U.S. Treasury Sells $22B 30-Year Bonds at 4.844% Yield, $90B 4-Week Bills; Strong Demand Across Auctions

The U.S. Treasury recently conducted multiple debt auctions across various maturities, reflecting ongoing demand dynamics in the government bond market. On June 12, 2025, the Treasury sold $22 billion in 30-year bonds at a high yield of 4.844%, slightly below the when-issued yield of 4.859%, with a bid-to-cover ratio of 2.43. Indirect bidders acquired the majority at 65.16%, direct bidders took 23.42%, and primary dealers accounted for 11.41%. Subsequent auctions included a $13 billion 20-year bond sale on June 16 with a high yield of 4.942% and a bid-to-cover ratio of 2.68, where indirect bidders took 66.7% and direct bidders 19.9%. The 5-year Treasury Inflation-Protected Securities (TIPS) auction on June 17 sold $23 billion at a 1.65% high yield and a bid-to-cover ratio of 2.53, with indirect bidders taking 74.62%. On June 24, the 2-year note auction raised $69 billion at a 3.786% yield and a 2.58 bid-to-cover ratio, with indirect bidders acquiring 60.5% and direct bidders 26.33%. The 5-year note auction on June 25 sold $70 billion at 3.879% yield with a 2.36 bid-to-cover ratio. Shorter-term bill auctions also showed strong demand: on July 17, the Treasury sold $90 billion in 4-week bills at a 4.230% high rate and a 2.91 bid-to-cover ratio, awarding 9.59% of bids at that rate. Other auctions included the 3-year note on July 8, which sold $58 billion at a 3.891% high yield and a 2.51 bid-to-cover ratio, and the 10-year note on July 9, which sold $39 billion at a 4.362% yield with a 2.61 bid-to-cover ratio. Across these auctions, indirect bidders consistently took the largest share, followed by direct bidders and primary dealers, indicating robust demand from foreign and institutional investors.