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

30-year bond auction of 11 January 2024 (reopening)

The 30-year bond sold $21 billion at a high yield of 4.229% on , with a bid-to-cover ratio of 2.37.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 11 Feb 2021 to 11 Jan 2024
High yield at each 30-year bond auction, 13 Jan 2022 to 11 Jan 2024

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 Feb 2021 to 11 Jan 2024
Bid-to-cover ratio at each 30-year bond auction, 13 Jan 2022 to 11 Jan 2024

Who bought the 30-year bond of 11 Jan 2024

Shares of the competitive bids accepted

  • Indirect bidders 67.8%
  • Direct bidders 17.7%
  • Primary dealers 14.5%
This auction, 11 Jan 2024
  • Indirect bidders 68.5%
  • Direct bidders 17.3%
  • Primary dealers 14.2%
The 30-year bond auction before, 12 Dec 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 bidders67.8%
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
4.2292.37
4.3442.43
4.7692.24
4.8372.35
4.3452.46
4.1892.42
3.9102.43
3.9082.52
3.7412.43
3.6612.36
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

Observed .

Right now

The high yield was 4.229% on 11 January 2024, down from 4.344% at the auction before.

Higher than 154 of the 179 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high yield was higher than 20 of the 24.

The high minus median was higher than 5 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 67.8%
  • Direct bidders 17.7%
  • Primary dealers 14.5%

Size

Treasury sold $21 billion of the $21 billion offered.

Bids received came to $49.716 billion; the bid-to-cover ratio was 2.37.

Its bid-to-cover of 2.37 compares with the 24 auctions before it: lowest 2.24 on , highest 2.52 on ; 46.4% of the way from the low to the high.

2.37

Low 2.24 Midpoint 2.380 High 2.52

The security29-Year 10-Month, reopening

Coupon
4.750%
Announced
Issued
Matures

It adds to the debt that matures in November 2053.

Understanding this result

Where it stands today

The high yield was 4.229% at this 30-year bond auction, the median yield 4.160% and a bid-to-cover ratio of 2.37.

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$21,000,000,000
Bids received$49,716,151,100
Sold$21,000,006,300
Competitive bids accepted$20,966,180,200
Non-competitive bids accepted$33,826,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.229
Median rate, %4.160
Low rate, %3.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %25.59
Bid-to-cover ratio2.37
Indirect bidders accepted$14,209,125,000
Direct bidders accepted$3,712,937,200
Primary dealers accepted$3,044,118,000
Indirect bidders' share, % (ours)67.8
Direct bidders' share, % (ours)17.7
Primary dealers' share, % (ours)14.5
High minus median, basis points (ours)6.9
Treasury par yield curve, 30-year point, same day, %4.18
High yield minus that point, basis points (ours)4.9
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 ratio2.372.427 of 125 of 12
High yield4.2293.9094 of 128 of 12
Indirect bidders' share67.868.78 of 124 of 12
Direct bidders' share17.718.57 of 125 of 12
Primary dealers' share14.511.84 of 128 of 12
High minus median, basis points6.97.49 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 ratio2.37Last 24 auctions13 of 2411 of 242.38
Bid-to-cover ratio2.37Since 8 May 200894 of 17984 of 1792.39
Bid-to-cover ratio2.37All 186 since 8 February 200195 of 18690 of 1862.38
High yield4.229Last 24 auctions4 of 2420 of 243.674
High yield4.229Since 8 May 200825 of 179154 of 1793.074
High yield4.229All 253 since 1 November 197999 of 253154 of 2533.585
Indirect bidders' share67.8Last 24 auctions17 of 247 of 2469.1
Indirect bidders' share67.8All 179 since 8 May 200824 of 179155 of 17958.5
Direct bidders' share17.7Last 24 auctions13 of 2411 of 2417.9
Direct bidders' share17.7All 179 since 8 May 200847 of 179132 of 17914.4
Primary dealers' share14.5Last 24 auctions7 of 2417 of 2412.4
Primary dealers' share14.5All 179 since 8 May 2008159 of 17920 of 17929.7
High minus median, basis points6.9Last 24 auctions18 of 245 of 247.8
High minus median, basis points6.9Since 8 May 200852 of 179125 of 1795.6
High minus median, basis points6.9All 253 since 1 November 197953 of 253198 of 2534.5

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 January 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240111_3.pdf. Compiled by 500metrics, "30-year bond auction of 11 January 2024 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2024-01-11.

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