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20-year bond auction of 22 May 2024 (new issue)

The 20-year bond sold $16.95 billion at a high yield of 4.635% on , with a bid-to-cover ratio of 2.51.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.635%

Median yield 4.580%

Bid-to-cover

2.51

▼ −0.31 since 17 Apr

Sold

$16.95 billion

$16 billion offered

Indirect bidders

70.8%

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 21 July 2021 to 22 May 2024; the latest at 4.635%.1.0%2.0%3.0%4.0%5.0%6.0%2021202220232024This auction, 4.635%High yield at the last 36 20-year bond auctions36 auctions from 21 July 2021 to 22 May 2024; the latest at 4.635%.3.0%3.5%4.0%4.5%5.0%5.5%2022202320244.635%

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
4.6352.51
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.5811 of 121 of 12
High yield4.6354.5203 of 129 of 12
Indirect bidders' share70.869.75 of 127 of 12
Direct bidders' share19.218.96 of 126 of 12
Primary dealers' share10.110.46 of 126 of 12
High minus median, basis points5.56.48 of 124 of 12

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

Who bought the 20-year bond?

Indirect bidders took 70.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 17 April 2024

Indirect bidders took 70.8% of the competitive bids acceptedIndirect bidders 70.8%, Direct bidders 19.2%, Primary dealers 10.1%Indirect bidders70.8%74.7%Direct bidders19.2%16.2%Primary dealers10.1%9.1%Indirect bidders took 70.8% of the competitive bids acceptedIndirect bidders 70.8%, Direct bidders 19.2%, Primary dealers 10.1%Indirect bidders70.8%74.7%Direct bidders19.2%16.2%Primary dealers10.1%9.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.874.7
Direct bidders19.216.2
Primary dealers10.19.1

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$41,168,092,400
Sold$16,949,904,400
Competitive bids accepted$15,916,122,000
Non-competitive bids accepted$83,899,600
Federal Reserve (SOMA) add-on$949,882,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.635
Median rate, %4.580
Low rate, %4.540
Interest rate (coupon), %4.625
Bids at the high rate filled, %30.20
Bid-to-cover ratio2.51
Indirect bidders accepted$11,262,332,000
Direct bidders accepted$3,052,000,000
Primary dealers accepted$1,601,790,000
Indirect bidders' share, % (ours)70.8
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)10.1
High minus median, basis points (ours)5.5
Treasury par yield curve, 20-year point, same day, %4.63
High yield minus that point, basis points (ours)0.5

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 ratio2.51Last 24 auctions20 of 244 of 242.60
Bid-to-cover ratio2.51All 49 since 20 May 202026 of 4922 of 492.53
High yield4.635Last 24 auctions3 of 2421 of 244.023
High yield4.635All 49 since 20 May 20203 of 4946 of 493.095
Indirect bidders' share70.8Last 24 auctions11 of 2413 of 2470.6
Indirect bidders' share70.8All 49 since 20 May 202012 of 4937 of 4964.8
Direct bidders' share19.2Last 24 auctions10 of 2414 of 2418.2
Direct bidders' share19.2All 49 since 20 May 202017 of 4932 of 4917.7
Primary dealers' share10.1Last 24 auctions12 of 2412 of 2410.4
Primary dealers' share10.1All 49 since 20 May 202035 of 4914 of 4916.1
High minus median, basis points5.5Last 24 auctions19 of 245 of 247.0
High minus median, basis points5.5All 49 since 20 May 202035 of 4913 of 496.5

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 22 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240522_2.pdf. Compiled by 500metrics, "20-year bond auction of 22 May 2024 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2024-05-22.

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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