How did the latest 20-year Treasury bond auction go?
The last 20-year bond auction, on , sold at a high yield of 5.420% with a bid-to-cover of 2.57.
High yield
5.420%
Bid-to-cover
2.57
Sold
$13.00 billion
Indirect bidders
52.5%
When is the next 20-year bond auction?
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| Reopening | |||
| New issue | |||
| Reopening | |||
| Reopening |
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 20-year bond auctions; the latest was 2.57
Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
High yield of the last 36 20-year bond auctions; the latest was 5.420%
High yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chart
The latest auction against its own history
- High yield: Highest of all 77 earlier 20-year bond auctions we hold.
- Indirect bidders' share: Lowest for a 20-year bond since 2 December 2021 (57 auctions in between).
- Direct bidders' share: Highest of all 77 earlier 20-year bond auctions we hold.
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.57 | Last 12 auctions | 8 of 12 | 4 of 12 | 2.68 |
| Bid-to-cover ratio | 2.57 | Last 24 auctions | 14 of 24 | 10 of 24 | 2.64 |
| Bid-to-cover ratio | 2.57 | All 77 since 20 May 2020 | 35 of 77 | 42 of 77 | 2.55 |
| High yield | 5.420 | Last 12 auctions | 0 of 12 | 12 of 12 | 4.832 |
| High yield | 5.420 | Last 24 auctions | 0 of 24 | 24 of 24 | 4.824 |
| High yield | 5.420 | All 77 since 20 May 2020 | 0 of 77 | 77 of 77 | 4.039 |
| Indirect bidders' share | 52.5 | Last 12 auctions | 12 of 12 | 0 of 12 | 65.0 |
| Indirect bidders' share | 52.5 | Last 24 auctions | 24 of 24 | 0 of 24 | 67.1 |
| Indirect bidders' share | 52.5 | All 77 since 20 May 2020 | 76 of 77 | 1 of 77 | 66.4 |
| Direct bidders' share | 30.7 | Last 12 auctions | 0 of 12 | 12 of 12 | 23.8 |
| Direct bidders' share | 30.7 | Last 24 auctions | 0 of 24 | 24 of 24 | 21.7 |
| Direct bidders' share | 30.7 | All 77 since 20 May 2020 | 0 of 77 | 77 of 77 | 18.9 |
| Primary dealers' share | 16.9 | Last 12 auctions | 1 of 12 | 11 of 12 | 9.9 |
| Primary dealers' share | 16.9 | Last 24 auctions | 7 of 24 | 17 of 24 | 12.5 |
| Primary dealers' share | 16.9 | All 77 since 20 May 2020 | 29 of 77 | 48 of 77 | 12.9 |
| High minus median, basis points | 6.0 | Last 12 auctions | 1 of 12 | 11 of 12 | 5.0 |
| High minus median, basis points | 6.0 | Last 24 auctions | 7 of 24 | 15 of 24 | 5.5 |
| High minus median, basis points | 6.0 | All 77 since 20 May 2020 | 36 of 77 | 36 of 77 | 6.0 |
The table scrolls sideways; the first column stays in place.
What this number cannot tell you
- Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
- The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
- Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
- Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.
Every 20-year bond auction
Show 66 more rows
The table scrolls sideways; the first column stays in place.
Sources and licence
Sources and licence
- U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
- U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government
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