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20-year bond auction of 20 July 2022 (reopening)

The 20-year bond sold $15.215 billion at a high yield of 3.420% on , with a bid-to-cover ratio of 2.65.

Coupon
3.250%
Announced
Issued
Matures

High yield

3.420%

Median yield 3.330%

Bid-to-cover

2.65

▲ +0.05 since 22 Jun

Sold

$15.21 billion

$14 billion offered

Indirect bidders

78.0%

Of competitive bids accepted

High yield at the last 28 20-year bond auctions

High yield at each 20-year bond auction, %

High yield at the last 28 20-year bond auctions28 auctions from 20 May 2020 to 20 July 2022; the latest at 3.420%.1.0%2.0%3.0%4.0%202020212022This auction, 3.420%High yield at the last 28 20-year bond auctions28 auctions from 20 May 2020 to 20 July 2022; the latest at 3.420%.1.0%2.0%3.0%4.0%202120223.420%

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

The 28 auctions as a table
High yield and bid-to-cover of the last 28 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.4202.65
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 ratio2.652.493 of 129 of 12
High yield3.4202.1551 of 1211 of 12
Indirect bidders' share78.064.60 of 1212 of 12
Direct bidders' share14.118.811 of 121 of 12
Primary dealers' share7.916.412 of 120 of 12
High minus median, basis points9.06.61 of 1211 of 12

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

  • Indirect bidders' share: Highest of all 27 earlier 20-year bond auctions we hold.
  • Primary dealers' share: Lowest of all 27 earlier 20-year bond auctions we hold.

Who bought the 20-year bond?

Indirect bidders took 78.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 22 June 2022

Indirect bidders took 78.0% of the competitive bids acceptedIndirect bidders 78.0%, Direct bidders 14.1%, Primary dealers 7.9%Indirect bidders78.0%67.4%Direct bidders14.1%20.2%Primary dealers7.9%12.4%Indirect bidders took 78.0% of the competitive bids acceptedIndirect bidders 78.0%, Direct bidders 14.1%, Primary dealers 7.9%Indirect bidders78.0%67.4%Direct bidders14.1%20.2%Primary dealers7.9%12.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders78.067.4
Direct bidders14.120.2
Primary dealers7.912.4

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$14,000,000,000
Bids received$38,370,997,300
Sold$15,214,669,000
Competitive bids accepted$13,980,661,700
Non-competitive bids accepted$19,340,100
Federal Reserve (SOMA) add-on$1,214,667,200
Foreign and international (FIMA) non-competitive$0
High yield, %3.420
Median rate, %3.330
Low rate, %2.880
Interest rate (coupon), %3.250
Bids at the high rate filled, %4.47
Bid-to-cover ratio2.65
Indirect bidders accepted$10,900,420,300
Direct bidders accepted$1,970,000,000
Primary dealers accepted$1,110,241,400
Indirect bidders' share, % (ours)78.0
Direct bidders' share, % (ours)14.1
Primary dealers' share, % (ours)7.9
High minus median, basis points (ours)9.0
Treasury par yield curve, 20-year point, same day, %3.43
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 ratio2.65Last 24 auctions3 of 2421 of 242.41
Bid-to-cover ratio2.65All 27 since 20 May 20203 of 2724 of 272.43
High yield3.420Last 24 auctions1 of 2423 of 242.004
High yield3.420All 27 since 20 May 20201 of 2726 of 271.920
Indirect bidders' share78.0Last 24 auctions0 of 2424 of 2462.2
Indirect bidders' share78.0All 27 since 20 May 20200 of 2727 of 2762.1
Direct bidders' share14.1Last 24 auctions22 of 242 of 2417.4
Direct bidders' share14.1All 27 since 20 May 202024 of 273 of 2717.0
Primary dealers' share7.9Last 24 auctions24 of 240 of 2420.7
Primary dealers' share7.9All 27 since 20 May 202027 of 270 of 2721.1
High minus median, basis points9.0Last 24 auctions1 of 2422 of 246.2
High minus median, basis points9.0All 27 since 20 May 20201 of 2725 of 276.0

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 20 July 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220720_2.pdf. Compiled by 500metrics, "20-year bond auction of 20 July 2022 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2022-07-20.

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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