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20-year bond auction of 19 April 2023 (reopening)

The 20-year bond sold $13.171 billion at a high yield of 3.920% on , with a bid-to-cover ratio of 2.66.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.920%

Median yield 3.850%

Bid-to-cover

2.66

▲ +0.13 since 21 Mar

Sold

$13.17 billion

$12 billion offered

Indirect bidders

68.7%

Of competitive bids accepted

High yield at the last 36 20-year bond auctions

High yield at each 20-year bond auction, %

High yield at the last 36 20-year bond auctions36 auctions from 17 June 2020 to 19 April 2023; the latest at 3.920%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.920%High yield at the last 36 20-year bond auctions36 auctions from 17 June 2020 to 19 April 2023; the latest at 3.920%.1.0%2.0%3.0%4.0%5.0%2021202220233.920%

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

The 36 auctions as a table
High yield and bid-to-cover of the last 36 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.9202.66
3.9092.53
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.623 of 129 of 12
High yield3.9203.7494 of 128 of 12
Indirect bidders' share68.773.88 of 124 of 12
Direct bidders' share19.217.33 of 129 of 12
Primary dealers' share12.09.04 of 128 of 12
High minus median, basis points7.07.67 of 124 of 12

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

Who bought the 20-year bond?

Indirect bidders took 68.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 21 March 2023

Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 19.2%, Primary dealers 12.0%Indirect bidders68.7%67.0%Direct bidders19.2%21.1%Primary dealers12.0%11.9%Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 19.2%, Primary dealers 12.0%Indirect bidders68.7%67.0%Direct bidders19.2%21.1%Primary dealers12.0%11.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.767.0
Direct bidders19.221.1
Primary dealers12.011.9

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$12,000,000,000
Bids received$33,125,754,900
Sold$13,171,112,900
Competitive bids accepted$11,960,168,000
Non-competitive bids accepted$39,845,100
Federal Reserve (SOMA) add-on$1,171,099,800
Foreign and international (FIMA) non-competitive$0
High yield, %3.920
Median rate, %3.850
Low rate, %3.820
Interest rate (coupon), %3.875
Bids at the high rate filled, %30.81
Bid-to-cover ratio2.66
Indirect bidders accepted$8,218,574,500
Direct bidders accepted$2,300,783,500
Primary dealers accepted$1,440,810,000
Indirect bidders' share, % (ours)68.7
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)12.0
High minus median, basis points (ours)7.0
Treasury par yield curve, 20-year point, same day, %3.90
High yield minus that point, basis points (ours)2.0

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 ratio2.66Last 24 auctions5 of 2419 of 242.52
Bid-to-cover ratio2.66All 36 since 20 May 20205 of 3631 of 362.46
High yield3.920Last 24 auctions4 of 2420 of 242.873
High yield3.920All 36 since 20 May 20204 of 3632 of 362.132
Indirect bidders' share68.7Last 24 auctions8 of 2416 of 2465.5
Indirect bidders' share68.7All 36 since 20 May 20208 of 3628 of 3663.3
Direct bidders' share19.2Last 24 auctions9 of 2415 of 2418.8
Direct bidders' share19.2All 36 since 20 May 202010 of 3626 of 3617.0
Primary dealers' share12.0Last 24 auctions15 of 249 of 2414.5
Primary dealers' share12.0All 36 since 20 May 202027 of 369 of 3618.3
High minus median, basis points7.0Last 24 auctions11 of 2411 of 247.0
High minus median, basis points7.0All 36 since 20 May 202012 of 3621 of 366.4

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 19 April 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230419_2.pdf. Compiled by 500metrics, "20-year bond auction of 19 April 2023 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2023-04-19.

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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