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

30-year bond auction of 11 July 2019 (reopening)

The 30-year bond sold $16.136 billion at a high yield of 2.644% on , with a bid-to-cover ratio of 2.13.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 11 Aug 2016 to 11 Jul 2019
High yield at each 30-year bond auction, 13 Jul 2017 to 11 Jul 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, 11 Aug 2016 to 11 Jul 2019
Bid-to-cover ratio at each 30-year bond auction, 13 Jul 2017 to 11 Jul 2019

Who bought the 30-year bond of 11 Jul 2019

Shares of the competitive bids accepted

  • Indirect bidders 50.0%
  • Direct bidders 16.8%
  • Primary dealers 33.2%
This auction, 11 Jul 2019
  • Indirect bidders 60.8%
  • Direct bidders 15.1%
  • Primary dealers 24.1%
The 30-year bond auction before, 13 Jun 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 bidders50.0%
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
2.6442.13
2.6072.32
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

Observed .

Right now

The high yield was 2.644% on 11 July 2019, up from 2.607% at the auction before.

The indirect bidders' share of 50.0% was the lowest for a 30-year bond since 12 February 2015, with 52 auctions in between.

The high minus median of 7.4 basis points was the highest for a 30-year bond since 12 April 2017, with 26 auctions in between.

Higher than 13 of the 125 since 8 May 2008

Its own history

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

The indirect bidders' share was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 50.0%
  • Direct bidders 16.8%
  • Primary dealers 33.2%

Size

Treasury sold $16.136 billion of the $16 billion offered.

Bids received came to $34.203 billion; the bid-to-cover ratio was 2.13.

Its bid-to-cover of 2.13 compares with the 24 auctions before it: lowest 2.06 on , highest 2.74 on ; 10.3% of the way from the low to the high.

2.13

Low 2.06 Midpoint 2.400 High 2.74

The security29-Year 10-Month, reopening

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 2.644% at this 30-year bond auction, the median yield 2.570% and a bid-to-cover ratio of 2.13.

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$16,000,000,000
Bids received$34,203,462,700
Sold$16,136,224,700
Competitive bids accepted$15,992,757,000
Non-competitive bids accepted$7,247,000
Federal Reserve (SOMA) add-on$136,220,700
Foreign and international (FIMA) non-competitive$0
High yield, %2.644
Median rate, %2.570
Low rate, %1.888
Interest rate (coupon), %2.875
Bids at the high rate filled, %19.72
Bid-to-cover ratio2.13
Indirect bidders accepted$7,994,695,000
Direct bidders accepted$2,683,300,000
Primary dealers accepted$5,314,762,000
Indirect bidders' share, % (ours)50.0
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)33.2
High minus median, basis points (ours)7.4
Treasury par yield curve, 30-year point, same day, %2.65
High yield minus that point, basis points (ours)-0.6
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 ratio2.132.2711 of 121 of 12
High yield2.6443.02811 of 121 of 12
Indirect bidders' share50.060.612 of 120 of 12
Direct bidders' share16.812.21 of 1211 of 12
Primary dealers' share33.226.91 of 1211 of 12
High minus median, basis points7.45.10 of 1212 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 ratio2.13Last 24 auctions23 of 241 of 242.32
Bid-to-cover ratio2.13Since 8 May 2008117 of 1257 of 1252.40
Bid-to-cover ratio2.13All 132 since 8 February 2001119 of 13212 of 1322.40
High yield2.644Last 24 auctions23 of 241 of 243.018
High yield2.644Since 8 May 2008112 of 12513 of 1253.120
High yield2.644All 199 since 1 November 1979186 of 19913 of 1993.954
Indirect bidders' share50.0Last 24 auctions24 of 240 of 2461.7
Indirect bidders' share50.0All 125 since 8 May 200855 of 12570 of 12546.5
Direct bidders' share16.8Last 24 auctions1 of 2423 of 2410.5
Direct bidders' share16.8All 125 since 8 May 200827 of 12598 of 12511.5
Primary dealers' share33.2Last 24 auctions2 of 2422 of 2427.6
Primary dealers' share33.2All 125 since 8 May 200878 of 12547 of 12538.8
High minus median, basis points7.4Last 24 auctions0 of 2424 of 245.0
High minus median, basis points7.4Since 8 May 200816 of 125108 of 1255.0
High minus median, basis points7.4All 199 since 1 November 197917 of 199181 of 1994.0

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 11 July 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190711_3.pdf. Compiled by 500metrics, "30-year bond auction of 11 July 2019 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2019-07-11.

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