500metrics

All sources checked Checked

30-year bond auction of 11 June 2026 (reopening)

The 30-year bond sold $22 billion at a high yield of 5.020% on , with a bid-to-cover ratio of 2.33.

Coupon
5.000%
Announced
Issued
Matures

High yield

5.020%

Median yield 4.960%

Bid-to-cover

2.33

▲ +0.03 since 13 May

Sold

$22.00 billion

$22 billion offered

Indirect bidders

60.0%

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 July 2023 to 11 June 2026; the latest at 5.020%.3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 5.020%High yield at the last 36 30-year bond auctions36 auctions from 13 July 2023 to 11 June 2026; the latest at 5.020%.4.0%4.5%5.0%5.5%2024202520265.020%

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
5.0202.33
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.389 of 123 of 12
High yield5.0204.8191 of 1211 of 12
Indirect bidders' share60.064.810 of 122 of 12
Direct bidders' share25.323.84 of 128 of 12
Primary dealers' share14.711.51 of 1211 of 12
High minus median, basis points6.05.34 of 128 of 12

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

Who bought the 30-year bond?

Indirect bidders took 60.0% of the competitive bids accepted

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

Indirect bidders took 60.0% of the competitive bids acceptedIndirect bidders 60.0%, Direct bidders 25.3%, Primary dealers 14.7%Indirect bidders60.0%66.6%Direct bidders25.3%21.7%Primary dealers14.7%11.7%Indirect bidders took 60.0% of the competitive bids acceptedIndirect bidders 60.0%, Direct bidders 25.3%, Primary dealers 14.7%Indirect bidders60.0%66.6%Direct bidders25.3%21.7%Primary dealers14.7%11.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.066.6
Direct bidders25.321.7
Primary dealers14.711.7

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$51,219,852,800
Sold$22,000,022,800
Competitive bids accepted$21,959,443,000
Non-competitive bids accepted$40,579,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %5.020
Median rate, %4.960
Low rate, %4.890
Interest rate (coupon), %5.000
Bids at the high rate filled, %32.36
Bid-to-cover ratio2.33
Indirect bidders accepted$13,164,713,000
Direct bidders accepted$5,557,100,000
Primary dealers accepted$3,237,630,000
Indirect bidders' share, % (ours)60.0
Direct bidders' share, % (ours)25.3
Primary dealers' share, % (ours)14.7
High minus median, basis points (ours)6.0
Treasury par yield curve, 30-year point, same day, %4.95
High yield minus that point, basis points (ours)7.0

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 ratio2.33Last 24 auctions17 of 246 of 242.38
Bid-to-cover ratio2.33Since 8 May 2008132 of 20874 of 2082.38
Bid-to-cover ratio2.33All 215 since 8 February 2001133 of 21580 of 2152.38
High yield5.020Last 24 auctions1 of 2423 of 244.749
High yield5.020Since 8 May 20081 of 208207 of 2083.158
High yield5.020All 282 since 1 November 197971 of 282211 of 2823.864
Indirect bidders' share60.0Last 24 auctions21 of 243 of 2465.1
Indirect bidders' share60.0All 208 since 8 May 2008107 of 208101 of 20860.4
Direct bidders' share25.3Last 24 auctions7 of 2417 of 2423.2
Direct bidders' share25.3All 208 since 8 May 200810 of 208198 of 20815.5
Primary dealers' share14.7Last 24 auctions6 of 2418 of 2412.5
Primary dealers' share14.7All 208 since 8 May 2008168 of 20840 of 20827.7
High minus median, basis points6.0Last 24 auctions12 of 2411 of 246.2
High minus median, basis points6.0Since 8 May 200893 of 208109 of 2085.7
High minus median, basis points6.0All 282 since 1 November 197994 of 282179 of 2824.8

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 June 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260611_3.pdf. Compiled by 500metrics, "30-year bond auction of 11 June 2026 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2026-06-11.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.