500metrics

All sources checked Checked

20-year bond auction of 20 November 2023 (new issue)

The 20-year bond sold $16.184 billion at a high yield of 4.780% on , with a bid-to-cover ratio of 2.58.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.780%

Median yield 4.730%

Bid-to-cover

2.58

▼ −0.01 since 18 Oct

Sold

$16.18 billion

$16 billion offered

Indirect bidders

74.0%

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 20 January 2021 to 20 November 2023; the latest at 4.780%.1.0%2.0%3.0%4.0%5.0%6.0%202120222023This auction, 4.780%High yield at the last 36 20-year bond auctions36 auctions from 20 January 2021 to 20 November 2023; the latest at 4.780%.1.0%2.0%3.0%4.0%5.0%6.0%202220234.780%

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
4.7802.58
5.2452.59
4.5922.74
4.4992.56
4.0362.68
4.0102.87
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.658 of 124 of 12
High yield4.7803.9941 of 1211 of 12
Indirect bidders' share74.071.44 of 128 of 12
Direct bidders' share16.518.69 of 123 of 12
Primary dealers' share9.59.46 of 126 of 12
High minus median, basis points5.07.011 of 121 of 12

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

Who bought the 20-year bond?

Indirect bidders took 74.0% of the competitive bids accepted

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

Indirect bidders took 74.0% of the competitive bids acceptedIndirect bidders 74.0%, Direct bidders 16.5%, Primary dealers 9.5%Indirect bidders74.0%72.9%Direct bidders16.5%15.2%Primary dealers9.5%11.9%Indirect bidders took 74.0% of the competitive bids acceptedIndirect bidders 74.0%, Direct bidders 16.5%, Primary dealers 9.5%Indirect bidders74.0%72.9%Direct bidders16.5%15.2%Primary dealers9.5%11.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.072.9
Direct bidders16.515.2
Primary dealers9.511.9

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$16,000,000,000
Bids received$41,398,294,800
Sold$16,184,316,400
Competitive bids accepted$15,831,222,900
Non-competitive bids accepted$168,798,900
Federal Reserve (SOMA) add-on$184,294,600
Foreign and international (FIMA) non-competitive$0
High yield, %4.780
Median rate, %4.730
Low rate, %4.680
Interest rate (coupon), %4.750
Bids at the high rate filled, %18.63
Bid-to-cover ratio2.58
Indirect bidders accepted$11,712,194,100
Direct bidders accepted$2,614,007,000
Primary dealers accepted$1,505,021,800
Indirect bidders' share, % (ours)74.0
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)9.5
High minus median, basis points (ours)5.0
Treasury par yield curve, 20-year point, same day, %4.74
High yield minus that point, basis points (ours)4.0

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 ratio2.58Last 24 auctions15 of 249 of 242.62
Bid-to-cover ratio2.58All 43 since 20 May 202016 of 4327 of 432.51
High yield4.780Last 24 auctions1 of 2423 of 243.864
High yield4.780All 43 since 20 May 20201 of 4342 of 432.290
Indirect bidders' share74.0Last 24 auctions7 of 2417 of 2468.7
Indirect bidders' share74.0All 43 since 20 May 20207 of 4336 of 4364.8
Direct bidders' share16.5Last 24 auctions17 of 247 of 2418.2
Direct bidders' share16.5All 43 since 20 May 202026 of 4317 of 4317.7
Primary dealers' share9.5Last 24 auctions15 of 249 of 2411.3
Primary dealers' share9.5All 43 since 20 May 202034 of 439 of 4316.4
High minus median, basis points5.0Last 24 auctions20 of 244 of 247.0
High minus median, basis points5.0All 43 since 20 May 202037 of 435 of 436.6

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 November 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231120_3.pdf. Compiled by 500metrics, "20-year bond auction of 20 November 2023 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2023-11-20.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.