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30-year bond auction of 13 March 2025 (reopening)

The 30-year bond sold $22.373 billion at a high yield of 4.623% on , with a bid-to-cover ratio of 2.37.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.623%

Median yield 4.560%

Bid-to-cover

2.37

▲ +0.04 since 13 Feb

Sold

$22.37 billion

$22 billion offered

Indirect bidders

60.5%

Of competitive bids accepted

High yield at the last 36 30-year bond auctions

High yield at each 30-year bond auction, %

High yield at the last 36 30-year bond auctions36 auctions from 13 April 2022 to 13 March 2025; the latest at 4.623%.2.0%3.0%4.0%5.0%2022202320242025This auction, 4.623%High yield at the last 36 30-year bond auctions36 auctions from 13 April 2022 to 13 March 2025; the latest at 4.623%.3.5%4.0%4.5%5.0%2023202420254.623%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 30-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
4.6232.37
4.7482.33
4.9132.52
4.5352.39
4.6082.64
4.3892.50
4.0152.38
4.3142.31
4.4052.30
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.408 of 123 of 12
High yield4.6234.4704 of 128 of 12
Indirect bidders' share60.565.912 of 120 of 12
Direct bidders' share22.718.42 of 1210 of 12
Primary dealers' share16.914.92 of 1210 of 12
High minus median, basis points6.36.25 of 126 of 12

The table scrolls sideways; the first column stays in place.

  • Indirect bidders' share: Lowest for a 30-year bond since 9 November 2023 (15 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 60.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 February 2025

Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 22.7%, Primary dealers 16.9%Indirect bidders60.5%65.1%Direct bidders22.7%18.6%Primary dealers16.9%16.3%Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 22.7%, Primary dealers 16.9%Indirect bidders60.5%65.1%Direct bidders22.7%18.6%Primary dealers16.9%16.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.565.1
Direct bidders22.718.6
Primary dealers16.916.3

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as29-Year 11-Month, reopening
Offering amount$22,000,000,000
Bids received$52,435,729,000
Sold$22,372,924,000
Competitive bids accepted$21,959,626,000
Non-competitive bids accepted$40,399,800
Federal Reserve (SOMA) add-on$372,898,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.623
Median rate, %4.560
Low rate, %4.510
Interest rate (coupon), %4.625
Bids at the high rate filled, %87.85
Bid-to-cover ratio2.37
Indirect bidders accepted$13,275,686,000
Direct bidders accepted$4,974,800,000
Primary dealers accepted$3,709,140,000
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)22.7
Primary dealers' share, % (ours)16.9
High minus median, basis points (ours)6.3
Treasury par yield curve, 30-year point, same day, %4.59
High yield minus that point, basis points (ours)3.3

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 this number cannot tell you

  • 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 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 auctions15 of 247 of 242.40
Bid-to-cover ratio2.37Since 8 May 2008103 of 19387 of 1932.39
Bid-to-cover ratio2.37All 200 since 8 February 2001104 of 20093 of 2002.38
High yield4.623Last 24 auctions6 of 2418 of 244.352
High yield4.623Since 8 May 200812 of 193181 of 1933.106
High yield4.623All 267 since 1 November 197984 of 267183 of 2673.690
Indirect bidders' share60.5Last 24 auctions23 of 241 of 2467.8
Indirect bidders' share60.5All 193 since 8 May 200892 of 193101 of 19359.8
Direct bidders' share22.7Last 24 auctions2 of 2422 of 2418.2
Direct bidders' share22.7All 193 since 8 May 200810 of 193183 of 19314.8
Primary dealers' share16.9Last 24 auctions4 of 2420 of 2414.3
Primary dealers' share16.9All 193 since 8 May 2008156 of 19337 of 19328.8
High minus median, basis points6.3Last 24 auctions16 of 247 of 246.9
High minus median, basis points6.3Since 8 May 200873 of 193114 of 1935.8
High minus median, basis points6.3All 267 since 1 November 197974 of 267187 of 2674.7

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 13 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250313_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 March 2025 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2025-03-13.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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