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30-year bond auction of 12 March 2026 (reopening)

The 30-year bond sold $22.006 billion at a high yield of 4.871% on , with a bid-to-cover ratio of 2.45.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.871%

Median yield 4.825%

Bid-to-cover

2.45

▼ −0.21 since 12 Feb

Sold

$22.01 billion

$22 billion offered

Indirect bidders

63.4%

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 13 April 2023 to 12 March 2026; the latest at 4.871%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.871%High yield at the last 36 30-year bond auctions36 auctions from 13 April 2023 to 12 March 2026; the latest at 4.871%.4.0%4.3%4.5%4.8%5.0%2024202520264.871%

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
4.8712.45
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.381 of 1211 of 12
High yield4.8714.7931 of 1211 of 12
Indirect bidders' share63.463.36 of 126 of 12
Direct bidders' share27.223.82 of 1210 of 12
Primary dealers' share9.412.110 of 122 of 12
High minus median, basis points4.66.49 of 123 of 12

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

Who bought the 30-year bond?

Indirect bidders took 63.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 12 February 2026

Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 27.2%, Primary dealers 9.4%Indirect bidders63.4%69.9%Direct bidders27.2%24.2%Primary dealers9.4%5.9%Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 27.2%, Primary dealers 9.4%Indirect bidders63.4%69.9%Direct bidders27.2%24.2%Primary dealers9.4%5.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.469.9
Direct bidders27.224.2
Primary dealers9.45.9

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$53,950,157,500
Sold$22,005,667,500
Competitive bids accepted$21,969,517,000
Non-competitive bids accepted$30,604,300
Federal Reserve (SOMA) add-on$5,546,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.871
Median rate, %4.825
Low rate, %2.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %59.56
Bid-to-cover ratio2.45
Indirect bidders accepted$13,931,627,000
Direct bidders accepted$5,981,890,000
Primary dealers accepted$2,056,000,000
Indirect bidders' share, % (ours)63.4
Direct bidders' share, % (ours)27.2
Primary dealers' share, % (ours)9.4
High minus median, basis points (ours)4.6
Treasury par yield curve, 30-year point, same day, %4.88
High yield minus that point, basis points (ours)-0.9

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 ratio2.45Last 24 auctions6 of 2418 of 242.38
Bid-to-cover ratio2.45Since 8 May 200868 of 205135 of 2052.38
Bid-to-cover ratio2.45All 212 since 8 February 200169 of 212141 of 2122.38
High yield4.871Last 24 auctions2 of 2422 of 244.682
High yield4.871Since 8 May 20082 of 205203 of 2053.138
High yield4.871All 279 since 1 November 197972 of 279207 of 2793.820
Indirect bidders' share63.4Last 24 auctions16 of 248 of 2465.1
Indirect bidders' share63.4All 205 since 8 May 200865 of 205140 of 20560.3
Direct bidders' share27.2Last 24 auctions2 of 2422 of 2422.0
Direct bidders' share27.2All 205 since 8 May 20084 of 205201 of 20515.5
Primary dealers' share9.4Last 24 auctions22 of 242 of 2413.8
Primary dealers' share9.4All 205 since 8 May 2008201 of 2054 of 20527.8
High minus median, basis points4.6Last 24 auctions19 of 245 of 246.3
High minus median, basis points4.6Since 8 May 2008138 of 20565 of 2055.8
High minus median, basis points4.6All 279 since 1 November 1979144 of 279133 of 2794.8

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 12 March 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260312_3.pdf. Compiled by 500metrics, "30-year bond auction of 12 March 2026 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2026-03-12.

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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