Glossary term
What is a Treasury reopening?
On , Treasury reopened the 30-year bond, offered as a 29-Year 10-Month security; the auction set a high yield of 5.618%, with bids for 2.54 times the amount accepted.
Bid-to-cover ratio at the 30-year bond auction of 8 October 2026: 2.54, above the median of the earlier auctions shown, 2.39
Each point is one 30-year bond auction; pointing at the chart shows its date and figures.
The lineLatest:
- Bid-to-cover ratio2.54
Inspect and compare dates
| Auction date | Bid-to-cover ratio |
|---|---|
| 2.54 | |
| 2.61 | |
| 2.44 | |
| 2.33 | |
| 2.39 | |
| 2.45 | |
| 2.42 | |
| 2.36 | |
| 2.38 | |
| 2.38 |
Show 14 more rows
| Auction date | Bid-to-cover ratio |
|---|---|
| 2.38 | |
| 2.43 | |
| 2.43 | |
| 2.37 | |
| 2.52 | |
| 2.39 | |
| 2.50 | |
| 2.38 | |
| 2.30 | |
| 2.49 | |
| 2.37 | |
| 2.47 | |
| 2.37 | |
| 2.43 |
Right now
High yield: 5.618% at the 30-year bond auction of , a reopening.
- Bid-to-cover ratio 2.54
Across auctions
2.54 is above the median of the 23 earlier 30-year bond auctions shown, 2.39.
Of the 24 auctions shown, the highest was 2.61 on , the lowest 2.30 on .
Understanding the Treasury reopening
Where it stands today
High yield: 5.618% at the 30-year bond auction of .
What does the term mean?
A reopening is an auction of more of a Treasury security that already exists. The new amount has the same maturity date, the same coupon and the same CUSIP as the original issue, so once it is issued the two cannot be told apart.
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Why Treasury reopens securities
Larger issues trade more easily. Instead of selling a new ten-year note every month, Treasury sells a new one in each quarterly refunding month and reopens it in the two months after. The thirty-year bond, the twenty-year bond and most TIPS run on similar cycles, and bills are often reopened as well.
How a reopening appears in the results
Treasury labels a reopening by the time left to maturity, so the ten-year note reopened a month after its first sale is listed as a "9-Year 11-Month" note. 500metrics files it under the original term and marks it as a reopening, so every ten-year note auction sits on one page.
How a reopening auction differs
- The coupon is already fixed. Bidders bid a yield as usual, and the price works out above or below par to match the high yield.
- Interest may already be owed. A buyer pays the interest that has built up since the last coupon date, and gets it back with the next coupon.
- Compare like with like. A reopening is still compared with every auction of its original term, and each row on 500metrics says "new issue" or "reopening".
What it does not tell you
- How much of the security is outstanding after the reopening. The monthly statement of the public debt has the total; the guide to what the US national debt is made of explains it.
Drafted with AI assistance from official sources; checked against the sources listed below.
The numbers behind the chart
What were the figures at the latest auction?30-year bond (reopening), 8 October 2026
| Figure | Value |
|---|---|
| High yield | 5.618% |
| Bid-to-cover ratio | 2.54 |
Which pages show these figures?
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