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

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

The 30-year bond sold $22.363 billion at a high yield of 4.671% 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, 13 May 2021 to 11 Apr 2024
High yield at each 30-year bond auction, 13 Apr 2022 to 11 Apr 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, 13 May 2021 to 11 Apr 2024
Bid-to-cover ratio at each 30-year bond auction, 13 Apr 2022 to 11 Apr 2024

Who bought the 30-year bond of 11 Apr 2024

Shares of the competitive bids accepted

  • Indirect bidders 64.4%
  • Direct bidders 18.3%
  • Primary dealers 17.3%
This auction, 11 Apr 2024
  • Indirect bidders 69.3%
  • Direct bidders 16.8%
  • Primary dealers 13.9%
The 30-year bond auction before, 13 Mar 2024

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 bidders64.4%
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
4.6712.37
4.3312.47
4.3602.40
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

Observed .

Right now

The high yield was 4.671% on 11 April 2024, up from 4.331% at the auction before.

Higher than 175 of the 182 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 indirect bidders' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 64.4%
  • Direct bidders 18.3%
  • Primary dealers 17.3%

Size

Treasury sold $22.363 billion of the $22 billion offered.

Bids received came to $52.435 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
4.250%
Announced
Issued
Matures

It adds to the debt that matures in February 2054.

Understanding this result

Where it stands today

The high yield was 4.671% at this 30-year bond auction, the median yield 4.608% 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$22,000,000,000
Bids received$52,434,584,500
Sold$22,362,826,900
Competitive bids accepted$21,977,492,400
Non-competitive bids accepted$22,514,600
Federal Reserve (SOMA) add-on$362,819,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.671
Median rate, %4.608
Low rate, %4.560
Interest rate (coupon), %4.250
Bids at the high rate filled, %58.23
Bid-to-cover ratio2.37
Indirect bidders accepted$14,149,684,500
Direct bidders accepted$4,016,900,000
Primary dealers accepted$3,810,907,900
Indirect bidders' share, % (ours)64.4
Direct bidders' share, % (ours)18.3
Primary dealers' share, % (ours)17.3
High minus median, basis points (ours)6.3
Treasury par yield curve, 30-year point, same day, %4.65
High yield minus that point, basis points (ours)2.1
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 ratio2.372.428 of 123 of 12
High yield4.6714.2802 of 1210 of 12
Indirect bidders' share64.468.711 of 121 of 12
Direct bidders' share18.317.54 of 128 of 12
Primary dealers' share17.314.12 of 1210 of 12
High minus median, basis points6.37.110 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 auctions14 of 249 of 242.40
Bid-to-cover ratio2.37Since 8 May 200896 of 18284 of 1822.39
Bid-to-cover ratio2.37All 189 since 8 February 200197 of 18990 of 1892.38
High yield4.671Last 24 auctions2 of 2422 of 243.892
High yield4.671Since 8 May 20087 of 182175 of 1823.086
High yield4.671All 256 since 1 November 197979 of 256177 of 2563.635
Indirect bidders' share64.4Last 24 auctions22 of 242 of 2469.1
Indirect bidders' share64.4All 182 since 8 May 200845 of 182137 of 18258.8
Direct bidders' share18.3Last 24 auctions11 of 2413 of 2417.9
Direct bidders' share18.3All 182 since 8 May 200841 of 182141 of 18214.5
Primary dealers' share17.3Last 24 auctions2 of 2422 of 2413.1
Primary dealers' share17.3All 182 since 8 May 2008153 of 18229 of 18229.6
High minus median, basis points6.3Last 24 auctions20 of 244 of 247.4
High minus median, basis points6.3Since 8 May 200868 of 182109 of 1825.6
High minus median, basis points6.3All 256 since 1 November 197969 of 256182 of 2564.6

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 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240411_3.pdf. Compiled by 500metrics, "30-year bond auction of 11 April 2024 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2024-04-11.

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