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Treasury auctions · 30-Year Bond

30-year bond auction of 10 May 2018 (new issue)

The 30-year bond sold $21.098 billion at a high yield of 3.130% on , with a bid-to-cover ratio of 2.38.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 11 Jun 2015 to 10 May 2018
High yield at each 30-year bond auction, 12 May 2016 to 10 May 2018

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, 11 Jun 2015 to 10 May 2018
Bid-to-cover ratio at each 30-year bond auction, 12 May 2016 to 10 May 2018

Who bought the 30-year bond of 10 May 2018

Shares of the competitive bids accepted

  • Indirect bidders 62.7%
  • Direct bidders 8.3%
  • Primary dealers 28.9%
This auction, 10 May 2018
  • Indirect bidders 61.0%
  • Direct bidders 14.6%
  • Primary dealers 24.4%
The 30-year bond auction before, 12 Apr 2018

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 bidders62.7%
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
3.1302.38
3.0442.41
3.1092.38
3.1212.26
2.8672.74
2.8042.48
2.8012.23
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

Observed .

Right now

The high yield of 3.130% on 10 May 2018 was the highest for a 30-year bond since 9 March 2017.

The high minus median of 3.0 basis points was the lowest for a 30-year bond since 10 September 2015, with 31 auctions in between.

Higher than 54 of the 111 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high minus median was lower than all 24.

The high yield was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.7%
  • Direct bidders 8.3%
  • Primary dealers 28.9%

Size

Treasury sold $21.098 billion of the $17 billion offered.

Bids received came to $44.501 billion; the bid-to-cover ratio was 2.38.

Its bid-to-cover of 2.38 compares with the 24 auctions before it: lowest 2.11 on , highest 2.74 on ; 42.9% of the way from the low to the high.

2.38

Low 2.11 Midpoint 2.425 High 2.74

The security30-Year, new issue

Coupon
3.125%
Announced
Issued
Matures

It adds to the debt that matures in May 2048.

Understanding this result

Where it stands today

The high yield was 3.130% at this 30-year bond auction, the median yield 3.100% and a bid-to-cover ratio of 2.38.

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$17,000,000,000
Bids received$44,500,965,400
Sold$21,098,197,100
Competitive bids accepted$16,994,954,700
Non-competitive bids accepted$5,087,100
Federal Reserve (SOMA) add-on$4,098,155,300
Foreign and international (FIMA) non-competitive$0
High yield, %3.130
Median rate, %3.100
Low rate, %3.045
Interest rate (coupon), %3.125
Bids at the high rate filled, %3.67
Bid-to-cover ratio2.38
Indirect bidders accepted$10,663,715,700
Direct bidders accepted$1,418,000,000
Primary dealers accepted$4,913,239,000
Indirect bidders' share, % (ours)62.7
Direct bidders' share, % (ours)8.3
Primary dealers' share, % (ours)28.9
High minus median, basis points (ours)3.0
Treasury par yield curve, 30-year point, same day, %3.12
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 ratio2.382.324 of 127 of 12
High yield3.1302.8700 of 1212 of 12
Indirect bidders' share62.761.74 of 128 of 12
Direct bidders' share8.37.04 of 128 of 12
Primary dealers' share28.929.37 of 125 of 12
High minus median, basis points3.05.012 of 120 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 ratio2.38Last 24 auctions8 of 2415 of 242.32
Bid-to-cover ratio2.38Since 8 May 200869 of 11141 of 1112.43
Bid-to-cover ratio2.38All 118 since 8 February 200170 of 11847 of 1182.42
High yield3.130Last 24 auctions2 of 2422 of 242.870
High yield3.130Since 8 May 200857 of 11154 of 1113.152
High yield3.130All 185 since 1 November 1979131 of 18554 of 1854.288
Indirect bidders' share62.7Last 24 auctions11 of 2413 of 2461.9
Indirect bidders' share62.7All 111 since 8 May 200814 of 11197 of 11145.4
Direct bidders' share8.3Last 24 auctions10 of 2414 of 247.7
Direct bidders' share8.3All 111 since 8 May 200880 of 11131 of 11111.6
Primary dealers' share28.9Last 24 auctions11 of 2413 of 2428.8
Primary dealers' share28.9All 111 since 8 May 200891 of 11120 of 11141.9
High minus median, basis points3.0Last 24 auctions24 of 240 of 245.2
High minus median, basis points3.0Since 8 May 200897 of 11110 of 1115.0
High minus median, basis points3.0All 185 since 1 November 1979111 of 18565 of 1853.9

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 10 May 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180510_1.pdf. Compiled by 500metrics, "30-year bond auction of 10 May 2018 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2018-05-10.

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