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20-year bond auction of 16 February 2022 (new issue)

The 20-year bond sold $22.255 billion at a high yield of 2.396% on , with a bid-to-cover ratio of 2.44.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.396%

Median yield 2.330%

Bid-to-cover

2.44

▼ −0.04 since 19 Jan

Sold

$22.26 billion

$19 billion offered

Indirect bidders

62.9%

Of competitive bids accepted

The high yield was the highest for a 20-year bond of all 22 earlier auctions we hold

High yield at each 20-year bond auction, %

The high yield was the highest for a 20-year bond of all 22 earlier auctions we hold23 auctions from 20 May 2020 to 16 February 2022; the latest at 2.396%.1.0%1.5%2.0%2.5%202020212022This auction, 2.396%The high yield was the highest for a 20-year bond of all 22 earlier auctions we hold23 auctions from 20 May 2020 to 16 February 2022; the latest at 2.396%.1.0%1.5%2.0%2.5%2020202120222.396%

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

The 23 auctions as a table
High yield and bid-to-cover of the last 23 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
2.3962.44
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 ratio2.442.414 of 127 of 12
High yield2.3962.0820 of 1212 of 12
Indirect bidders' share62.961.74 of 128 of 12
Direct bidders' share21.018.90 of 1212 of 12
Primary dealers' share16.120.011 of 121 of 12
High minus median, basis points6.66.46 of 126 of 12

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

  • Direct bidders' share: Highest of all 22 earlier 20-year bond auctions we hold.

Who bought the 20-year bond?

Indirect bidders took 62.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 19 January 2022

Indirect bidders took 62.9% of the competitive bids acceptedIndirect bidders 62.9%, Direct bidders 21.0%, Primary dealers 16.1%Indirect bidders62.9%66.2%Direct bidders21.0%17.0%Primary dealers16.1%16.8%Indirect bidders took 62.9% of the competitive bids acceptedIndirect bidders 62.9%, Direct bidders 21.0%, Primary dealers 16.1%Indirect bidders62.9%66.2%Direct bidders21.0%17.0%Primary dealers16.1%16.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.966.2
Direct bidders21.017.0
Primary dealers16.116.8

About these figures

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

Treasury's published result

FieldValue
Offered as20-Year, new issue
Offering amount$19,000,000,000
Bids received$49,598,035,600
Sold$22,255,007,600
Competitive bids accepted$18,993,522,000
Non-competitive bids accepted$6,488,600
Federal Reserve (SOMA) add-on$3,254,997,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.396
Median rate, %2.330
Low rate, %2.280
Interest rate (coupon), %2.375
Bids at the high rate filled, %72.06
Bid-to-cover ratio2.44
Indirect bidders accepted$11,947,992,000
Direct bidders accepted$3,985,500,000
Primary dealers accepted$3,060,030,000
Indirect bidders' share, % (ours)62.9
Direct bidders' share, % (ours)21.0
Primary dealers' share, % (ours)16.1
High minus median, basis points (ours)6.6
Treasury par yield curve, 20-year point, same day, %2.39
High yield minus that point, basis points (ours)0.6

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 ratio2.44All 22 since 20 May 20206 of 2215 of 222.40
High yield2.396All 22 since 20 May 20200 of 2222 of 221.861
Indirect bidders' share62.9All 22 since 20 May 20206 of 2216 of 2261.3
Direct bidders' share21.0All 22 since 20 May 20200 of 2222 of 2216.7
Primary dealers' share16.1All 22 since 20 May 202021 of 221 of 2221.5
High minus median, basis points6.6All 22 since 20 May 20208 of 2214 of 226.0

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 16 February 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220216_2.pdf. Compiled by 500metrics, "20-year bond auction of 16 February 2022 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2022-02-16.

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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