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20-year bond auction of 17 May 2023 (new issue)

The 20-year bond sold $17.817 billion at a high yield of 3.954% on , with a bid-to-cover ratio of 2.56.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.954%

Median yield 3.875%

Bid-to-cover

2.56

▼ −0.10 since 19 Apr

Sold

$17.82 billion

$15 billion offered

Indirect bidders

70.6%

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 22 July 2020 to 17 May 2023; the latest at 3.954%.1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.954%High yield at the last 36 20-year bond auctions36 auctions from 22 July 2020 to 17 May 2023; the latest at 3.954%.1.0%2.0%3.0%4.0%5.0%2021202220233.954%

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
3.9542.56
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.627 of 125 of 12
High yield3.9543.8643 of 129 of 12
Indirect bidders' share70.671.46 of 126 of 12
Direct bidders' share18.118.16 of 126 of 12
Primary dealers' share11.310.66 of 126 of 12
High minus median, basis points7.97.64 of 128 of 12

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

Who bought the 20-year bond?

Indirect bidders took 70.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 19 April 2023

Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 18.1%, Primary dealers 11.3%Indirect bidders70.6%68.7%Direct bidders18.1%19.2%Primary dealers11.3%12.0%Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 18.1%, Primary dealers 11.3%Indirect bidders70.6%68.7%Direct bidders18.1%19.2%Primary dealers11.3%12.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.668.7
Direct bidders18.119.2
Primary dealers11.312.0

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$41,249,482,200
Sold$17,816,959,200
Competitive bids accepted$14,922,117,000
Non-competitive bids accepted$77,883,300
Federal Reserve (SOMA) add-on$2,816,958,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.954
Median rate, %3.875
Low rate, %2.880
Interest rate (coupon), %3.875
Bids at the high rate filled, %34.77
Bid-to-cover ratio2.56
Indirect bidders accepted$10,531,640,000
Direct bidders accepted$2,703,477,000
Primary dealers accepted$1,687,000,000
Indirect bidders' share, % (ours)70.6
Direct bidders' share, % (ours)18.1
Primary dealers' share, % (ours)11.3
High minus median, basis points (ours)7.9
Treasury par yield curve, 20-year point, same day, %3.96
High yield minus that point, basis points (ours)-0.6

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 ratio2.56Last 24 auctions11 of 2413 of 242.54
Bid-to-cover ratio2.56All 37 since 20 May 202012 of 3725 of 372.48
High yield3.954Last 24 auctions3 of 2421 of 243.192
High yield3.954All 37 since 20 May 20203 of 3734 of 372.144
Indirect bidders' share70.6Last 24 auctions7 of 2417 of 2466.6
Indirect bidders' share70.6All 37 since 20 May 20207 of 3730 of 3763.7
Direct bidders' share18.1Last 24 auctions14 of 2410 of 2418.8
Direct bidders' share18.1All 37 since 20 May 202016 of 3721 of 3717.0
Primary dealers' share11.3Last 24 auctions16 of 248 of 2413.7
Primary dealers' share11.3All 37 since 20 May 202029 of 378 of 3717.5
High minus median, basis points7.9Last 24 auctions6 of 2418 of 247.0
High minus median, basis points7.9All 37 since 20 May 20206 of 3731 of 376.5

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 May 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230517_2.pdf. Compiled by 500metrics, "20-year bond auction of 17 May 2023 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2023-05-17.

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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