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Treasury auctions · 30-Year Bond

30-year bond auction of 13 May 2021 (new issue)

The 30-year bond sold $41.324 billion at a high yield of 2.395% on , with a bid-to-cover ratio of 2.22.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 12 Jun 2018 to 13 May 2021
High yield at each 30-year bond auction, 13 Jun 2019 to 13 May 2021

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 Jun 2018 to 13 May 2021
Bid-to-cover ratio at each 30-year bond auction, 13 Jun 2019 to 13 May 2021

Who bought the 30-year bond of 13 May 2021

Shares of the competitive bids accepted

  • Indirect bidders 59.9%
  • Direct bidders 20.1%
  • Primary dealers 20.1%
This auction, 13 May 2021
  • Indirect bidders 61.0%
  • Direct bidders 21.9%
  • Primary dealers 17.1%
The 30-year bond auction before, 13 Apr 2021

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 bidders59.9%
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
2.3952.22
2.3202.47
2.2952.28
1.9332.18
1.8252.47
1.6652.48
1.6802.29
1.5782.29
1.4732.31
1.4062.14
1.3302.50
1.4502.30
1.3422.30
1.3252.35
1.3202.36
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

Observed .

Right now

The high yield of 2.395% on 13 May 2021 was the highest for a 30-year bond since 7 November 2019.

Higher than 22 of the 147 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high minus median was higher than 22 of the 24.

The indirect bidders' share 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 59.9%
  • Direct bidders 20.1%
  • Primary dealers 20.1%

Size

Treasury sold $41.324 billion of the $27 billion offered.

Bids received came to $74.235 billion; the bid-to-cover ratio was 2.22.

Its bid-to-cover of 2.22 compares with the 24 auctions before it: lowest 2.13 on , highest 2.54 on ; 22.0% of the way from the low to the high.

2.22

Low 2.13 Midpoint 2.335 High 2.54

The security30-Year, new issue

Coupon
2.375%
Announced
Issued
Matures

It adds to the debt that matures in May 2051.

Understanding this result

Where it stands today

The high yield was 2.395% at this 30-year bond auction, the median yield 2.315% and a bid-to-cover ratio of 2.22.

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$27,000,000,000
Bids received$74,235,135,100
Sold$41,323,641,800
Competitive bids accepted$26,989,331,700
Non-competitive bids accepted$10,680,100
Federal Reserve (SOMA) add-on$14,323,630,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.395
Median rate, %2.315
Low rate, %0.880
Interest rate (coupon), %2.375
Bids at the high rate filled, %60.93
Bid-to-cover ratio2.22
Indirect bidders accepted$16,162,525,000
Direct bidders accepted$5,415,300,000
Primary dealers accepted$5,411,506,700
Indirect bidders' share, % (ours)59.9
Direct bidders' share, % (ours)20.1
Primary dealers' share, % (ours)20.1
High minus median, basis points (ours)8.0
Treasury par yield curve, 30-year point, same day, %2.39
High yield minus that point, basis points (ours)0.5
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 ratio2.222.3010 of 122 of 12
High yield2.3951.6220 of 1212 of 12
Indirect bidders' share59.962.111 of 121 of 12
Direct bidders' share20.116.32 of 1210 of 12
Primary dealers' share20.121.37 of 125 of 12
High minus median, basis points8.06.21 of 1211 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 ratio2.22Last 24 auctions19 of 244 of 242.30
Bid-to-cover ratio2.22Since 8 May 2008125 of 14721 of 1472.40
Bid-to-cover ratio2.22All 154 since 8 February 2001126 of 15427 of 1542.40
High yield2.395Last 24 auctions4 of 2420 of 241.997
High yield2.395Since 8 May 2008125 of 14722 of 1473.050
High yield2.395All 221 since 1 November 1979199 of 22122 of 2213.652
Indirect bidders' share59.9Last 24 auctions20 of 244 of 2461.7
Indirect bidders' share59.9All 147 since 8 May 200851 of 14796 of 14751.1
Direct bidders' share20.1Last 24 auctions4 of 2420 of 2416.3
Direct bidders' share20.1All 147 since 8 May 200822 of 147125 of 14712.5
Primary dealers' share20.1Last 24 auctions16 of 248 of 2421.6
Primary dealers' share20.1All 147 since 8 May 2008139 of 1478 of 14735.5
High minus median, basis points8.0Last 24 auctions2 of 2422 of 245.5
High minus median, basis points8.0Since 8 May 200811 of 147133 of 1475.1
High minus median, basis points8.0All 221 since 1 November 197912 of 221206 of 2214.1

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 May 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210513_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 May 2021 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2021-05-13.

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