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Treasury auctions · 30-Year Bond

30-year bond auction of 9 May 2024 (new issue)

The 30-year bond sold $28.142 billion at a high yield of 4.635% on , with a bid-to-cover ratio of 2.41.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 10 Jun 2021 to 9 May 2024
High yield at each 30-year bond auction, 12 May 2022 to 9 May 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, 10 Jun 2021 to 9 May 2024
Bid-to-cover ratio at each 30-year bond auction, 12 May 2022 to 9 May 2024

Who bought the 30-year bond of 9 May 2024

Shares of the competitive bids accepted

  • Indirect bidders 64.9%
  • Direct bidders 19.8%
  • Primary dealers 15.4%
This auction, 9 May 2024
  • Indirect bidders 64.4%
  • Direct bidders 18.3%
  • Primary dealers 17.3%
The 30-year bond auction before, 11 Apr 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 bidders64.9%
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
4.6352.41
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

Observed .

Right now

The high yield was 4.635% on 9 May 2024, down from 4.671% at the auction before.

Higher than 174 of the 183 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the high yield was higher than 21 of the 24.

The high minus median 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 64.9%
  • Direct bidders 19.8%
  • Primary dealers 15.4%

Size

Treasury sold $28.142 billion of the $25 billion offered.

Bids received came to $63.36 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 2.24 on , highest 2.52 on ; 60.7% of the way from the low to the high.

2.41

Low 2.24 Midpoint 2.380 High 2.52

The security30-Year, new issue

Coupon
4.625%
Announced
Issued
Matures

It adds to the debt that matures in May 2054.

Understanding this result

Where it stands today

The high yield was 4.635% at this 30-year bond auction, the median yield 4.585% and a bid-to-cover ratio of 2.41.

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$25,000,000,000
Bids received$63,360,051,000
Sold$28,142,249,900
Competitive bids accepted$24,970,545,000
Non-competitive bids accepted$29,455,800
Federal Reserve (SOMA) add-on$3,142,249,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.635
Median rate, %4.585
Low rate, %4.540
Interest rate (coupon), %4.625
Bids at the high rate filled, %9.00
Bid-to-cover ratio2.41
Indirect bidders accepted$16,196,495,000
Direct bidders accepted$4,939,600,000
Primary dealers accepted$3,834,450,000
Indirect bidders' share, % (ours)64.9
Direct bidders' share, % (ours)19.8
Primary dealers' share, % (ours)15.4
High minus median, basis points (ours)5.0
Treasury par yield curve, 30-year point, same day, %4.60
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 ratio2.412.427 of 125 of 12
High yield4.6354.3383 of 129 of 12
Indirect bidders' share64.968.29 of 123 of 12
Direct bidders' share19.817.51 of 1211 of 12
Primary dealers' share15.414.44 of 128 of 12
High minus median, basis points5.07.010 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 ratio2.41Last 24 auctions11 of 2413 of 242.40
Bid-to-cover ratio2.41Since 8 May 200879 of 183101 of 1832.39
Bid-to-cover ratio2.41All 190 since 8 February 200180 of 190107 of 1902.38
High yield4.635Last 24 auctions3 of 2421 of 243.909
High yield4.635Since 8 May 20089 of 183174 of 1833.088
High yield4.635All 257 since 1 November 197981 of 257176 of 2573.640
Indirect bidders' share64.9Last 24 auctions20 of 244 of 2469.1
Indirect bidders' share64.9All 183 since 8 May 200842 of 183141 of 18358.8
Direct bidders' share19.8Last 24 auctions5 of 2419 of 2417.9
Direct bidders' share19.8All 183 since 8 May 200829 of 183154 of 18314.5
Primary dealers' share15.4Last 24 auctions5 of 2419 of 2413.1
Primary dealers' share15.4All 183 since 8 May 2008159 of 18324 of 18329.6
High minus median, basis points5.0Last 24 auctions21 of 242 of 247.4
High minus median, basis points5.0Since 8 May 2008109 of 18367 of 1835.6
High minus median, basis points5.0All 257 since 1 November 1979114 of 257136 of 2574.6

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 9 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240509_3.pdf. Compiled by 500metrics, "30-year bond auction of 9 May 2024 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2024-05-09.

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