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

The 30-year bond sold $31.324 billion at a high yield of 5.216% on , with a bid-to-cover ratio of 2.39.

Coupon
5.125%
Announced
Issued
Matures

High yield

5.216%

Median yield 5.150%

Bid-to-cover

2.39

▼ −0.05 since 9 Jul

Sold

$31.32 billion

$25 billion offered

Indirect bidders

66.8%

Of competitive bids accepted

The high yield was the highest for a 30-year bond since 9 August 2001

High yield at each 30-year bond auction, %

The high yield was the highest for a 30-year bond since 9 August 200136 auctions from 13 September 2023 to 13 August 2026; the latest at 5.216%.4.0%4.5%5.0%5.5%2023202420252026This auction, 5.216%The high yield was the highest for a 30-year bond since 9 August 200136 auctions from 13 September 2023 to 13 August 2026; the latest at 5.216%.4.0%4.5%5.0%5.5%202520265.216%

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
5.2162.39
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

Against its own history

Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.384 of 127 of 12
High yield5.2164.8190 of 1212 of 12
Indirect bidders' share66.864.93 of 129 of 12
Direct bidders' share21.623.89 of 123 of 12
Primary dealers' share11.511.46 of 126 of 12
High minus median, basis points6.65.41 of 1210 of 12

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

Who bought the 30-year bond?

Indirect bidders took 66.8% of the competitive bids accepted

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

Indirect bidders took 66.8% of the competitive bids acceptedIndirect bidders 66.8%, Direct bidders 21.6%, Primary dealers 11.5%Indirect bidders66.8%77.7%Direct bidders21.6%12.2%Primary dealers11.5%10.1%Indirect bidders took 66.8% of the competitive bids acceptedIndirect bidders 66.8%, Direct bidders 21.6%, Primary dealers 11.5%Indirect bidders66.8%77.7%Direct bidders21.6%12.2%Primary dealers11.5%10.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.877.7
Direct bidders21.612.2
Primary dealers11.510.1

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$66,124,528,800
Sold$31,323,533,800
Competitive bids accepted$24,904,608,000
Non-competitive bids accepted$95,407,300
Federal Reserve (SOMA) add-on$6,323,518,500
Foreign and international (FIMA) non-competitive$0
High yield, %5.216
Median rate, %5.150
Low rate, %4.880
Interest rate (coupon), %5.125
Bids at the high rate filled, %12.10
Bid-to-cover ratio2.39
Indirect bidders accepted$16,647,723,000
Direct bidders accepted$5,390,150,000
Primary dealers accepted$2,866,735,000
Indirect bidders' share, % (ours)66.8
Direct bidders' share, % (ours)21.6
Primary dealers' share, % (ours)11.5
High minus median, basis points (ours)6.6
Treasury par yield curve, 30-year point, same day, %5.21
High yield minus that point, basis points (ours)0.6

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 ratio2.39Last 24 auctions9 of 2413 of 242.38
Bid-to-cover ratio2.39Since 8 May 2008101 of 210105 of 2102.38
Bid-to-cover ratio2.39All 217 since 8 February 2001102 of 217111 of 2172.38
High yield5.216Last 24 auctions0 of 2424 of 244.793
High yield5.216Since 8 May 20080 of 210210 of 2103.168
High yield5.216All 284 since 1 November 197969 of 284215 of 2843.888
Indirect bidders' share66.8Last 24 auctions5 of 2419 of 2465.1
Indirect bidders' share66.8All 210 since 8 May 200833 of 210177 of 21060.4
Direct bidders' share21.6Last 24 auctions15 of 249 of 2423.2
Direct bidders' share21.6All 210 since 8 May 200830 of 210180 of 21015.5
Primary dealers' share11.5Last 24 auctions16 of 248 of 2412.2
Primary dealers' share11.5All 210 since 8 May 2008192 of 21018 of 21027.6
High minus median, basis points6.6Last 24 auctions6 of 2417 of 246.0
High minus median, basis points6.6Since 8 May 200864 of 210144 of 2105.7
High minus median, basis points6.6All 284 since 1 November 197965 of 284217 of 2844.9

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 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260813_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 August 2026 (new issue)", https://500metrics.com/treasury/auctions/30-year-bond/2026-08-13.

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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