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20-year bond auction of 15 February 2023 (new issue)

The 20-year bond sold $18.408 billion at a high yield of 3.977% on , with a bid-to-cover ratio of 2.54.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.977%

Median yield 3.900%

Bid-to-cover

2.54

▼ −0.29 since 18 Jan

Sold

$18.41 billion

$15 billion offered

Indirect bidders

75.3%

Of competitive bids accepted

High yield at the last 35 20-year bond auctions

High yield at each 20-year bond auction, %

High yield at the last 35 20-year bond auctions35 auctions from 20 May 2020 to 15 February 2023; the latest at 3.977%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.977%High yield at the last 35 20-year bond auctions35 auctions from 20 May 2020 to 15 February 2023; the latest at 3.977%.1.0%2.0%3.0%4.0%5.0%2021202220233.977%

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

The 35 auctions as a table
High yield and bid-to-cover of the last 35 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.9772.54
3.6782.83
3.9352.68
4.0722.64
4.3952.50
3.8202.65
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 ratio2.542.648 of 124 of 12
High yield3.9773.4542 of 1210 of 12
Indirect bidders' share75.371.45 of 127 of 12
Direct bidders' share18.017.56 of 126 of 12
Primary dealers' share6.79.412 of 120 of 12
High minus median, basis points7.76.83 of 129 of 12

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

  • Primary dealers' share: Lowest of all 34 earlier 20-year bond auctions we hold.

Who bought the 20-year bond?

Indirect bidders took 75.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 18 January 2023

Indirect bidders took 75.3% of the competitive bids acceptedIndirect bidders 75.3%, Direct bidders 18.0%, Primary dealers 6.7%Indirect bidders75.3%76.3%Direct bidders18.0%15.6%Primary dealers6.7%8.1%Indirect bidders took 75.3% of the competitive bids acceptedIndirect bidders 75.3%, Direct bidders 18.0%, Primary dealers 6.7%Indirect bidders75.3%76.3%Direct bidders18.0%15.6%Primary dealers6.7%8.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders75.376.3
Direct bidders18.015.6
Primary dealers6.78.1

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$41,517,952,800
Sold$18,408,094,800
Competitive bids accepted$14,957,677,000
Non-competitive bids accepted$42,355,900
Federal Reserve (SOMA) add-on$3,408,061,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.977
Median rate, %3.900
Low rate, %3.800
Interest rate (coupon), %3.875
Bids at the high rate filled, %0.63
Bid-to-cover ratio2.54
Indirect bidders accepted$11,263,535,000
Direct bidders accepted$2,688,197,000
Primary dealers accepted$1,005,945,000
Indirect bidders' share, % (ours)75.3
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)6.7
High minus median, basis points (ours)7.7
Treasury par yield curve, 20-year point, same day, %3.97
High yield minus that point, basis points (ours)0.7

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 ratio2.54Last 24 auctions10 of 2414 of 242.50
Bid-to-cover ratio2.54All 34 since 20 May 202011 of 3423 of 342.44
High yield3.977Last 24 auctions2 of 2422 of 242.343
High yield3.977All 34 since 20 May 20202 of 3432 of 342.110
Indirect bidders' share75.3Last 24 auctions5 of 2419 of 2464.6
Indirect bidders' share75.3All 34 since 20 May 20205 of 3429 of 3462.9
Direct bidders' share18.0Last 24 auctions14 of 2410 of 2418.8
Direct bidders' share18.0All 34 since 20 May 202014 of 3420 of 3416.8
Primary dealers' share6.7Last 24 auctions24 of 240 of 2416.3
Primary dealers' share6.7All 34 since 20 May 202034 of 340 of 3419.3
High minus median, basis points7.7Last 24 auctions5 of 2419 of 246.8
High minus median, basis points7.7All 34 since 20 May 20205 of 3429 of 346.2

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 15 February 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230215_2.pdf. Compiled by 500metrics, "20-year bond auction of 15 February 2023 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2023-02-15.

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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