<p>This is the press release for a recent 30-Year bond auction results:
<a href="https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201112_5.pdf" rel="nofollow noreferrer">https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201112_5.pdf</a></p>
<p>I cannot figure out how the price is calculated. It is not the coupon divided by the yield. So what is it?</p>

CC BY-SA 4.0
2021-01-03T01:45:56.040Z
Did you assume half the annual coupon every 6 months? I don't see the mean yield (only high, low, median) so I don't think you can calculate the mean price.
H2ONaCl
CC BY-SA 4.0
2021-01-03T15:27:37.270Z
This page has yield conventions.  http://www.derivativepricing.com/blogpage.asp?id=12 It includes a “US Treasury” yield convention. I have not dug around the Treasury documentation to validate that this is the exact convention. In any event, it’s going to be close to the standard market convention.
Brian Romanchuk
CC BY-SA 4.0
2021-01-04T04:18:45.420Z
H2ONaCl: I just tried calculating for two 6 month coupon. I get a total coupon payment of 1.6316015625$ for a price of 97.119140625.
Pascal Dufresne
<bonds>
Understanding the “Treasury auction results” press release
Pascal Dufresne
# Understanding the “Treasury auction results” press release

(Asked by: username_0 on 2021-01-02)

This is the press release for a recent 30-Year bond auction results:
<https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201112_5.pdf>

I cannot figure out how the price is calculated. It is not the coupon divided by the yield. So what is it?

**Tags:** bonds
> **Comments:**
> **username_1**: Did you assume half the annual coupon every 6 months? I don't see the mean yield (only high, low, median) so I don't think you can calculate the mean price.  
> **username_2**: This page has yield conventions.  http://www.derivativepricing.com/blogpage.asp?id=12 It includes a “US Treasury” yield convention. I have not dug around the Treasury documentation to validate that this is the exact convention. In any event, it’s going to be close to the standard market convention.  
> **username_0**: H2ONaCl: I just tried calculating for two 6 month coupon. I get a total coupon payment of 1.6316015625$ for a price of 97.119140625.  

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## 0 answers

