30-Year Bond Auction Preview: $25 Billion Sale Thursday at 1 p.m.
Treasury sells $25 billion of new 30-year bonds Thursday, Nov. 12, after soft 3- and 10-year sales. The 30-year par yield closed at 5.35% on Nov. 10.
Why it matters
- Treasury auctions $25 billion of new 30-year bonds on Thursday, Nov. 12, with competitive bids due at 1 p.m. ET, TreasuryDirect shows. The bonds (CUSIP 912810UY2) settle Monday, Nov. 16, and mature Nov. 15, 2056.
- The sale ends the November refunding after the 3-year note drew a 2.53 bid-to-cover ratio on Nov. 9 and the 10-year note 2.46 on Nov. 10, each the lowest for its maturity in months, by our calculation.
- The 30-year par yield closed at 5.35% on Tuesday, Nov. 10, up 9 basis points, Treasury data show. The last 30-year auction, a reopening on Oct. 8, drew a 5.618% high yield and a 2.54 bid-to-cover ratio.
Data Brief: a summary of published data, with our notes on what it shows.
Updated Nov. 12: Treasury sold the $25 billion of new 30-year bonds at a 5.441% high yield and a 5.375% coupon, with a 2.36 bid-to-cover ratio, the lowest at a 30-year sale since June, TreasuryDirect data show. See our 30-year auction results.
The U.S. Treasury sells $25 billion of new 30-year bonds on Thursday, Nov. 12, the last of this week's three refunding auctions, according to TreasuryDirect's upcoming auctions data. Noncompetitive bids are due at noon ET and competitive bids at 1 p.m. ET.
The bonds, CUSIP 912810UY2, are dated Nov. 15, settle Monday, Nov. 16, and mature Nov. 15, 2056. The $25 billion matches the size of the previous new 30-year bonds, sold in February, May and August, TreasuryDirect's records show.
How did recent 30-year bond auctions go?
| Auction | Type | Size | High yield | Coupon | Bid-to-cover | Indirect share | Dealers' share |
|---|---|---|---|---|---|---|---|
| Oct. 8, 2026 | Reopening | $22 billion | 5.618% | 5.125% | 2.54 | 72.3% | 6.8% |
| Sept. 10, 2026 | Reopening | $22 billion | 5.308% | 5.125% | 2.61 | 79.5% | 2.2% |
| Aug. 13, 2026 | New | $25 billion | 5.216% | 5.125% | 2.39 | 66.8% | 11.5% |
| May 13, 2026 | New | $25 billion | 5.046% | 5.000% | 2.30 | 66.6% | 11.7% |
| Feb. 12, 2026 | New | $25 billion | 4.750% | 4.750% | 2.66 | 69.9% | 5.9% |
| Nov. 13, 2025 | New | $25 billion | 4.694% | 4.625% | 2.29 | 71.0% | 14.5% |
Source: TreasuryDirect auction results data. Bidder shares are percentages of competitive awards, our calculation from Treasury's figures. Reopenings add to a bond first sold in an earlier month.
The 10 nominal 30-year auctions held so far in 2026 averaged a bid-to-cover ratio of 2.45, up from 2.37 in 2025, by our calculation; see our explainer section on whether bid-to-cover ratios are falling. Our October 30-year auction report covers the last sale.
Why watch Thursday's 30-year sale?
This week's first two refunding auctions drew lower bid-to-cover ratios. The 3-year note sold Nov. 9 at 4.627% with a 2.53 ratio, the lowest at a 3-year sale since July 2025; see our November 3-year auction brief. The 10-year note sold Nov. 10 at 5.020% with a 2.46 ratio, the lowest at a 10-year sale since May, while indirect bidders took their smallest share in at least a year; see our November 10-year auction brief. Both are our calculations from TreasuryDirect data.
Long-term yields rose before the holiday. On Tuesday, Nov. 10, the 30-year par yield rose 9 basis points to 5.35% and the 2-year 17 basis points to 4.73%, Treasury data show, on the day the October Consumer Price Index rose 0.4%. The 20-year yield, 5.39%, sat above the 30-year. SIFMA recommended a full U.S. bond market close on Wednesday, Nov. 11, for Veterans Day, so Tuesday's close is Treasury's latest reading.
The Fed held its target range at 3.75% to 4% on Oct. 28 and next meets Dec. 8–9; see the FOMC meeting schedule for 2026 and 2027. Results will appear on our Treasury auction schedule and results page after the sale.
What else is on Thursday's calendar?
Treasury also sells $115 billion of 4-week and $110 billion of 8-week bills at 11:30 a.m. ET and $75 billion of 17-week bills at 1 p.m. ET, TreasuryDirect shows. On Thursday it is also scheduled to announce next week's bills, a new 20-year bond for Wednesday, Nov. 18, and a TIPS reopening for Thursday, Nov. 19.
Sources
- TreasuryDirect, upcoming auctions data (accessed Nov. 11, 2026)
- TreasuryDirect, auctioned bonds data, last 400 days and last 700 days (accessed Nov. 11, 2026)
- TreasuryDirect, auctioned securities data, 3-year and 10-year results of Nov. 9 and 10 (accessed Nov. 10–11, 2026)
- U.S. Treasury, daily par yield curve rates, 2026 (accessed Nov. 11, 2026; latest row Nov. 10)
- U.S. Bureau of Labor Statistics, Consumer Price Index – October 2026 (Nov. 10, 2026)
- SIFMA, Fixed Income Market Close Recommendation for the U.S. Veterans Day Holiday (Oct. 28, 2026)
- Federal Reserve, FOMC statement, Oct. 28, 2026 and FOMC meeting calendars
