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20-year bond auction of 22 June 2022 (reopening)

The 20-year bond sold $15.07 billion at a high yield of 3.488% on , with a bid-to-cover ratio of 2.60.

Coupon
3.250%
Announced
Issued
Matures

High yield

3.488%

Median yield 3.405%

Bid-to-cover

2.60

▲ +0.10 since 18 May

Sold

$15.07 billion

$14 billion offered

Indirect bidders

67.4%

Of competitive bids accepted

The high yield was the highest for a 20-year bond of all 26 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 26 earlier auctions we hold27 auctions from 20 May 2020 to 22 June 2022; the latest at 3.488%.1.0%2.0%3.0%4.0%202020212022This auction, 3.488%The high yield was the highest for a 20-year bond of all 26 earlier auctions we hold27 auctions from 20 May 2020 to 22 June 2022; the latest at 3.488%.1.0%2.0%3.0%4.0%2020202120223.488%

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

The 27 auctions as a table
High yield and bid-to-cover of the last 27 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.4882.60
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 ratio2.602.463 of 129 of 12
High yield3.4882.0820 of 1212 of 12
Indirect bidders' share67.464.32 of 1210 of 12
Direct bidders' share20.218.83 of 129 of 12
Primary dealers' share12.416.810 of 122 of 12
High minus median, basis points8.36.62 of 1210 of 12

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

Who bought the 20-year bond?

Indirect bidders took 67.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 18 May 2022

Indirect bidders took 67.4% of the competitive bids acceptedIndirect bidders 67.4%, Direct bidders 20.2%, Primary dealers 12.4%Indirect bidders67.4%70.6%Direct bidders20.2%16.4%Primary dealers12.4%13.0%Indirect bidders took 67.4% of the competitive bids acceptedIndirect bidders 67.4%, Direct bidders 20.2%, Primary dealers 12.4%Indirect bidders67.4%70.6%Direct bidders20.2%16.4%Primary dealers12.4%13.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.470.6
Direct bidders20.216.4
Primary dealers12.413.0

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$14,000,000,000
Bids received$37,418,540,600
Sold$15,069,995,600
Competitive bids accepted$13,987,507,000
Non-competitive bids accepted$12,493,400
Federal Reserve (SOMA) add-on$1,069,995,200
Foreign and international (FIMA) non-competitive$0
High yield, %3.488
Median rate, %3.405
Low rate, %3.380
Interest rate (coupon), %3.250
Bids at the high rate filled, %8.62
Bid-to-cover ratio2.60
Indirect bidders accepted$9,433,507,000
Direct bidders accepted$2,826,000,000
Primary dealers accepted$1,728,000,000
Indirect bidders' share, % (ours)67.4
Direct bidders' share, % (ours)20.2
Primary dealers' share, % (ours)12.4
High minus median, basis points (ours)8.3
Treasury par yield curve, 20-year point, same day, %3.49
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 ratio2.60Last 24 auctions3 of 2421 of 242.41
Bid-to-cover ratio2.60All 26 since 20 May 20204 of 2622 of 262.42
High yield3.488Last 24 auctions0 of 2424 of 241.931
High yield3.488All 26 since 20 May 20200 of 2626 of 261.905
Indirect bidders' share67.4Last 24 auctions2 of 2422 of 2462.2
Indirect bidders' share67.4All 26 since 20 May 20202 of 2624 of 2661.8
Direct bidders' share20.2Last 24 auctions4 of 2420 of 2417.0
Direct bidders' share20.2All 26 since 20 May 20204 of 2622 of 2616.7
Primary dealers' share12.4Last 24 auctions22 of 242 of 2421.0
Primary dealers' share12.4All 26 since 20 May 202024 of 262 of 2621.2
High minus median, basis points8.3Last 24 auctions2 of 2422 of 246.0
High minus median, basis points8.3All 26 since 20 May 20202 of 2624 of 266.0

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 22 June 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220622_3.pdf. Compiled by 500metrics, "20-year bond auction of 22 June 2022 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2022-06-22.

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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