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Treasury auctions · 30-Year Bond

30-year bond auction of 13 February 2020 (new issue)

The 30-year bond sold $27.45 billion at a high yield of 2.061% on , with a bid-to-cover ratio of 2.43.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 9 Mar 2017 to 13 Feb 2020
High yield at each 30-year bond auction, 13 Mar 2018 to 13 Feb 2020

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 Mar 2017 to 13 Feb 2020
Bid-to-cover ratio at each 30-year bond auction, 13 Mar 2018 to 13 Feb 2020

Who bought the 30-year bond of 13 Feb 2020

Shares of the competitive bids accepted

  • Indirect bidders 61.5%
  • Direct bidders 19.4%
  • Primary dealers 19.1%
This auction, 13 Feb 2020
  • Indirect bidders 63.0%
  • Direct bidders 17.9%
  • Primary dealers 19.1%
The 30-year bond auction before, 9 Jan 2020

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 bidders61.5%
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
2.0612.43
2.3412.54
2.3072.46
2.4302.23
2.1702.25
2.2702.22
2.3352.24
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

Observed .

Right now

The high yield of 2.061% on 13 February 2020 was the lowest of all 206 earlier 30-year bond auctions we hold.

Lower than all 132 since 8 May 2008

Its own history

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

The bid-to-cover ratio 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 61.5%
  • Direct bidders 19.4%
  • Primary dealers 19.1%

Size

Treasury sold $27.45 billion of the $19 billion offered.

Bids received came to $54.586 billion; the bid-to-cover ratio was 2.43.

Its bid-to-cover of 2.43 compares with the 24 auctions before it: lowest 2.06 on , highest 2.54 on ; 77.1% of the way from the low to the high.

2.43

Low 2.06 Midpoint 2.300 High 2.54

The security30-Year, new issue

Coupon
2.000%
Announced
Issued
Matures

It adds to the debt that matures in February 2050.

Understanding this result

Where it stands today

The high yield was 2.061% at this 30-year bond auction, the median yield 2.010% and a bid-to-cover ratio of 2.43.

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$54,585,933,700
Sold$27,449,872,500
Competitive bids accepted$18,996,908,800
Non-competitive bids accepted$3,093,900
Federal Reserve (SOMA) add-on$8,449,869,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.061
Median rate, %2.010
Low rate, %1.750
Interest rate (coupon), %2.000
Bids at the high rate filled, %26.95
Bid-to-cover ratio2.43
Indirect bidders accepted$11,685,733,800
Direct bidders accepted$3,687,700,000
Primary dealers accepted$3,623,475,000
Indirect bidders' share, % (ours)61.5
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)19.1
High minus median, basis points (ours)5.1
Treasury par yield curve, 30-year point, same day, %2.07
High yield minus that point, basis points (ours)-0.9
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 ratio2.432.252 of 1210 of 12
High yield2.0612.51812 of 120 of 12
Indirect bidders' share61.560.42 of 1210 of 12
Direct bidders' share19.416.02 of 1210 of 12
Primary dealers' share19.125.611 of 121 of 12
High minus median, basis points5.15.48 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 ratio2.43Last 24 auctions2 of 2422 of 242.27
Bid-to-cover ratio2.43Since 8 May 200856 of 13274 of 1322.40
Bid-to-cover ratio2.43All 139 since 8 February 200157 of 13980 of 1392.40
High yield2.061Last 24 auctions24 of 240 of 243.018
High yield2.061Since 8 May 2008132 of 1320 of 1323.091
High yield2.061All 206 since 1 November 1979206 of 2060 of 2063.836
Indirect bidders' share61.5Last 24 auctions9 of 2415 of 2460.9
Indirect bidders' share61.5All 132 since 8 May 200826 of 132106 of 13249.0
Direct bidders' share19.4Last 24 auctions2 of 2422 of 2413.7
Direct bidders' share19.4All 132 since 8 May 200821 of 132111 of 13212.2
Primary dealers' share19.1Last 24 auctions23 of 241 of 2426.7
Primary dealers' share19.1All 132 since 8 May 2008131 of 1321 of 13238.0
High minus median, basis points5.1Last 24 auctions11 of 2412 of 245.0
High minus median, basis points5.1Since 8 May 200863 of 13266 of 1325.0
High minus median, basis points5.1All 206 since 1 November 197968 of 206135 of 2064.0

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 13 February 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200213_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 February 2020 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2020-02-13.

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