The Treasury sells $25 billion of new 30-year bonds on Thursday, Nov. 12. Competitive bids are due at 1 p.m. ET. The bonds are dated Nov. 15, settle Nov. 16 and mature Nov. 15, 2056, according to TreasuryDirect data compiled by Capital Finance Bureau and the Treasury's tentative auction schedule.

The result is not known yet. The Treasury posts it on TreasuryDirect after the sale closes.

Two numbers in that release matter most.

The high yield

The high yield is the highest yield the Treasury accepted in the auction. It sets what the government pays to borrow for 30 years on this sale.

A higher yield means a lower price for the bond. A higher yield also means a higher cost to the Treasury.

The number to compare it with is the market. Before the deadline, the bond already trades on a when-issued basis. If the high yield comes in above that level, buyers needed a higher yield to take the full amount. If it comes in below, demand was strong enough to clear the sale at a lower yield.

The bid-to-cover ratio

The bid-to-cover ratio is total bids divided by the amount offered, in the Treasury's auction results.

A ratio of 2.39 means bids came in for 2.39 times the amount on sale. A higher ratio means more bids per dollar of bonds. A lower ratio means fewer.

The ratio counts bids. It does not show the yields at which those bids were placed.

The recent record

The last new 30-year bond was sold on Aug. 13. The Treasury sold $25 billion at a high yield of 5.216 percent. The bid-to-cover ratio was 2.39.

On Oct. 8, the Treasury sold $22 billion of 30-year bonds in a reopening. A reopening adds to an existing issue. The high yield was 5.618 percent. The bid-to-cover ratio was 2.54.

Earlier this year, the Feb. 12 sale of $25 billion cleared at 4.750 percent. The May 13 sale of $25 billion cleared at 5.046 percent. Those figures are from TreasuryDirect, via Capital Finance Bureau.

Across those four sales, the high yield rose from 4.750 percent in February to 5.618 percent in October.

This week's sales

Thursday's auction follows two others this week.

The 3-year note sold on Nov. 9 at 4.627 percent. The bid-to-cover ratio was 2.53.

The 10-year note sold on Nov. 10 at 5.020 percent. The bid-to-cover ratio was 2.46.

Both figures are from TreasuryDirect, via Capital Finance Bureau.

Where the 30-year stands

The Treasury's 30-year par yield was 5.35 percent on Nov. 10. The bond market was closed on Wednesday for Veterans Day.

In Asian trading on Thursday, the 30-year yield was 5.338 percent at 9:55 a.m. Korea time, down 1.6 basis points, Yonhap Infomax reported. Bloomberg put it at 5.34 percent.

The policy rate

The Federal Reserve held its target range at 3.75 percent to 4 percent on Oct. 28. Its next meeting is Dec. 8-9.

The 30-year yield sits well above that range. The policy rate is an overnight rate. The 30-year bond is a loan to the government for three decades.

What to look for

When the result is posted, read the high yield first. Compare it with 5.216 percent in August and 5.618 percent in October.

Then read the bid-to-cover ratio. Compare it with 2.39 in August and 2.54 in October.

Then compare the high yield with where the bond traded just before 1 p.m.

The first two comparisons show the level. The third shows the demand on the day.