30-Year Bond Auction Sells at 5.441% as Bid-to-Cover Falls to 2.36
Treasury sold $25 billion of new 30-year bonds Nov. 12 at 5.441% with a 5.375% coupon. Demand was the softest since June, closing a refunding week of weak bids.
Why it matters
- Treasury sold $25 billion of new 30-year bonds on Thursday, Nov. 12, at a high yield of 5.441% and a 5.375% coupon, TreasuryDirect's results data show. The October reopening drew 5.618% and the last new 30-year, in August, 5.216%.
- The bid-to-cover ratio fell to 2.36 from 2.54 in October, the lowest at a 30-year sale since 2.33 in June, by our calculation. All three refunding auctions this week drew lower ratios than their previous sales.
- It was the highest yield at a new 30-year bond's first auction since February 2001, TreasuryDirect's records show. The 30-year par yield closed at 5.43%, up 8 basis points from Nov. 10.
Data Brief: a summary of published data, with our notes on what it shows.
The U.S. Treasury sold $25 billion of new 30-year bonds on Thursday, Nov. 12, at a high yield of 5.441%, according to TreasuryDirect's auction results data. The bid-to-cover ratio fell to 2.36 from 2.54 at the Oct. 8 reopening, the lowest at a 30-year sale since June.
The bonds carry a 5.375% coupon, settle Monday, Nov. 16, and mature Nov. 15, 2056. The sale closed Treasury's $125 billion November refunding, after the 3-year note on Monday and the 10-year note on Tuesday. Our 30-year auction preview set out the recent history.
30-year auction results: November vs. earlier sales
| Measure | New 30-year, Nov. 12 | Reopening, Oct. 8 | New 30-year, Aug. 13 |
|---|---|---|---|
| Amount offered | $25 billion | $22 billion | $25 billion |
| High yield | 5.441% | 5.618% | 5.216% |
| Coupon | 5.375% | 5.125% | 5.125% |
| Bid-to-cover ratio | 2.36 | 2.54 | 2.39 |
| Indirect bidders' share | 68.1% | 72.3% | 66.8% |
| Direct bidders' share | 20.5% | 20.9% | 21.6% |
| Primary dealers' share | 11.4% | 6.8% | 11.5% |
| Allotted at the high yield | 21.29% | 26.77% | 12.10% |
Source: TreasuryDirect auction results data. Bidder shares are percentages of competitive awards, our calculation from Treasury's figures.
Thursday's median yield was 5.370% and the low 4.850%, and the price was $99.028979 per $100. Investors tendered about $59.0 billion for the $25.0 billion sold. Of the $24.9 billion in competitive awards, indirect bidders took about $17.0 billion, direct bidders about $5.1 billion and primary dealers about $2.8 billion. The Fed's System Open Market Account was awarded about $5.1 billion more, outside the offering amount.
How did the November refunding auctions compare?
| Refunding auction | High yield | Bid-to-cover | Previous sale's bid-to-cover |
|---|---|---|---|
| 3-year note, Nov. 9 | 4.627% | 2.53 | 2.62 (Oct. 6) |
| 10-year note, Nov. 10 | 5.020% | 2.46 | 2.77 (Oct. 7) |
| 30-year bond, Nov. 12 | 5.441% | 2.36 | 2.54 (Oct. 8) |
Source: TreasuryDirect auction results data.
Each ratio was below the previous month's. The 3-year ratio was the lowest since July 2025 and the 10-year's the lowest since May, by our calculation; see our briefs on the 3-year auction and the 10-year auction. The 11 nominal 30-year auctions in 2026 have averaged 2.44, by our calculation. For how to read these numbers, see how Treasury auctions work, bid-to-cover and tails.
Where did yields close?
Treasury's 30-year par yield closed at 5.43% on Nov. 12, up 8 basis points from 5.35% on Tuesday, Nov. 10, the last session before the Veterans Day bond-market close. The 10-year rose 12 basis points to 5.10%, the highest since Oct. 21, and the 2-year 13 basis points to 4.86%, Treasury data show. See our 10-year Treasury yield today page. 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.
Next week Treasury sells $16 billion of new 20-year bonds on Wednesday, Nov. 18, and $19 billion of a TIPS reopening on Thursday, Nov. 19, both announced Thursday, TreasuryDirect shows.
Sources
- TreasuryDirect, auctioned securities data, last day, 30-year bond result of Nov. 12 (accessed Nov. 12, 2026, afternoon)
- TreasuryDirect, auctioned bonds data, last 700 days and 30-year bond auction history (accessed Nov. 12, 2026)
- TreasuryDirect, note auctions, last 400 days, 3- and 10-year results (accessed Nov. 10, 2026)
- TreasuryDirect, upcoming auctions data (accessed Nov. 12, 2026)
- U.S. Treasury, daily par yield curve rates, 2026 (accessed Nov. 12, 2026; latest row Nov. 12)
- Federal Reserve, FOMC statement, Oct. 28, 2026 and FOMC meeting calendars
