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20-year bond auction of 17 April 2024 (reopening)

The 20-year bond sold $13.062 billion at a high yield of 4.818% on , with a bid-to-cover ratio of 2.82.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.818%

Median yield 4.770%

Bid-to-cover

2.82

▲ +0.03 since 19 Mar

Sold

$13.06 billion

$13 billion offered

Indirect bidders

74.7%

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 15 June 2021 to 17 April 2024; the latest at 4.818%.1.0%2.0%3.0%4.0%5.0%6.0%2021202220232024This auction, 4.818%High yield at the last 36 20-year bond auctions36 auctions from 15 June 2021 to 17 April 2024; the latest at 4.818%.3.0%3.5%4.0%4.5%5.0%5.5%2022202320244.818%

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
4.8182.82
4.5422.79
4.5952.39
4.4232.53
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.822.581 of 1211 of 12
High yield4.8184.4611 of 1211 of 12
Indirect bidders' share74.768.70 of 1212 of 12
Direct bidders' share16.219.511 of 121 of 12
Primary dealers' share9.111.311 of 121 of 12
High minus median, basis points4.86.811 of 121 of 12

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

  • Indirect bidders' share: Highest for a 20-year bond since 15 February 2023 (13 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 74.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 19 March 2024

Indirect bidders took 74.7% of the competitive bids acceptedIndirect bidders 74.7%, Direct bidders 16.2%, Primary dealers 9.1%Indirect bidders74.7%73.5%Direct bidders16.2%17.2%Primary dealers9.1%9.3%Indirect bidders took 74.7% of the competitive bids acceptedIndirect bidders 74.7%, Direct bidders 16.2%, Primary dealers 9.1%Indirect bidders74.7%73.5%Direct bidders16.2%17.2%Primary dealers9.1%9.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.773.5
Direct bidders16.217.2
Primary dealers9.19.3

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$13,000,000,000
Bids received$36,716,398,400
Sold$13,061,977,000
Competitive bids accepted$12,921,538,600
Non-competitive bids accepted$78,479,200
Federal Reserve (SOMA) add-on$61,959,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.818
Median rate, %4.770
Low rate, %4.730
Interest rate (coupon), %4.500
Bids at the high rate filled, %79.31
Bid-to-cover ratio2.82
Indirect bidders accepted$9,653,246,500
Direct bidders accepted$2,094,344,100
Primary dealers accepted$1,173,948,000
Indirect bidders' share, % (ours)74.7
Direct bidders' share, % (ours)16.2
Primary dealers' share, % (ours)9.1
High minus median, basis points (ours)4.8
Treasury par yield curve, 20-year point, same day, %4.81
High yield minus that point, basis points (ours)0.8

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 ratio2.82Last 24 auctions2 of 2422 of 242.60
Bid-to-cover ratio2.82All 48 since 20 May 20203 of 4845 of 482.53
High yield4.818Last 24 auctions1 of 2423 of 243.994
High yield4.818All 48 since 20 May 20201 of 4847 of 482.873
Indirect bidders' share74.7Last 24 auctions6 of 2418 of 2470.6
Indirect bidders' share74.7All 48 since 20 May 20206 of 4842 of 4864.8
Direct bidders' share16.2Last 24 auctions19 of 245 of 2418.2
Direct bidders' share16.2All 48 since 20 May 202033 of 4815 of 4817.8
Primary dealers' share9.1Last 24 auctions17 of 247 of 2410.4
Primary dealers' share9.1All 48 since 20 May 202041 of 487 of 4816.3
High minus median, basis points4.8Last 24 auctions22 of 242 of 247.0
High minus median, basis points4.8All 48 since 20 May 202043 of 485 of 486.6

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 17 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240417_2.pdf. Compiled by 500metrics, "20-year bond auction of 17 April 2024 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2024-04-17.

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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