The U.S. Treasury recently conducted several bond auctions across various maturities, with the 30-year bond sale being a focal point. On June 12, 2025, the Treasury sold $22 billion of 29-year and 11-month bonds at a high yield of 4.844%, with a bid-to-cover ratio of 2.43. Indirect bidders took 65.16% of the allotment, direct bidders 23.42%, and primary dealers 11.41%. The when-issued (WI) yield was 4.859%, indicating a stop-through of 1.5 basis points. Subsequently, on July 10, 2025, the Treasury sold another $22 billion in 30-year bonds at a high yield of 4.889%, nearly unchanged from the 4.890% WI yield. The bid-to-cover ratio was 2.38, with direct bidders taking 27.4%, indirect bidders 59.78%, and dealers 12.82%. The auction was described as solid, reflecting steady demand for long-term U.S. debt amid market conditions influenced by deficit concerns and trade tensions. Other recent auctions included the 20-year bond sale on June 16 with a high yield of 4.942% and a bid-to-cover ratio of 2.68 for $13 billion sold; the 5-year TIPS auction on June 17 with a high yield of 1.65% and $23 billion sold; and the 2-year note auction on June 24 with a high yield of 3.786% and $69 billion sold. Across these sales, indirect bidders consistently accounted for the largest share of accepted bids, followed by direct bidders and primary dealers. Bid-to-cover ratios generally indicated strong demand, and yields varied slightly around their respective when-issued levels.
$22 billion sale of U.S. 30-year bonds went well, with bid to cover comfortably above 2.3x via Bloomberg https://t.co/XNLADBREGu
The Treasury sale of $22 billion 30 Year Bonds was OK. The yield at 4.889% was very near the market at the bidding deadline
30Y AUCTION WRAP The US just sold $22B in 30-year bonds at a high yield of 4.889%, basically flat vs the 4.890% WI. Bid-to-cover came in at 2.38. Directs took 27.4%, indirects 59.78%, and dealers 12.82%.