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30-year bond auction of 11 September 2025 (reopening)

The 30-year bond sold $22 billion at a high yield of 4.651% on , with a bid-to-cover ratio of 2.38.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.651%

Median yield 4.585%

Bid-to-cover

2.38

▲ +0.11 since 7 Aug

Sold

$22.00 billion

$22 billion offered

Indirect bidders

62.0%

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 October 2022 to 11 September 2025; the latest at 4.651%.3.5%4.0%4.5%5.0%2022202320242025This auction, 4.651%High yield at the last 36 30-year bond auctions36 auctions from 13 October 2022 to 11 September 2025; the latest at 4.651%.4.0%4.3%4.5%4.8%5.0%202420254.651%

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
4.6512.38
4.8132.27
4.8892.38
4.8442.43
4.8192.31
4.8132.43
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.386 of 124 of 12
High yield4.6514.7807 of 125 of 12
Indirect bidders' share62.063.97 of 125 of 12
Direct bidders' share28.022.80 of 1212 of 12
Primary dealers' share10.013.412 of 120 of 12
High minus median, basis points6.66.45 of 127 of 12

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

  • Direct bidders' share: Highest for a 30-year bond since 13 October 2011 (166 auctions in between).
  • Primary dealers' share: Lowest for a 30-year bond since 13 June 2023 (26 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 62.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 7 August 2025

Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 28.0%, Primary dealers 10.0%Indirect bidders62.0%59.5%Direct bidders28.0%23.0%Primary dealers10.0%17.5%Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 28.0%, Primary dealers 10.0%Indirect bidders62.0%59.5%Direct bidders28.0%23.0%Primary dealers10.0%17.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.059.5
Direct bidders28.023.0
Primary dealers10.017.5

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$52,282,049,200
Sold$22,000,000,200
Competitive bids accepted$21,956,149,000
Non-competitive bids accepted$43,851,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.651
Median rate, %4.585
Low rate, %2.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %44.54
Bid-to-cover ratio2.38
Indirect bidders accepted$13,619,698,000
Direct bidders accepted$6,150,500,000
Primary dealers accepted$2,185,951,000
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)28.0
Primary dealers' share, % (ours)10.0
High minus median, basis points (ours)6.6
Treasury par yield curve, 30-year point, same day, %4.65
High yield minus that point, basis points (ours)0.1

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 ratio2.38Last 24 auctions12 of 2410 of 242.38
Bid-to-cover ratio2.38Since 8 May 2008100 of 19993 of 1992.39
Bid-to-cover ratio2.38All 206 since 8 February 2001101 of 20699 of 2062.38
High yield4.651Last 24 auctions10 of 2414 of 244.616
High yield4.651Since 8 May 200815 of 199184 of 1993.120
High yield4.651All 273 since 1 November 197987 of 273186 of 2733.758
Indirect bidders' share62.0Last 24 auctions17 of 247 of 2465.1
Indirect bidders' share62.0All 199 since 8 May 200868 of 199131 of 19959.8
Direct bidders' share28.0Last 24 auctions0 of 2424 of 2418.8
Direct bidders' share28.0All 199 since 8 May 20082 of 199197 of 19915.2
Primary dealers' share10.0Last 24 auctions24 of 240 of 2414.7
Primary dealers' share10.0All 199 since 8 May 2008195 of 1994 of 19928.3
High minus median, basis points6.6Last 24 auctions11 of 2413 of 246.4
High minus median, basis points6.6Since 8 May 200864 of 199134 of 1995.8
High minus median, basis points6.6All 273 since 1 November 197965 of 273207 of 2734.8

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 11 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250911_3.pdf. Compiled by 500metrics, "30-year bond auction of 11 September 2025 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2025-09-11.

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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