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Treasury auctions · 29-Year 11-Month Bond, reopening

30-year bond auction of 9 March 2023 (reopening)

The 30-year bond sold $18 billion at a high yield of 3.877% on , with a bid-to-cover ratio of 2.35.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 8 Apr 2020 to 9 Mar 2023
High yield at each 30-year bond auction, 11 Mar 2021 to 9 Mar 2023

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 Apr 2020 to 9 Mar 2023
Bid-to-cover ratio at each 30-year bond auction, 11 Mar 2021 to 9 Mar 2023

Who bought the 30-year bond of 9 Mar 2023

Shares of the competitive bids accepted

  • Indirect bidders 70.7%
  • Direct bidders 19.8%
  • Primary dealers 9.4%
This auction, 9 Mar 2023
  • Indirect bidders 65.2%
  • Direct bidders 18.9%
  • Primary dealers 15.8%
The 30-year bond auction before, 9 Feb 2023

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 bidders70.7%
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
3.8772.35
3.6862.25
3.5852.45
3.5132.25
4.0802.42
3.9302.39
3.5112.42
3.1062.31
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

Observed .

Right now

The high yield was 3.877% on 9 March 2023, up from 3.686% at the auction before.

Higher than 139 of the 169 since 8 May 2008

Its own history

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

The primary dealers' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.7%
  • Direct bidders 19.8%
  • Primary dealers 9.4%

Size

Treasury sold $18 billion of the $18 billion offered.

Bids received came to $42.323 billion; the bid-to-cover ratio was 2.35.

Its bid-to-cover of 2.35 compares with the 24 auctions before it: lowest 2.19 on , highest 2.49 on ; 53.3% of the way from the low to the high.

2.35

Low 2.19 Midpoint 2.340 High 2.49

The security29-Year 11-Month, reopening

Coupon
3.625%
Announced
Issued
Matures

It adds to the debt that matures in February 2053.

Understanding this result

Where it stands today

The high yield was 3.877% at this 30-year bond auction, the median yield 3.804% and a bid-to-cover ratio of 2.35.

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 11-Month, reopening
Offering amount$18,000,000,000
Bids received$42,322,670,000
Sold$18,000,000,000
Competitive bids accepted$17,995,635,000
Non-competitive bids accepted$4,365,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.877
Median rate, %3.804
Low rate, %3.770
Interest rate (coupon), %3.625
Bids at the high rate filled, %2.66
Bid-to-cover ratio2.35
Indirect bidders accepted$12,725,805,000
Direct bidders accepted$3,569,500,000
Primary dealers accepted$1,700,330,000
Indirect bidders' share, % (ours)70.7
Direct bidders' share, % (ours)19.8
Primary dealers' share, % (ours)9.4
High minus median, basis points (ours)7.3
Treasury par yield curve, 30-year point, same day, %3.88
High yield minus that point, basis points (ours)-0.3
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 ratio2.352.387 of 124 of 12
High yield3.8773.3482 of 1210 of 12
Indirect bidders' share70.769.84 of 128 of 12
Direct bidders' share19.817.82 of 1210 of 12
Primary dealers' share9.412.111 of 121 of 12
High minus median, basis points7.38.08 of 124 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 ratio2.35Last 24 auctions10 of 2412 of 242.33
Bid-to-cover ratio2.35Since 8 May 200893 of 16971 of 1692.38
Bid-to-cover ratio2.35All 176 since 8 February 200194 of 17677 of 1762.38
High yield3.877Last 24 auctions2 of 2422 of 242.385
High yield3.877Since 8 May 200830 of 169139 of 1693.044
High yield3.877All 243 since 1 November 1979104 of 243139 of 2433.444
Indirect bidders' share70.7Last 24 auctions4 of 2420 of 2466.6
Indirect bidders' share70.7All 169 since 8 May 20086 of 169163 of 16957.3
Direct bidders' share19.8Last 24 auctions6 of 2418 of 2417.9
Direct bidders' share19.8All 169 since 8 May 200826 of 169143 of 16913.8
Primary dealers' share9.4Last 24 auctions23 of 241 of 2414.8
Primary dealers' share9.4All 169 since 8 May 2008168 of 1691 of 16931.8
High minus median, basis points7.3Last 24 auctions16 of 248 of 248.0
High minus median, basis points7.3Since 8 May 200836 of 169132 of 1695.5
High minus median, basis points7.3All 243 since 1 November 197937 of 243205 of 2434.3

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 March 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230309_3.pdf. Compiled by 500metrics, "30-year bond auction of 9 March 2023 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2023-03-09.

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