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20-year bond auction of 20 December 2023 (reopening)

The 20-year bond sold $13 billion at a high yield of 4.213% on , with a bid-to-cover ratio of 2.55.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.213%

Median yield 4.147%

Bid-to-cover

2.55

▼ −0.03 since 20 Nov

Sold

$13.00 billion

$13 billion offered

Indirect bidders

66.4%

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 February 2021 to 20 December 2023; the latest at 4.213%.1.0%2.0%3.0%4.0%5.0%6.0%202120222023This auction, 4.213%High yield at the last 36 20-year bond auctions36 auctions from 17 February 2021 to 20 December 2023; the latest at 4.213%.2.0%3.0%4.0%5.0%6.0%202220234.213%

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
4.2132.55
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.6210 of 122 of 12
High yield4.2133.9944 of 128 of 12
Indirect bidders' share66.471.411 of 121 of 12
Direct bidders' share20.718.63 of 129 of 12
Primary dealers' share12.99.50 of 1212 of 12
High minus median, basis points6.67.07 of 125 of 12

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

  • Primary dealers' share: Highest for a 20-year bond since 19 October 2022 (13 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 66.4% of the competitive bids accepted

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

Indirect bidders took 66.4% of the competitive bids acceptedIndirect bidders 66.4%, Direct bidders 20.7%, Primary dealers 12.9%Indirect bidders66.4%74.0%Direct bidders20.7%16.5%Primary dealers12.9%9.5%Indirect bidders took 66.4% of the competitive bids acceptedIndirect bidders 66.4%, Direct bidders 20.7%, Primary dealers 12.9%Indirect bidders66.4%74.0%Direct bidders20.7%16.5%Primary dealers12.9%9.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.474.0
Direct bidders20.716.5
Primary dealers12.99.5

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as19-Year 11-Month, reopening
Offering amount$13,000,000,000
Bids received$33,113,141,100
Sold$13,000,033,000
Competitive bids accepted$12,908,193,900
Non-competitive bids accepted$91,839,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.213
Median rate, %4.147
Low rate, %4.090
Interest rate (coupon), %4.750
Bids at the high rate filled, %56.27
Bid-to-cover ratio2.55
Indirect bidders accepted$8,571,685,900
Direct bidders accepted$2,673,000,000
Primary dealers accepted$1,663,508,000
Indirect bidders' share, % (ours)66.4
Direct bidders' share, % (ours)20.7
Primary dealers' share, % (ours)12.9
High minus median, basis points (ours)6.6
Treasury par yield curve, 20-year point, same day, %4.17
High yield minus that point, basis points (ours)4.3

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 ratio2.55Last 24 auctions17 of 247 of 242.60
Bid-to-cover ratio2.55All 44 since 20 May 202019 of 4425 of 442.52
High yield4.213Last 24 auctions5 of 2419 of 243.914
High yield4.213All 44 since 20 May 20205 of 4439 of 442.343
Indirect bidders' share66.4Last 24 auctions18 of 246 of 2469.7
Indirect bidders' share66.4All 44 since 20 May 202019 of 4425 of 4464.8
Direct bidders' share20.7Last 24 auctions6 of 2418 of 2418.2
Direct bidders' share20.7All 44 since 20 May 20206 of 4438 of 4417.7
Primary dealers' share12.9Last 24 auctions6 of 2418 of 2410.4
Primary dealers' share12.9All 44 since 20 May 202026 of 4418 of 4416.3
High minus median, basis points6.6Last 24 auctions13 of 2410 of 247.0
High minus median, basis points6.6All 44 since 20 May 202021 of 4422 of 446.6

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 December 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231220_2.pdf. Compiled by 500metrics, "20-year bond auction of 20 December 2023 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2023-12-20.

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

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