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30-year bond auction of 9 October 2025 (reopening)

The 30-year bond sold $22.408 billion at a high yield of 4.734% on , with a bid-to-cover ratio of 2.38.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.734%

Median yield 4.670%

Bid-to-cover

2.38

▬ Unchanged since 11 Sep

Sold

$22.41 billion

$22 billion offered

Indirect bidders

64.5%

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 10 November 2022 to 9 October 2025; the latest at 4.734%.3.5%4.0%4.5%5.0%202320242025This auction, 4.734%High yield at the last 36 30-year bond auctions36 auctions from 10 November 2022 to 9 October 2025; the latest at 4.734%.4.0%4.3%4.5%4.8%5.0%202420254.734%

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
4.7342.38
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

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 yield4.7344.7807 of 125 of 12
Indirect bidders' share64.562.45 of 127 of 12
Direct bidders' share26.923.24 of 128 of 12
Primary dealers' share8.712.712 of 120 of 12
High minus median, basis points6.46.46 of 126 of 12

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

  • Primary dealers' share: Lowest of all 200 earlier 30-year bond auctions we hold.

Who bought the 30-year bond?

Indirect bidders took 64.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 September 2025

Indirect bidders took 64.5% of the competitive bids acceptedIndirect bidders 64.5%, Direct bidders 26.9%, Primary dealers 8.7%Indirect bidders64.5%62.0%Direct bidders26.9%28.0%Primary dealers8.7%10.0%Indirect bidders took 64.5% of the competitive bids acceptedIndirect bidders 64.5%, Direct bidders 26.9%, Primary dealers 8.7%Indirect bidders64.5%62.0%Direct bidders26.9%28.0%Primary dealers8.7%10.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.562.0
Direct bidders26.928.0
Primary dealers8.710.0

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$22,000,000,000
Bids received$52,821,904,200
Sold$22,408,408,700
Competitive bids accepted$21,956,457,500
Non-competitive bids accepted$43,558,500
Federal Reserve (SOMA) add-on$408,392,700
Foreign and international (FIMA) non-competitive$0
High yield, %4.734
Median rate, %4.670
Low rate, %3.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %17.37
Bid-to-cover ratio2.38
Indirect bidders accepted$14,156,320,500
Direct bidders accepted$5,898,400,000
Primary dealers accepted$1,901,737,000
Indirect bidders' share, % (ours)64.5
Direct bidders' share, % (ours)26.9
Primary dealers' share, % (ours)8.7
High minus median, basis points (ours)6.4
Treasury par yield curve, 30-year point, same day, %4.72
High yield minus that point, basis points (ours)1.4

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 auctions11 of 2410 of 242.38
Bid-to-cover ratio2.38Since 8 May 2008100 of 20093 of 2002.38
Bid-to-cover ratio2.38All 207 since 8 February 2001101 of 20799 of 2072.38
High yield4.734Last 24 auctions9 of 2415 of 244.629
High yield4.734Since 8 May 200811 of 200189 of 2003.120
High yield4.734All 274 since 1 November 197983 of 274191 of 2743.784
Indirect bidders' share64.5Last 24 auctions14 of 2410 of 2465.1
Indirect bidders' share64.5All 200 since 8 May 200852 of 200148 of 20059.9
Direct bidders' share26.9Last 24 auctions4 of 2420 of 2418.8
Direct bidders' share26.9All 200 since 8 May 20086 of 200194 of 20015.3
Primary dealers' share8.7Last 24 auctions24 of 240 of 2414.4
Primary dealers' share8.7All 200 since 8 May 2008200 of 2000 of 20028.2
High minus median, basis points6.4Last 24 auctions12 of 2411 of 246.4
High minus median, basis points6.4Since 8 May 200872 of 200123 of 2005.8
High minus median, basis points6.4All 274 since 1 November 197973 of 274196 of 2744.8

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 9 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251009_3.pdf. Compiled by 500metrics, "30-year bond auction of 9 October 2025 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2025-10-09.

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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