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30-year bond auction of 13 May 2026 (new issue)

The 30-year bond sold $30.936 billion at a high yield of 5.046% on , with a bid-to-cover ratio of 2.30.

Coupon
5.000%
Announced
Issued
Matures

High yield

5.046%

Median yield 4.990%

Bid-to-cover

2.30

▼ −0.09 since 9 Apr

Sold

$30.94 billion

$25 billion offered

Indirect bidders

66.6%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 10 August 2006

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 10 August 200636 auctions from 13 June 2023 to 13 May 2026; the latest at 5.046%.3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 5.046%The high yield was the highest for a 30-year bond since 10 August 200636 auctions from 13 June 2023 to 13 May 2026; the latest at 5.046%.4.0%4.5%5.0%5.5%2024202520265.046%

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
5.0462.30
4.8762.39
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.302.3810 of 122 of 12
High yield5.0464.8160 of 1212 of 12
Indirect bidders' share66.664.33 of 129 of 12
Direct bidders' share21.724.210 of 122 of 12
Primary dealers' share11.711.55 of 127 of 12
High minus median, basis points5.65.35 of 127 of 12

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

Who bought the 30-year bond?

Indirect bidders took 66.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 9 April 2026

Indirect bidders took 66.6% of the competitive bids acceptedIndirect bidders 66.6%, Direct bidders 21.7%, Primary dealers 11.7%Indirect bidders66.6%64.1%Direct bidders21.7%24.2%Primary dealers11.7%11.6%Indirect bidders took 66.6% of the competitive bids acceptedIndirect bidders 66.6%, Direct bidders 21.7%, Primary dealers 11.7%Indirect bidders66.6%64.1%Direct bidders21.7%24.2%Primary dealers11.7%11.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.664.1
Direct bidders21.724.2
Primary dealers11.711.6

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$63,503,086,900
Sold$30,936,165,500
Competitive bids accepted$24,937,681,600
Non-competitive bids accepted$62,324,000
Federal Reserve (SOMA) add-on$5,936,159,900
Foreign and international (FIMA) non-competitive$0
High yield, %5.046
Median rate, %4.990
Low rate, %3.880
Interest rate (coupon), %5.000
Bids at the high rate filled, %72.06
Bid-to-cover ratio2.30
Indirect bidders accepted$16,609,721,600
Direct bidders accepted$5,420,900,000
Primary dealers accepted$2,907,060,000
Indirect bidders' share, % (ours)66.6
Direct bidders' share, % (ours)21.7
Primary dealers' share, % (ours)11.7
High minus median, basis points (ours)5.6
Treasury par yield curve, 30-year point, same day, %5.03
High yield minus that point, basis points (ours)1.6

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 ratio2.30Last 24 auctions21 of 242 of 242.38
Bid-to-cover ratio2.30Since 8 May 2008146 of 20756 of 2072.39
Bid-to-cover ratio2.30All 214 since 8 February 2001147 of 21462 of 2142.38
High yield5.046Last 24 auctions0 of 2424 of 244.741
High yield5.046Since 8 May 20080 of 207207 of 2073.152
High yield5.046All 281 since 1 November 197970 of 281211 of 2813.852
Indirect bidders' share66.6Last 24 auctions7 of 2417 of 2465.0
Indirect bidders' share66.6All 207 since 8 May 200836 of 207171 of 20760.3
Direct bidders' share21.7Last 24 auctions14 of 2410 of 2423.2
Direct bidders' share21.7All 207 since 8 May 200828 of 207179 of 20715.5
Primary dealers' share11.7Last 24 auctions16 of 248 of 2412.7
Primary dealers' share11.7All 207 since 8 May 2008189 of 20718 of 20727.8
High minus median, basis points5.6Last 24 auctions13 of 2411 of 246.2
High minus median, basis points5.6Since 8 May 2008104 of 207102 of 2075.8
High minus median, basis points5.6All 281 since 1 November 1979108 of 281172 of 2814.8

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 13 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260513_2.pdf. Compiled by 500metrics, "30-year bond auction of 13 May 2026 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2026-05-13.

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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