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20-year bond auction of 19 January 2022 (reopening)

The 20-year bond sold $22.989 billion at a high yield of 2.210% on , with a bid-to-cover ratio of 2.48.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.210%

Median yield 2.150%

Bid-to-cover

2.48

▼ −0.11 since 21 Dec

Sold

$22.99 billion

$20 billion offered

Indirect bidders

66.2%

Of competitive bids accepted

High yield at the last 22 20-year bond auctions

High yield at each 20-year bond auction, %

High yield at the last 22 20-year bond auctions22 auctions from 20 May 2020 to 19 January 2022; the latest at 2.210%.1.0%1.5%2.0%2.5%202020212022This auction, 2.210%High yield at the last 22 20-year bond auctions22 auctions from 20 May 2020 to 19 January 2022; the latest at 2.210%.1.0%1.5%2.0%2.5%2020202120222.210%

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

The 22 auctions as a table
High yield and bid-to-cover of the last 22 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
2.2102.48
1.9422.59
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 ratio2.482.383 of 129 of 12
High yield2.2102.0042 of 1210 of 12
Indirect bidders' share66.260.80 of 1212 of 12
Direct bidders' share17.018.99 of 123 of 12
Primary dealers' share16.820.711 of 121 of 12
High minus median, basis points6.07.07 of 125 of 12

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

  • Indirect bidders' share: Highest for a 20-year bond since 22 July 2020 (18 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 66.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 21 December 2021

Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 17.0%, Primary dealers 16.8%Indirect bidders66.2%64.8%Direct bidders17.0%20.8%Primary dealers16.8%14.3%Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 17.0%, Primary dealers 16.8%Indirect bidders66.2%64.8%Direct bidders17.0%20.8%Primary dealers16.8%14.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.264.8
Direct bidders17.020.8
Primary dealers16.814.3

About these figures

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

Treasury's published result

FieldValue
Offered as19-Year 10-Month, reopening
Offering amount$20,000,000,000
Bids received$52,612,313,300
Sold$22,989,260,500
Competitive bids accepted$19,998,247,200
Non-competitive bids accepted$1,759,200
Federal Reserve (SOMA) add-on$2,989,254,100
Foreign and international (FIMA) non-competitive$0
High yield, %2.210
Median rate, %2.150
Low rate, %2.120
Interest rate (coupon), %2.000
Bids at the high rate filled, %82.43
Bid-to-cover ratio2.48
Indirect bidders accepted$13,243,186,200
Direct bidders accepted$3,404,864,500
Primary dealers accepted$3,350,196,500
Indirect bidders' share, % (ours)66.2
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)16.8
High minus median, basis points (ours)6.0
Treasury par yield curve, 20-year point, same day, %2.20
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.

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 ratio2.48All 21 since 20 May 20205 of 2116 of 212.39
High yield2.210All 21 since 20 May 20202 of 2119 of 211.850
Indirect bidders' share66.2All 21 since 20 May 20201 of 2120 of 2161.2
Direct bidders' share17.0All 21 since 20 May 202010 of 2111 of 2116.5
Primary dealers' share16.8All 21 since 20 May 202020 of 211 of 2121.6
High minus median, basis points6.0All 21 since 20 May 20209 of 2111 of 215.9

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 19 January 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220119_2.pdf. Compiled by 500metrics, "20-year bond auction of 19 January 2022 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2022-01-19.

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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