How often are the 30-year Treasury Bonds (T-Bonds) auctioned?

Explore the full breakdown of 30-year bond auctions, the safety net that guarantees bond sales, and how weak demand affects yields—not sales

Team PGurus

November 24, 2025

Bond auctions decoded: How the US sells every dollar of its debt

What happens if some are unsold?

Here is the breakdown of how the 30-year Bond auctions work, formatted for clarity.
30-YEAR TREASURY BOND AUCTIONS

WHAT HAPPENS TO UNSOLD BONDS?

Technically, US Treasury auctions do not go unsold. The system is designed to ensure 100% of the debt is bought every time through a specific safety net.

1. The role of primary dealers

The US Treasury has a designated group of large banks and financial institutions called Primary Dealers (e.g., JPMorgan Chase, Goldman Sachs, Citigroup)[1].

- The Obligation: To maintain their status as a Primary Dealer, these banks are required to bid at Treasury auctions [2] .

The Safety Net: If public demand (from pension funds, foreign governments, or individuals) is low, these Primary Dealers must step in and buy the remaining supply[3].

2. The “failed” auction myth

You might hear the term “failed auction” in financial news, but it is a misnomer.

It does not mean: The bonds were not sold.
It actually means: Demand was weak, so the Treasury had to offer a higher yield (interest rate) to entice buyers [4].
The “Tail”: Analysts look at the “tail”—the difference between the expected yield and the actual auction yield. A large tail means the government had to pay more interest than expected to get the bonds sold.

QUICK CLARIFICATION: T-BILLS VS. T-BONDS

It is vital to distinguish between these two, as they serve different purposes in a portfolio.

T-Bills (Treasury Bills):

Duration: Short-term (4, 8, 13, 17, 26, or 52 weeks).
Interest: Sold at a discount; you get the full face value at maturity (the difference is your profit).
Risk: Near zero (extremely low volatility).

T-Bonds (Treasury Bonds):

Duration: Long-term (20 or 30 years).
Interest: Pays a fixed coupon rate every 6 months.
Risk: Higher “duration risk” (if interest rates rise, the resale value of existing bonds falls significantly).

References:

[1] List of primary dealers – home.treasury.gov

[2] Administration of Relationships with Primary Dealers – newyorkfed.org

[3] US: 30-Yr Bond Announcement – January 2, 2025, cmegroup.com

[4] U.S. 30-Year Bond Auction – November 13, 2025, investing.com

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