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

30-year bond auction of 11 October 2018 (reopening)

The 30-year bond sold $15 billion at a high yield of 3.344% on , with a bid-to-cover ratio of 2.42.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 12 Nov 2015 to 11 Oct 2018
High yield at each 30-year bond auction, 13 Oct 2016 to 11 Oct 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, 12 Nov 2015 to 11 Oct 2018
Bid-to-cover ratio at each 30-year bond auction, 13 Oct 2016 to 11 Oct 2018

Who bought the 30-year bond of 11 Oct 2018

Shares of the competitive bids accepted

  • Indirect bidders 64.4%
  • Direct bidders 12.8%
  • Primary dealers 22.8%
This auction, 11 Oct 2018
  • Indirect bidders 61.7%
  • Direct bidders 11.3%
  • Primary dealers 27.0%
The 30-year bond auction before, 13 Sep 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 bidders64.4%
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
3.3442.42
3.0882.34
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

Observed .

Right now

The high yield of 3.344% on 11 October 2018 was the highest for a 30-year bond since 10 July 2014.

Higher than 70 of the 116 since 8 May 2008

Its own history

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

The direct bidders' share was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 64.4%
  • Direct bidders 12.8%
  • Primary dealers 22.8%

Size

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

Bids received came to $36.292 billion; the bid-to-cover ratio was 2.42.

Its bid-to-cover of 2.42 compares with the 24 auctions before it: lowest 2.11 on , highest 2.74 on ; 49.2% of the way from the low to the high.

2.42

Low 2.11 Midpoint 2.425 High 2.74

The security29-Year 10-Month, reopening

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 3.344% at this 30-year bond auction, the median yield 3.309% and a bid-to-cover ratio of 2.42.

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$15,000,000,000
Bids received$36,292,138,200
Sold$15,000,000,400
Competitive bids accepted$14,997,966,200
Non-competitive bids accepted$2,034,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.344
Median rate, %3.309
Low rate, %3.230
Interest rate (coupon), %3.000
Bids at the high rate filled, %5.26
Bid-to-cover ratio2.42
Indirect bidders accepted$9,660,865,200
Direct bidders accepted$1,916,000,000
Primary dealers accepted$3,421,101,000
Indirect bidders' share, % (ours)64.4
Direct bidders' share, % (ours)12.8
Primary dealers' share, % (ours)22.8
High minus median, basis points (ours)3.5
Treasury par yield curve, 30-year point, same day, %3.32
High yield minus that point, basis points (ours)2.4
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 ratio2.422.383 of 129 of 12
High yield3.3443.0660 of 1212 of 12
Indirect bidders' share64.461.91 of 1211 of 12
Direct bidders' share12.89.72 of 1210 of 12
Primary dealers' share22.827.611 of 121 of 12
High minus median, basis points3.54.39 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 ratio2.42Last 24 auctions4 of 2420 of 242.33
Bid-to-cover ratio2.42Since 8 May 200856 of 11658 of 1162.42
Bid-to-cover ratio2.42All 123 since 8 February 200157 of 12364 of 1232.41
High yield3.344Last 24 auctions0 of 2424 of 242.948
High yield3.344Since 8 May 200846 of 11670 of 1163.126
High yield3.344All 190 since 1 November 1979120 of 19070 of 1904.218
Indirect bidders' share64.4Last 24 auctions6 of 2418 of 2462.1
Indirect bidders' share64.4All 116 since 8 May 200810 of 116106 of 11645.9
Direct bidders' share12.8Last 24 auctions3 of 2421 of 248.0
Direct bidders' share12.8All 116 since 8 May 200847 of 11669 of 11611.1
Primary dealers' share22.8Last 24 auctions23 of 241 of 2428.8
Primary dealers' share22.8All 116 since 8 May 2008115 of 1161 of 11641.6
High minus median, basis points3.5Last 24 auctions21 of 243 of 245.0
High minus median, basis points3.5Since 8 May 200893 of 11621 of 1164.9
High minus median, basis points3.5All 190 since 1 November 1979106 of 19082 of 1903.9

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 11 October 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20181011_1.pdf. Compiled by 500metrics, "30-year bond auction of 11 October 2018 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2018-10-11.

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