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20-year bond auction of 17 August 2022 (new issue)

The 20-year bond sold $16.953 billion at a high yield of 3.380% on , with a bid-to-cover ratio of 2.30.

Coupon
3.375%
Announced
Issued
Matures

High yield

3.380%

Median yield 3.280%

Bid-to-cover

2.30

▼ −0.35 since 20 Jul

Sold

$16.95 billion

$15 billion offered

Indirect bidders

67.0%

Of competitive bids accepted

High yield at the last 29 20-year bond auctions

High yield at each 20-year bond auction, %

High yield at the last 29 20-year bond auctions29 auctions from 20 May 2020 to 17 August 2022; the latest at 3.380%.1.0%2.0%3.0%4.0%202020212022This auction, 3.380%High yield at the last 29 20-year bond auctions29 auctions from 20 May 2020 to 17 August 2022; the latest at 3.380%.1.0%2.0%3.0%4.0%202120223.380%

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

The 29 auctions as a table
High yield and bid-to-cover of the last 29 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.3802.30
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 ratio2.302.5411 of 121 of 12
High yield3.3802.3032 of 1210 of 12
Indirect bidders' share67.064.84 of 128 of 12
Direct bidders' share18.318.06 of 126 of 12
Primary dealers' share14.715.26 of 126 of 12
High minus median, basis points10.06.60 of 1212 of 12

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

  • High minus median, basis points: Highest of all 28 earlier 20-year bond auctions we hold.

Who bought the 20-year bond?

Indirect bidders took 67.0% of the competitive bids accepted

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

Indirect bidders took 67.0% of the competitive bids acceptedIndirect bidders 67.0%, Direct bidders 18.3%, Primary dealers 14.7%Indirect bidders67.0%78.0%Direct bidders18.3%14.1%Primary dealers14.7%7.9%Indirect bidders took 67.0% of the competitive bids acceptedIndirect bidders 67.0%, Direct bidders 18.3%, Primary dealers 14.7%Indirect bidders67.0%78.0%Direct bidders18.3%14.1%Primary dealers14.7%7.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.078.0
Direct bidders18.314.1
Primary dealers14.77.9

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$15,000,000,000
Bids received$36,525,897,200
Sold$16,952,881,200
Competitive bids accepted$14,975,804,000
Non-competitive bids accepted$24,211,300
Federal Reserve (SOMA) add-on$1,952,865,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.380
Median rate, %3.280
Low rate, %3.220
Interest rate (coupon), %3.375
Bids at the high rate filled, %73.88
Bid-to-cover ratio2.30
Indirect bidders accepted$10,029,820,000
Direct bidders accepted$2,743,000,000
Primary dealers accepted$2,202,984,000
Indirect bidders' share, % (ours)67.0
Direct bidders' share, % (ours)18.3
Primary dealers' share, % (ours)14.7
High minus median, basis points (ours)10.0
Treasury par yield curve, 20-year point, same day, %3.37
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 ratio2.30Last 24 auctions19 of 245 of 242.42
Bid-to-cover ratio2.30All 28 since 20 May 202022 of 286 of 282.43
High yield3.380Last 24 auctions2 of 2422 of 242.082
High yield3.380All 28 since 20 May 20202 of 2826 of 281.931
Indirect bidders' share67.0Last 24 auctions4 of 2420 of 2462.2
Indirect bidders' share67.0All 28 since 20 May 20205 of 2823 of 2862.2
Direct bidders' share18.3Last 24 auctions11 of 2413 of 2417.4
Direct bidders' share18.3All 28 since 20 May 202011 of 2817 of 2816.7
Primary dealers' share14.7Last 24 auctions18 of 246 of 2420.0
Primary dealers' share14.7All 28 since 20 May 202022 of 286 of 2821.0
High minus median, basis points10.0Last 24 auctions0 of 2424 of 246.2
High minus median, basis points10.0All 28 since 20 May 20200 of 2828 of 286.0

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 17 August 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220817_2.pdf. Compiled by 500metrics, "20-year bond auction of 17 August 2022 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2022-08-17.

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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