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20-year bond auction of 16 March 2021 (reopening)

The 20-year bond sold $28.31 billion at a high yield of 2.290% on , with a bid-to-cover ratio of 2.51.

Coupon
1.875%
Announced
Issued
Matures

High yield

2.290%

Median yield 2.240%

Bid-to-cover

2.51

▲ +0.36 since 17 Feb

Sold

$28.31 billion

$24 billion offered

Indirect bidders

61.4%

Of competitive bids accepted

High yield at the last 11 20-year bond auctions

High yield at each 20-year bond auction, %

High yield at the last 11 20-year bond auctions11 auctions from 20 May 2020 to 16 March 2021; the latest at 2.290%.1.0%1.5%2.0%2.5%20202021This auction, 2.290%High yield at the last 11 20-year bond auctions11 auctions from 20 May 2020 to 16 March 2021; the latest at 2.290%.1.0%1.5%2.0%2.5%202020212.290%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 11 auctions as a table
High yield and bid-to-cover of the last 11 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
2.2902.51
1.9202.15
1.6572.28
1.4702.39
1.4222.27
1.3702.43
1.2132.39
1.1852.26
1.0592.43
1.3142.63
1.2202.53

Against its own history

Against every earlier 20-year bond auction we hold
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.392 of 108 of 10
High yield2.2901.3420 of 1010 of 10
Indirect bidders' share61.461.04 of 106 of 10
Direct bidders' share17.015.31 of 109 of 10
Primary dealers' share21.624.38 of 102 of 10
High minus median, basis points5.05.99 of 101 of 10

The table scrolls sideways; the first column stays in place.

Who bought the 20-year bond?

Indirect bidders took 61.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 17 February 2021

Indirect bidders took 61.4% of the competitive bids acceptedIndirect bidders 61.4%, Direct bidders 17.0%, Primary dealers 21.6%Indirect bidders61.4%54.9%Direct bidders17.0%16.0%Primary dealers21.6%29.1%Indirect bidders took 61.4% of the competitive bids acceptedIndirect bidders 61.4%, Direct bidders 17.0%, Primary dealers 21.6%Indirect bidders61.4%54.9%Direct bidders17.0%16.0%Primary dealers21.6%29.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.454.9
Direct bidders17.016.0
Primary dealers21.629.1

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as19-Year 11-Month, reopening
Offering amount$24,000,000,000
Bids received$64,599,088,700
Sold$28,309,707,400
Competitive bids accepted$23,997,803,700
Non-competitive bids accepted$2,196,900
Federal Reserve (SOMA) add-on$4,309,706,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.290
Median rate, %2.240
Low rate, %0.880
Interest rate (coupon), %1.875
Bids at the high rate filled, %98.83
Bid-to-cover ratio2.51
Indirect bidders accepted$14,736,266,200
Direct bidders accepted$4,087,000,000
Primary dealers accepted$5,174,537,500
Indirect bidders' share, % (ours)61.4
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)21.6
High minus median, basis points (ours)5.0
Treasury par yield curve, 20-year point, same day, %2.30
High yield minus that point, basis points (ours)-1.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (20-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

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.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 16 March 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210316_2.pdf. Compiled by 500metrics, "20-year bond auction of 16 March 2021 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2021-03-16.

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, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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