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20-year bond auction of 2 December 2021 (reopening)

The 20-year bond sold $25 million at a high yield of 1.872% on , with a bid-to-cover ratio of 2.92.

Coupon
2.000%
Announced
Issued
Matures

High yield

1.872%

Median yield 1.865%

Bid-to-cover

2.92

▲ +0.58 since 17 Nov

Sold

$25.00 million

$25 million offered

Indirect bidders

0.0%

Of competitive bids accepted

High yield at the last 20 20-year bond auctions

High yield at each 20-year bond auction, %

High yield at the last 20 20-year bond auctions20 auctions from 20 May 2020 to 2 December 2021; the latest at 1.872%.1.0%1.5%2.0%2.5%20202021This auction, 1.872%High yield at the last 20 20-year bond auctions20 auctions from 20 May 2020 to 2 December 2021; the latest at 1.872%.1.0%1.5%2.0%2.5%202020211.872%

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

The 20 auctions as a table
High yield and bid-to-cover of the last 20 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
1.8722.92
2.0652.34
2.1002.25
1.7952.36
1.8502.44
1.8902.33
2.1202.40
2.2862.24
2.1442.42
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 the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.922.350 of 1212 of 12
High yield1.8721.9928 of 124 of 12
Indirect bidders' share0.060.212 of 120 of 12
Direct bidders' share0.018.812 of 120 of 12
Primary dealers' share100.021.00 of 1212 of 12
High minus median, basis points0.77.012 of 120 of 12

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

  • Bid-to-cover ratio: Highest of all 19 earlier 20-year bond auctions we hold.
  • Indirect bidders' share: Lowest of all 19 earlier 20-year bond auctions we hold.
  • Direct bidders' share: Lowest of all 19 earlier 20-year bond auctions we hold.
  • Primary dealers' share: Highest of all 19 earlier 20-year bond auctions we hold.
  • High minus median, basis points: Lowest of all 19 earlier 20-year bond auctions we hold.

Who bought the 20-year bond?

Primary dealers took 100.0% of the competitive bids accepted

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

Primary dealers took 100.0% of the competitive bids acceptedIndirect bidders 0.0%, Direct bidders 0.0%, Primary dealers 100.0%Indirect bidders0.0%60.2%Direct bidders0.0%19.4%Primary dealers100.0%20.4%Primary dealers took 100.0% of the competitive bids acceptedIndirect bidders 0.0%, Direct bidders 0.0%, Primary dealers 100.0%Indirect bidders0.0%60.2%Direct bidders0.0%19.4%Primary dealers100.0%20.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders0.060.2
Direct bidders0.019.4
Primary dealers100.020.4

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$25,000,000
Bids received$72,950,000
Sold$25,000,100
Competitive bids accepted$25,000,100
Non-competitive bids accepted$0
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.872
Median rate, %1.865
Low rate, %1.810
Interest rate (coupon), %2.000
Bids at the high rate filled, %65.39
Bid-to-cover ratio2.92
Indirect bidders accepted$0
Direct bidders accepted$0
Primary dealers accepted$25,000,100
Indirect bidders' share, % (ours)0.0
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)100.0
High minus median, basis points (ours)0.7
Treasury par yield curve, 20-year point, same day, %1.87
High yield minus that point, basis points (ours)0.2

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.

The longer windows

Each measure against earlier 20-year bond auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.92All 19 since 20 May 20200 of 1919 of 192.39
High yield1.872All 19 since 20 May 20208 of 1911 of 191.795
Indirect bidders' share0.0All 19 since 20 May 202019 of 190 of 1961.2
Direct bidders' share0.0All 19 since 20 May 202019 of 190 of 1916.5
Primary dealers' share100.0All 19 since 20 May 20200 of 1919 of 1921.6
High minus median, basis points0.7All 19 since 20 May 202019 of 190 of 196.0

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

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 2 December 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211202_9.pdf. Compiled by 500metrics, "20-year bond auction of 2 December 2021 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2021-12-02.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.