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30-year bond auction of 9 July 2026 (reopening)

The 30-year bond sold $24.288 billion at a high yield of 5.058% on , with a bid-to-cover ratio of 2.44.

Coupon
5.000%
Announced
Issued
Matures

High yield

5.058%

Median yield 5.007%

Bid-to-cover

2.44

▲ +0.11 since 11 Jun

Sold

$24.29 billion

$22 billion offered

Indirect bidders

77.7%

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 10 August 2023 to 9 July 2026; the latest at 5.058%.4.0%4.5%5.0%5.5%2023202420252026This auction, 5.058%The high yield was the highest for a 30-year bond since 10 August 200636 auctions from 10 August 2023 to 9 July 2026; the latest at 5.058%.4.0%4.5%5.0%5.5%2024202520265.058%

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
5.0582.44
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.382 of 1210 of 12
High yield5.0584.8190 of 1212 of 12
Indirect bidders' share77.764.30 of 1212 of 12
Direct bidders' share12.224.212 of 120 of 12
Primary dealers' share10.111.68 of 124 of 12
High minus median, basis points5.15.48 of 123 of 12

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

  • Indirect bidders' share: Highest for a 30-year bond since 10 October 2024 (20 auctions in between).
  • Direct bidders' share: Lowest for a 30-year bond since 10 October 2024 (20 auctions in between).

Who bought the 30-year bond?

Indirect bidders took 77.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year bond auction, 11 June 2026

Indirect bidders took 77.7% of the competitive bids acceptedIndirect bidders 77.7%, Direct bidders 12.2%, Primary dealers 10.1%Indirect bidders77.7%60.0%Direct bidders12.2%25.3%Primary dealers10.1%14.7%Indirect bidders took 77.7% of the competitive bids acceptedIndirect bidders 77.7%, Direct bidders 12.2%, Primary dealers 10.1%Indirect bidders77.7%60.0%Direct bidders12.2%25.3%Primary dealers10.1%14.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.760.0
Direct bidders12.225.3
Primary dealers10.114.7

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 10-Month, reopening
Offering amount$22,000,000,000
Bids received$56,054,172,900
Sold$24,287,893,700
Competitive bids accepted$21,951,364,800
Non-competitive bids accepted$48,667,300
Federal Reserve (SOMA) add-on$2,287,861,600
Foreign and international (FIMA) non-competitive$0
High yield, %5.058
Median rate, %5.007
Low rate, %2.888
Interest rate (coupon), %5.000
Bids at the high rate filled, %7.13
Bid-to-cover ratio2.44
Indirect bidders accepted$17,065,257,000
Direct bidders accepted$2,679,847,800
Primary dealers accepted$2,206,260,000
Indirect bidders' share, % (ours)77.7
Direct bidders' share, % (ours)12.2
Primary dealers' share, % (ours)10.1
High minus median, basis points (ours)5.1
Treasury par yield curve, 30-year point, same day, %5.05
High yield minus that point, basis points (ours)0.8

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 ratio2.44Last 24 auctions5 of 2419 of 242.38
Bid-to-cover ratio2.44Since 8 May 200871 of 209136 of 2092.38
Bid-to-cover ratio2.44All 216 since 8 February 200172 of 216142 of 2162.38
High yield5.058Last 24 auctions0 of 2424 of 244.762
High yield5.058Since 8 May 20080 of 209209 of 2093.165
High yield5.058All 283 since 1 November 197970 of 283213 of 2833.877
Indirect bidders' share77.7Last 24 auctions1 of 2423 of 2464.8
Indirect bidders' share77.7All 209 since 8 May 20081 of 209208 of 20960.3
Direct bidders' share12.2Last 24 auctions23 of 241 of 2423.4
Direct bidders' share12.2All 209 since 8 May 2008138 of 20971 of 20915.5
Primary dealers' share10.1Last 24 auctions20 of 244 of 2412.5
Primary dealers' share10.1All 209 since 8 May 2008201 of 2098 of 20927.7
High minus median, basis points5.1Last 24 auctions17 of 246 of 246.2
High minus median, basis points5.1Since 8 May 2008123 of 20981 of 2095.8
High minus median, basis points5.1All 283 since 1 November 1979128 of 283150 of 2834.8

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 9 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260709_3.pdf. Compiled by 500metrics, "30-year bond auction of 9 July 2026 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2026-07-09.

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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