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20-year bond auction of 18 May 2022 (new issue)

The 20-year bond sold $19.556 billion at a high yield of 3.290% on , with a bid-to-cover ratio of 2.50.

Coupon
3.250%
Announced
Issued
Matures

High yield

3.290%

Median yield 3.215%

Bid-to-cover

2.50

▼ −0.30 since 20 Apr

Sold

$19.56 billion

$17 billion offered

Indirect bidders

70.6%

Of competitive bids accepted

The high yield was the highest for a 20-year bond of all 25 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 25 earlier auctions we hold26 auctions from 20 May 2020 to 18 May 2022; the latest at 3.290%.1.0%2.0%3.0%4.0%202020212022This auction, 3.290%The high yield was the highest for a 20-year bond of all 25 earlier auctions we hold26 auctions from 20 May 2020 to 18 May 2022; the latest at 3.290%.1.0%2.0%3.0%4.0%2020202120223.290%

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

The 26 auctions as a table
High yield and bid-to-cover of the last 26 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.2902.50
3.0952.80
2.6512.72
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 ratio2.502.444 of 128 of 12
High yield3.2902.0820 of 1212 of 12
Indirect bidders' share70.663.61 of 1211 of 12
Direct bidders' share16.418.99 of 123 of 12
Primary dealers' share13.017.210 of 122 of 12
High minus median, basis points7.56.63 of 129 of 12

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

Who bought the 20-year bond?

Indirect bidders took 70.6% of the competitive bids accepted

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

Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 16.4%, Primary dealers 13.0%Indirect bidders70.6%75.9%Direct bidders16.4%15.3%Primary dealers13.0%8.7%Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 16.4%, Primary dealers 13.0%Indirect bidders70.6%75.9%Direct bidders16.4%15.3%Primary dealers13.0%8.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.675.9
Direct bidders16.415.3
Primary dealers13.08.7

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$17,000,000,000
Bids received$44,976,142,900
Sold$19,555,763,900
Competitive bids accepted$16,988,406,000
Non-competitive bids accepted$11,631,900
Federal Reserve (SOMA) add-on$2,555,726,000
Foreign and international (FIMA) non-competitive$0
High yield, %3.290
Median rate, %3.215
Low rate, %2.880
Interest rate (coupon), %3.250
Bids at the high rate filled, %79.85
Bid-to-cover ratio2.50
Indirect bidders accepted$11,988,998,500
Direct bidders accepted$2,790,775,000
Primary dealers accepted$2,208,632,500
Indirect bidders' share, % (ours)70.6
Direct bidders' share, % (ours)16.4
Primary dealers' share, % (ours)13.0
High minus median, basis points (ours)7.5
Treasury par yield curve, 20-year point, same day, %3.24
High yield minus that point, basis points (ours)5.0

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 ratio2.50Last 24 auctions6 of 2418 of 242.41
Bid-to-cover ratio2.50All 25 since 20 May 20207 of 2518 of 252.42
High yield3.290Last 24 auctions0 of 2424 of 241.905
High yield3.290All 25 since 20 May 20200 of 2525 of 251.890
Indirect bidders' share70.6Last 24 auctions1 of 2423 of 2461.8
Indirect bidders' share70.6All 25 since 20 May 20201 of 2524 of 2561.6
Direct bidders' share16.4Last 24 auctions14 of 2410 of 2417.0
Direct bidders' share16.4All 25 since 20 May 202014 of 2511 of 2517.0
Primary dealers' share13.0Last 24 auctions22 of 242 of 2421.2
Primary dealers' share13.0All 25 since 20 May 202023 of 252 of 2521.2
High minus median, basis points7.5Last 24 auctions3 of 2420 of 246.0
High minus median, basis points7.5All 25 since 20 May 20203 of 2521 of 256.0

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 18 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220518_3.pdf. Compiled by 500metrics, "20-year bond auction of 18 May 2022 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2022-05-18.

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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