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Treasury auctions · 30-Year Bond

30-year bond auction of 9 May 2019 (new issue)

The 30-year bond sold $25.472 billion at a high yield of 2.892% on , with a bid-to-cover ratio of 2.20.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 9 Jun 2016 to 9 May 2019
High yield at each 30-year bond auction, 11 May 2017 to 9 May 2019

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, 9 Jun 2016 to 9 May 2019
Bid-to-cover ratio at each 30-year bond auction, 11 May 2017 to 9 May 2019

Who bought the 30-year bond of 9 May 2019

Shares of the competitive bids accepted

  • Indirect bidders 60.5%
  • Direct bidders 11.0%
  • Primary dealers 28.5%
This auction, 9 May 2019
  • Indirect bidders 60.5%
  • Direct bidders 14.4%
  • Primary dealers 25.1%
The 30-year bond auction before, 11 Apr 2019

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 bidders60.5%
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
2.8922.20
2.9302.25
3.0142.25
3.0222.27
3.0352.19
3.1652.31
3.4182.06
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

Observed .

Right now

The high yield of 2.892% on 9 May 2019 was the lowest for a 30-year bond since 11 January 2018.

Higher than 26 of the 123 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high minus median was higher than 16 of the 24.

The bid-to-cover ratio was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 60.5%
  • Direct bidders 11.0%
  • Primary dealers 28.5%

Size

Treasury sold $25.472 billion of the $19 billion offered.

Bids received came to $48.28 billion; the bid-to-cover ratio was 2.20.

Its bid-to-cover of 2.20 compares with the 24 auctions before it: lowest 2.06 on , highest 2.74 on ; 20.6% of the way from the low to the high.

2.20

Low 2.06 Midpoint 2.400 High 2.74

The security30-Year, new issue

Coupon
2.875%
Announced
Issued
Matures

It adds to the debt that matures in May 2049.

Understanding this result

Where it stands today

The high yield was 2.892% at this 30-year bond auction, the median yield 2.840% and a bid-to-cover ratio of 2.20.

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$19,000,000,000
Bids received$48,279,918,900
Sold$25,472,499,400
Competitive bids accepted$18,992,200,500
Non-competitive bids accepted$7,804,100
Federal Reserve (SOMA) add-on$6,472,494,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.892
Median rate, %2.840
Low rate, %2.650
Interest rate (coupon), %2.875
Bids at the high rate filled, %90.57
Bid-to-cover ratio2.20
Indirect bidders accepted$11,487,788,000
Direct bidders accepted$2,086,200,000
Primary dealers accepted$5,418,212,500
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)11.0
Primary dealers' share, % (ours)28.5
High minus median, basis points (ours)5.2
Treasury par yield curve, 30-year point, same day, %2.87
High yield minus that point, basis points (ours)2.2
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 ratio2.202.2910 of 122 of 12
High yield2.8923.08912 of 120 of 12
Indirect bidders' share60.561.87 of 125 of 12
Direct bidders' share11.011.47 of 125 of 12
Primary dealers' share28.527.23 of 129 of 12
High minus median, basis points5.24.44 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 ratio2.20Last 24 auctions21 of 243 of 242.32
Bid-to-cover ratio2.20Since 8 May 2008107 of 12315 of 1232.41
Bid-to-cover ratio2.20All 130 since 8 February 2001108 of 13021 of 1302.40
High yield2.892Last 24 auctions17 of 247 of 243.028
High yield2.892Since 8 May 200897 of 12326 of 1233.121
High yield2.892All 197 since 1 November 1979171 of 19726 of 1974.009
Indirect bidders' share60.5Last 24 auctions16 of 248 of 2461.8
Indirect bidders' share60.5All 123 since 8 May 200829 of 12394 of 12346.2
Direct bidders' share11.0Last 24 auctions9 of 2415 of 249.7
Direct bidders' share11.0All 123 since 8 May 200865 of 12358 of 12311.5
Primary dealers' share28.5Last 24 auctions10 of 2414 of 2427.8
Primary dealers' share28.5All 123 since 8 May 200896 of 12327 of 12340.3
High minus median, basis points5.2Last 24 auctions7 of 2416 of 245.0
High minus median, basis points5.2Since 8 May 200853 of 12366 of 1235.0
High minus median, basis points5.2All 197 since 1 November 197958 of 197135 of 1974.0

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 May 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190509_3.pdf. Compiled by 500metrics, "30-year bond auction of 9 May 2019 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2019-05-09.

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