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30-year bond auction of 12 February 2026 (new issue)

The 30-year bond sold $32.084 billion at a high yield of 4.750% on , with a bid-to-cover ratio of 2.66.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.750%

Median yield 4.718%

Bid-to-cover

2.66

▲ +0.24 since 13 Jan

Sold

$32.08 billion

$25 billion offered

Indirect bidders

69.9%

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 9 March 2023 to 12 February 2026; the latest at 4.750%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.750%High yield at the last 36 30-year bond auctions36 auctions from 9 March 2023 to 12 February 2026; the latest at 4.750%.4.0%4.3%4.5%4.8%5.0%2024202520264.750%

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
4.7502.66
4.8252.42
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.380 of 1212 of 12
High yield4.7504.7937 of 125 of 12
Indirect bidders' share69.963.31 of 1211 of 12
Direct bidders' share24.223.45 of 127 of 12
Primary dealers' share5.912.612 of 120 of 12
High minus median, basis points3.26.412 of 120 of 12

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  • Bid-to-cover ratio: Highest for a 30-year bond since 11 January 2018 (96 auctions in between).
  • Primary dealers' share: Lowest of all 204 earlier 30-year bond auctions we hold.
  • High minus median, basis points: Lowest for a 30-year bond since 9 January 2020 (72 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 69.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 13 January 2026

Indirect bidders took 69.9% of the competitive bids acceptedIndirect bidders 69.9%, Direct bidders 24.2%, Primary dealers 5.9%Indirect bidders69.9%66.8%Direct bidders24.2%21.3%Primary dealers5.9%12.0%Indirect bidders took 69.9% of the competitive bids acceptedIndirect bidders 69.9%, Direct bidders 24.2%, Primary dealers 5.9%Indirect bidders69.9%66.8%Direct bidders24.2%21.3%Primary dealers5.9%12.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.966.8
Direct bidders24.221.3
Primary dealers5.912.0

About these figures

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

Treasury's published result

FieldValue
Offered as30-Year, new issue
Offering amount$25,000,000,000
Bids received$73,634,972,100
Sold$32,083,920,100
Competitive bids accepted$24,961,985,000
Non-competitive bids accepted$38,086,800
Federal Reserve (SOMA) add-on$7,083,848,300
Foreign and international (FIMA) non-competitive$0
High yield, %4.750
Median rate, %4.718
Low rate, %3.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %1.20
Bid-to-cover ratio2.66
Indirect bidders accepted$17,458,295,000
Direct bidders accepted$6,035,250,000
Primary dealers accepted$1,468,440,000
Indirect bidders' share, % (ours)69.9
Direct bidders' share, % (ours)24.2
Primary dealers' share, % (ours)5.9
High minus median, basis points (ours)3.2
Treasury par yield curve, 30-year point, same day, %4.72
High yield minus that point, basis points (ours)3.0

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 ratio2.66Last 24 auctions0 of 2424 of 242.38
Bid-to-cover ratio2.66Since 8 May 200830 of 204174 of 2042.38
Bid-to-cover ratio2.66All 211 since 8 February 200130 of 211181 of 2112.38
High yield4.750Last 24 auctions8 of 2416 of 244.661
High yield4.750Since 8 May 200811 of 204192 of 2043.134
High yield4.750All 278 since 1 November 197983 of 278194 of 2783.820
Indirect bidders' share69.9Last 24 auctions3 of 2421 of 2465.1
Indirect bidders' share69.9All 204 since 8 May 200814 of 204190 of 20460.2
Direct bidders' share24.2Last 24 auctions6 of 2418 of 2421.0
Direct bidders' share24.2All 204 since 8 May 200811 of 204193 of 20415.4
Primary dealers' share5.9Last 24 auctions24 of 240 of 2413.9
Primary dealers' share5.9All 204 since 8 May 2008204 of 2040 of 20428.0
High minus median, basis points3.2Last 24 auctions24 of 240 of 246.3
High minus median, basis points3.2Since 8 May 2008187 of 20417 of 2045.8
High minus median, basis points3.2All 278 since 1 November 1979200 of 27878 of 2784.8

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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 12 February 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260212_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 February 2026 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2026-02-12.

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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