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Treasury auctions · 30-Year Bond

30-year bond auction of 9 August 2018 (new issue)

The 30-year bond sold $20.42 billion at a high yield of 3.090% on , with a bid-to-cover ratio of 2.27.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 Sep 2015 to 9 Aug 2018
High yield at each 30-year bond auction, 11 Aug 2016 to 9 Aug 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, 10 Sep 2015 to 9 Aug 2018
Bid-to-cover ratio at each 30-year bond auction, 11 Aug 2016 to 9 Aug 2018

Who bought the 30-year bond of 9 Aug 2018

Shares of the competitive bids accepted

  • Indirect bidders 62.2%
  • Direct bidders 8.0%
  • Primary dealers 29.7%
This auction, 9 Aug 2018
  • Indirect bidders 61.9%
  • Direct bidders 10.3%
  • Primary dealers 27.8%
The 30-year bond auction before, 12 Jul 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 bidders62.2%
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
3.0902.27
2.9582.34
3.1002.38
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

Observed .

Right now

The high yield was 3.090% on 9 August 2018, up from 2.958% at the auction before.

Higher than 50 of the 114 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high yield was higher than 18 of the 24.

The high minus median was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.2%
  • Direct bidders 8.0%
  • Primary dealers 29.7%

Size

Treasury sold $20.42 billion of the $18 billion offered.

Bids received came to $43.352 billion; the bid-to-cover ratio was 2.27.

Its bid-to-cover of 2.27 compares with the 24 auctions before it: lowest 2.11 on , highest 2.74 on ; 25.4% of the way from the low to the high.

2.27

Low 2.11 Midpoint 2.425 High 2.74

The security30-Year, new issue

Coupon
3.000%
Announced
Issued
Matures

It adds to the debt that matures in August 2048.

Understanding this result

Where it stands today

The high yield was 3.090% at this 30-year bond auction, the median yield 3.048% and a bid-to-cover ratio of 2.27.

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$18,000,000,000
Bids received$43,351,623,300
Sold$20,419,916,800
Competitive bids accepted$17,991,688,500
Non-competitive bids accepted$8,316,900
Federal Reserve (SOMA) add-on$2,419,911,400
Foreign and international (FIMA) non-competitive$0
High yield, %3.090
Median rate, %3.048
Low rate, %2.588
Interest rate (coupon), %3.000
Bids at the high rate filled, %57.33
Bid-to-cover ratio2.27
Indirect bidders accepted$11,199,227,500
Direct bidders accepted$1,446,000,000
Primary dealers accepted$5,346,461,000
Indirect bidders' share, % (ours)62.2
Direct bidders' share, % (ours)8.0
Primary dealers' share, % (ours)29.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 30-year point, same day, %3.08
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 ratio2.272.389 of 123 of 12
High yield3.0902.9144 of 128 of 12
Indirect bidders' share62.261.94 of 128 of 12
Direct bidders' share8.08.78 of 124 of 12
Primary dealers' share29.727.83 of 129 of 12
High minus median, basis points4.24.68 of 124 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 ratio2.27Last 24 auctions15 of 249 of 242.32
Bid-to-cover ratio2.27Since 8 May 200888 of 11425 of 1142.42
Bid-to-cover ratio2.27All 121 since 8 February 200189 of 12131 of 1212.41
High yield3.090Last 24 auctions6 of 2418 of 242.925
High yield3.090Since 8 May 200863 of 11450 of 1143.134
High yield3.090All 188 since 1 November 1979137 of 18850 of 1884.238
Indirect bidders' share62.2Last 24 auctions10 of 2414 of 2461.9
Indirect bidders' share62.2All 114 since 8 May 200815 of 11499 of 11445.7
Direct bidders' share8.0Last 24 auctions12 of 2412 of 247.7
Direct bidders' share8.0All 114 since 8 May 200888 of 11426 of 11411.1
Primary dealers' share29.7Last 24 auctions7 of 2417 of 2428.8
Primary dealers' share29.7All 114 since 8 May 200887 of 11427 of 11441.7
High minus median, basis points4.2Last 24 auctions20 of 244 of 245.1
High minus median, basis points4.2Since 8 May 200869 of 11442 of 1145.0
High minus median, basis points4.2All 188 since 1 November 197975 of 188110 of 1883.9

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 9 August 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180809_1.pdf. Compiled by 500metrics, "30-year bond auction of 9 August 2018 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2018-08-09.

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