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Treasury auctions · 29-Year 11-Month Bond, reopening

30-year bond auction of 13 March 2025 (reopening)

The 30-year bond sold $22.373 billion at a high yield of 4.623% on , with a bid-to-cover ratio of 2.37.

High yield at each 30-year bond auction

The last 36 auctions, this one last

High yield at each 30-year bond auction, 13 Apr 2022 to 13 Mar 2025
High yield at each 30-year bond auction, 13 Apr 2023 to 13 Mar 2025

Bid-to-cover ratio at each 30-year bond auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 30-year bond auction, 13 Apr 2022 to 13 Mar 2025
Bid-to-cover ratio at each 30-year bond auction, 13 Apr 2023 to 13 Mar 2025

Who bought the 30-year bond of 13 Mar 2025

Shares of the competitive bids accepted

  • Indirect bidders 60.5%
  • Direct bidders 22.7%
  • Primary dealers 16.9%
This auction, 13 Mar 2025
  • Indirect bidders 65.1%
  • Direct bidders 18.6%
  • Primary dealers 16.3%
The 30-year bond auction before, 13 Feb 2025

Each point is one 30-year bond auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders60.5%
Inspect and compare dates
High yield and bid-to-cover of the last 36 30-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
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
3.7412.43
3.6612.36
3.8772.35
3.6862.25
3.5852.45
3.5132.25
4.0802.42
3.9302.39
3.5112.42
3.1062.31
3.1152.44
3.1852.35
2.9972.38
2.8152.30

Observed .

Right now

The high yield was 4.623% on 13 March 2025, down from 4.748% at the auction before.

The indirect bidders' share of 60.5% was the lowest for a 30-year bond since 9 November 2023, with 15 auctions in between.

Higher than 181 of the 193 since 8 May 2008

Its own history

Against the previous 24 30-year bond auctions, the direct bidders' share was higher than 22 of the 24.

The indirect bidders' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 60.5%
  • Direct bidders 22.7%
  • Primary dealers 16.9%

Size

Treasury sold $22.373 billion of the $22 billion offered.

Bids received came to $52.436 billion; the bid-to-cover ratio was 2.37.

Its bid-to-cover of 2.37 compares with the 24 auctions before it: lowest 2.24 on , highest 2.64 on ; 32.5% of the way from the low to the high.

2.37

Low 2.24 Midpoint 2.440 High 2.64

The security29-Year 11-Month, reopening

Coupon
4.625%
Announced
Issued
Matures

It adds to the debt that matures in February 2055.

Understanding this result

Where it stands today

The high yield was 4.623% at this 30-year bond auction, the median yield 4.560% and a bid-to-cover ratio of 2.37.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as29-Year 11-Month, reopening
Offering amount$22,000,000,000
Bids received$52,435,729,000
Sold$22,372,924,000
Competitive bids accepted$21,959,626,000
Non-competitive bids accepted$40,399,800
Federal Reserve (SOMA) add-on$372,898,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.623
Median rate, %4.560
Low rate, %4.510
Interest rate (coupon), %4.625
Bids at the high rate filled, %87.85
Bid-to-cover ratio2.37
Indirect bidders accepted$13,275,686,000
Direct bidders accepted$4,974,800,000
Primary dealers accepted$3,709,140,000
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)22.7
Primary dealers' share, % (ours)16.9
High minus median, basis points (ours)6.3
Treasury par yield curve, 30-year point, same day, %4.59
High yield minus that point, basis points (ours)3.3
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 30-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.408 of 123 of 12
High yield4.6234.4704 of 128 of 12
Indirect bidders' share60.565.912 of 120 of 12
Direct bidders' share22.718.42 of 1210 of 12
Primary dealers' share16.914.92 of 1210 of 12
High minus median, basis points6.36.25 of 126 of 12

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

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 ratio2.37Last 24 auctions15 of 247 of 242.40
Bid-to-cover ratio2.37Since 8 May 2008103 of 19387 of 1932.39
Bid-to-cover ratio2.37All 200 since 8 February 2001104 of 20093 of 2002.38
High yield4.623Last 24 auctions6 of 2418 of 244.352
High yield4.623Since 8 May 200812 of 193181 of 1933.106
High yield4.623All 267 since 1 November 197984 of 267183 of 2673.690
Indirect bidders' share60.5Last 24 auctions23 of 241 of 2467.8
Indirect bidders' share60.5All 193 since 8 May 200892 of 193101 of 19359.8
Direct bidders' share22.7Last 24 auctions2 of 2422 of 2418.2
Direct bidders' share22.7All 193 since 8 May 200810 of 193183 of 19314.8
Primary dealers' share16.9Last 24 auctions4 of 2420 of 2414.3
Primary dealers' share16.9All 193 since 8 May 2008156 of 19337 of 19328.8
High minus median, basis points6.3Last 24 auctions16 of 247 of 246.9
High minus median, basis points6.3Since 8 May 200873 of 193114 of 1935.8
High minus median, basis points6.3All 267 since 1 November 197974 of 267187 of 2674.7

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 13 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250313_3.pdf. Compiled by 500metrics, "30-year bond auction of 13 March 2025 (reopening)", https://500metrics.com/treasury/auctions/30-year-bond/2025-03-13.

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