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

The 30-year bond sold $22 billion at a high yield of 4.773% on , with a bid-to-cover ratio of 2.36.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.773%

Median yield 4.720%

Bid-to-cover

2.36

▲ +0.07 since 13 Nov

Sold

$22.00 billion

$22 billion offered

Indirect bidders

65.4%

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 12 January 2023 to 11 December 2025; the latest at 4.773%.3.5%4.0%4.5%5.0%202320242025This auction, 4.773%High yield at the last 36 30-year bond auctions36 auctions from 12 January 2023 to 11 December 2025; the latest at 4.773%.4.0%4.3%4.5%4.8%5.0%202420254.773%

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
4.7732.36
4.6942.29
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.388 of 124 of 12
High yield4.7734.7806 of 126 of 12
Indirect bidders' share65.463.33 of 129 of 12
Direct bidders' share23.523.25 of 127 of 12
Primary dealers' share11.213.410 of 122 of 12
High minus median, basis points5.36.49 of 123 of 12

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

Who bought the 30-year bond?

Indirect bidders took 65.4% of the competitive bids accepted

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

Indirect bidders took 65.4% of the competitive bids acceptedIndirect bidders 65.4%, Direct bidders 23.5%, Primary dealers 11.2%Indirect bidders65.4%71.0%Direct bidders23.5%14.5%Primary dealers11.2%14.5%Indirect bidders took 65.4% of the competitive bids acceptedIndirect bidders 65.4%, Direct bidders 23.5%, Primary dealers 11.2%Indirect bidders65.4%71.0%Direct bidders23.5%14.5%Primary dealers11.2%14.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.471.0
Direct bidders23.514.5
Primary dealers11.214.5

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$52,027,373,100
Sold$22,000,005,100
Competitive bids accepted$21,946,790,000
Non-competitive bids accepted$53,215,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.773
Median rate, %4.720
Low rate, %3.880
Interest rate (coupon), %4.625
Bids at the high rate filled, %97.76
Bid-to-cover ratio2.36
Indirect bidders accepted$14,349,158,000
Direct bidders accepted$5,148,080,000
Primary dealers accepted$2,449,552,000
Indirect bidders' share, % (ours)65.4
Direct bidders' share, % (ours)23.5
Primary dealers' share, % (ours)11.2
High minus median, basis points (ours)5.3
Treasury par yield curve, 30-year point, same day, %4.79
High yield minus that point, basis points (ours)-1.7

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 ratio2.36Last 24 auctions18 of 246 of 242.38
Bid-to-cover ratio2.36Since 8 May 2008112 of 20285 of 2022.38
Bid-to-cover ratio2.36All 209 since 8 February 2001113 of 20991 of 2092.38
High yield4.773Last 24 auctions6 of 2418 of 244.629
High yield4.773Since 8 May 20087 of 202195 of 2023.126
High yield4.773All 276 since 1 November 197979 of 276197 of 2763.815
Indirect bidders' share65.4Last 24 auctions10 of 2414 of 2465.1
Indirect bidders' share65.4All 202 since 8 May 200842 of 202160 of 20260.0
Direct bidders' share23.5Last 24 auctions6 of 2418 of 2419.4
Direct bidders' share23.5All 202 since 8 May 200813 of 202189 of 20215.3
Primary dealers' share11.2Last 24 auctions21 of 243 of 2414.3
Primary dealers' share11.2All 202 since 8 May 2008189 of 20213 of 20228.1
High minus median, basis points5.3Last 24 auctions16 of 247 of 246.4
High minus median, basis points5.3Since 8 May 2008111 of 20289 of 2025.8
High minus median, basis points5.3All 276 since 1 November 1979116 of 276158 of 2764.8

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 December 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251211_3.pdf. Compiled by 500metrics, "30-year bond auction of 11 December 2025 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2025-12-11.

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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