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

30-year bond auction of 13 June 2024 (reopening)

The 30-year bond sold $22.712 billion at a high yield of 4.403% on , with a bid-to-cover ratio of 2.49.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 13 Jul 2021 to 13 Jun 2024
High yield at each 30-year bond auction, 13 Jul 2022 to 13 Jun 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 Jul 2021 to 13 Jun 2024
Bid-to-cover ratio at each 30-year bond auction, 13 Jul 2022 to 13 Jun 2024

Who bought the 30-year bond of 13 Jun 2024

Shares of the competitive bids accepted

  • Indirect bidders 68.5%
  • Direct bidders 17.8%
  • Primary dealers 13.7%
This auction, 13 Jun 2024
  • Indirect bidders 64.9%
  • Direct bidders 19.8%
  • Primary dealers 15.4%
The 30-year bond auction before, 9 May 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 bidders68.5%
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
4.4032.49
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

Observed .

Right now

The high yield was 4.403% on 13 June 2024, down from 4.635% at the auction before.

Higher than 165 of the 184 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the bid-to-cover ratio was higher than 23 of the 24.

The high minus median was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 68.5%
  • Direct bidders 17.8%
  • Primary dealers 13.7%

Size

Treasury sold $22.712 billion of the $22 billion offered.

Bids received came to $55.394 billion; the bid-to-cover ratio was 2.49.

Its bid-to-cover of 2.49 compares with the 24 auctions before it: lowest 2.24 on , highest 2.52 on ; 89.3% of the way from the low to the high.

2.49

Low 2.24 Midpoint 2.380 High 2.52

The security29-Year 11-Month, reopening

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 4.403% at this 30-year bond auction, the median yield 4.350% and a bid-to-cover ratio of 2.49.

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$22,000,000,000
Bids received$55,394,262,000
Sold$22,711,606,600
Competitive bids accepted$21,967,151,800
Non-competitive bids accepted$32,854,000
Federal Reserve (SOMA) add-on$711,600,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.403
Median rate, %4.350
Low rate, %3.880
Interest rate (coupon), %4.625
Bids at the high rate filled, %8.49
Bid-to-cover ratio2.49
Indirect bidders accepted$15,047,133,300
Direct bidders accepted$3,910,900,000
Primary dealers accepted$3,009,118,500
Indirect bidders' share, % (ours)68.5
Direct bidders' share, % (ours)17.8
Primary dealers' share, % (ours)13.7
High minus median, basis points (ours)5.3
Treasury par yield curve, 30-year point, same day, %4.40
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 ratio2.492.421 of 1211 of 12
High yield4.4034.3444 of 128 of 12
Indirect bidders' share68.567.84 of 128 of 12
Direct bidders' share17.817.96 of 126 of 12
Primary dealers' share13.714.79 of 123 of 12
High minus median, basis points5.36.99 of 123 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 ratio2.49Last 24 auctions1 of 2423 of 242.40
Bid-to-cover ratio2.49Since 8 May 200847 of 184133 of 1842.39
Bid-to-cover ratio2.49All 191 since 8 February 200147 of 191140 of 1912.38
High yield4.403Last 24 auctions4 of 2420 of 243.920
High yield4.403Since 8 May 200819 of 184165 of 1843.089
High yield4.403All 258 since 1 November 197993 of 258165 of 2583.646
Indirect bidders' share68.5Last 24 auctions14 of 2410 of 2469.1
Indirect bidders' share68.5All 184 since 8 May 200822 of 184162 of 18458.9
Direct bidders' share17.8Last 24 auctions13 of 2411 of 2418.2
Direct bidders' share17.8All 184 since 8 May 200848 of 184136 of 18414.5
Primary dealers' share13.7Last 24 auctions12 of 2412 of 2413.2
Primary dealers' share13.7All 184 since 8 May 2008169 of 18415 of 18429.6
High minus median, basis points5.3Last 24 auctions20 of 244 of 247.2
High minus median, basis points5.3Since 8 May 200898 of 18485 of 1845.6
High minus median, basis points5.3All 258 since 1 November 1979103 of 258154 of 2584.6

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 13 June 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240613_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 June 2024 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2024-06-13.

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