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

30-year bond auction of 13 July 2022 (reopening)

The 30-year bond sold $21.422 billion at a high yield of 3.115% on , with a bid-to-cover ratio of 2.44.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 8 Aug 2019 to 13 Jul 2022
High yield at each 30-year bond auction, 13 Aug 2020 to 13 Jul 2022

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, 8 Aug 2019 to 13 Jul 2022
Bid-to-cover ratio at each 30-year bond auction, 13 Aug 2020 to 13 Jul 2022

Who bought the 30-year bond of 13 Jul 2022

Shares of the competitive bids accepted

  • Indirect bidders 73.2%
  • Direct bidders 16.3%
  • Primary dealers 10.5%
This auction, 13 Jul 2022
  • Indirect bidders 69.0%
  • Direct bidders 16.9%
  • Primary dealers 14.1%
The 30-year bond auction before, 9 Jun 2022

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 bidders73.2%
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
3.1152.44
3.1852.35
2.9972.38
2.8152.30
2.3752.46
2.3402.30
2.0752.35
1.8952.22
1.9402.20
2.0492.36
1.9102.49
2.0402.21
2.0002.19
2.1722.29
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

Observed .

Right now

The high yield was 3.115% on 13 July 2022, down from 3.185% at the auction before.

The indirect bidders' share of 73.2% was the highest of all 161 earlier 30-year bond auctions we hold.

The primary dealers' share of 10.5% was the lowest of all 161 earlier 30-year bond auctions we hold.

Higher than 97 of the 161 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the indirect bidders' share was higher than all 24.

The primary dealers' 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 73.2%
  • Direct bidders 16.3%
  • Primary dealers 10.5%

Size

Treasury sold $21.422 billion of the $19 billion offered.

Bids received came to $48.701 billion; the bid-to-cover ratio was 2.44.

Its bid-to-cover of 2.44 compares with the 24 auctions before it: lowest 2.14 on , highest 2.50 on ; 83.3% of the way from the low to the high.

2.44

Low 2.14 Midpoint 2.320 High 2.50

The security29-Year 10-Month, reopening

Coupon
2.875%
Announced
Issued
Matures

It adds to the debt that matures in May 2052.

Understanding this result

Where it stands today

The high yield was 3.115% at this 30-year bond auction, the median yield 3.050% and a bid-to-cover ratio of 2.44.

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$19,000,000,000
Bids received$48,701,153,200
Sold$21,421,698,300
Competitive bids accepted$18,997,865,100
Non-competitive bids accepted$2,140,800
Federal Reserve (SOMA) add-on$2,421,692,400
Foreign and international (FIMA) non-competitive$0
High yield, %3.115
Median rate, %3.050
Low rate, %2.990
Interest rate (coupon), %2.875
Bids at the high rate filled, %84.69
Bid-to-cover ratio2.44
Indirect bidders accepted$13,906,415,100
Direct bidders accepted$3,103,450,000
Primary dealers accepted$1,988,000,000
Indirect bidders' share, % (ours)73.2
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)10.5
High minus median, basis points (ours)6.5
Treasury par yield curve, 30-year point, same day, %3.08
High yield minus that point, basis points (ours)3.5
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 ratio2.442.322 of 1210 of 12
High yield3.1152.0621 of 1211 of 12
Indirect bidders' share73.266.60 of 1212 of 12
Direct bidders' share16.317.111 of 121 of 12
Primary dealers' share10.515.112 of 120 of 12
High minus median, basis points6.58.410 of 122 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 ratio2.44Last 24 auctions6 of 2418 of 242.30
Bid-to-cover ratio2.44Since 8 May 200861 of 16199 of 1612.38
Bid-to-cover ratio2.44All 168 since 8 February 200162 of 168105 of 1682.38
High yield3.115Last 24 auctions1 of 2423 of 242.020
High yield3.115Since 8 May 200864 of 16197 of 1613.005
High yield3.115All 235 since 1 November 1979138 of 23597 of 2353.418
Indirect bidders' share73.2Last 24 auctions0 of 2424 of 2463.3
Indirect bidders' share73.2All 161 since 8 May 20080 of 161161 of 16154.5
Direct bidders' share16.3Last 24 auctions19 of 245 of 2417.1
Direct bidders' share16.3All 161 since 8 May 200855 of 161106 of 16113.3
Primary dealers' share10.5Last 24 auctions24 of 240 of 2418.0
Primary dealers' share10.5All 161 since 8 May 2008161 of 1610 of 16132.8
High minus median, basis points6.5Last 24 auctions13 of 249 of 247.4
High minus median, basis points6.5Since 8 May 200843 of 161114 of 1615.2
High minus median, basis points6.5All 235 since 1 November 197944 of 235187 of 2354.2

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 July 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220713_2.pdf. Compiled by 500metrics, "30-year bond auction of 13 July 2022 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2022-07-13.

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