6
Direct bidders' share10.6All 104 since 8 May 200861 of 10443 of 10412.1
Primary dealers' share26.6Last 24 auctions20 of 244 of 2428.8
Primary dealers' share26.6All 104 since 8 May 200897 of 1047 of 10442.4
High minus median, basis points4.6Last 24 auctions17 of 247 of 245.2
High minus median, basis points4.6Since 8 May 200859 of 10445 of 1045.0
High minus median, basis points4.6All 178 since 1 November 197965 of 178113 of 1783.9

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 October 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20171012_1.pdf. Compiled by 500metrics, "30-year bond auction of 12 October 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2017-10-12.

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