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

The 20-year bond sold $13.717 billion at a high yield of 4.466% on , with a bid-to-cover ratio of 2.68.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.466%

Median yield 4.406%

Bid-to-cover

2.68

▼ −0.06 since 18 Jun

Sold

$13.72 billion

$13 billion offered

Indirect bidders

77.2%

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 September 2021 to 17 July 2024; the latest at 4.466%.1.0%2.0%3.0%4.0%5.0%6.0%2021202220232024This auction, 4.466%High yield at the last 36 20-year bond auctions36 auctions from 21 September 2021 to 17 July 2024; the latest at 4.466%.3.0%3.5%4.0%4.5%5.0%5.5%2022202320244.466%

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
4.4662.68
4.4522.74
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.682.584 of 127 of 12
High yield4.4664.5678 of 124 of 12
Indirect bidders' share77.269.81 of 1211 of 12
Direct bidders' share14.319.412 of 120 of 12
Primary dealers' share8.59.811 of 121 of 12
High minus median, basis points6.05.85 of 127 of 12

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

  • Direct bidders' share: Lowest for a 20-year bond since 20 July 2022 (23 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 77.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 18 June 2024

Indirect bidders took 77.2% of the competitive bids acceptedIndirect bidders 77.2%, Direct bidders 14.3%, Primary dealers 8.5%Indirect bidders77.2%77.9%Direct bidders14.3%16.3%Primary dealers8.5%5.8%Indirect bidders took 77.2% of the competitive bids acceptedIndirect bidders 77.2%, Direct bidders 14.3%, Primary dealers 8.5%Indirect bidders77.2%77.9%Direct bidders14.3%16.3%Primary dealers8.5%5.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.277.9
Direct bidders14.316.3
Primary dealers8.55.8

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$35,616,003,500
Sold$13,716,789,100
Competitive bids accepted$12,951,445,600
Non-competitive bids accepted$48,564,300
Federal Reserve (SOMA) add-on$716,779,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.466
Median rate, %4.406
Low rate, %3.880
Interest rate (coupon), %4.625
Bids at the high rate filled, %92.56
Bid-to-cover ratio2.68
Indirect bidders accepted$9,998,885,600
Direct bidders accepted$1,855,000,000
Primary dealers accepted$1,097,560,000
Indirect bidders' share, % (ours)77.2
Direct bidders' share, % (ours)14.3
Primary dealers' share, % (ours)8.5
High minus median, basis points (ours)6.0
Treasury par yield curve, 20-year point, same day, %4.46
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 ratio2.68Last 24 auctions6 of 2416 of 242.62
Bid-to-cover ratio2.68All 51 since 20 May 20209 of 5140 of 512.53
High yield4.466Last 24 auctions8 of 2416 of 244.142
High yield4.466All 51 since 20 May 20208 of 5143 of 513.290
Indirect bidders' share77.2Last 24 auctions2 of 2422 of 2471.5
Indirect bidders' share77.2All 51 since 20 May 20202 of 5149 of 5165.4
Direct bidders' share14.3Last 24 auctions23 of 241 of 2418.2
Direct bidders' share14.3All 51 since 20 May 202047 of 514 of 5117.7
Primary dealers' share8.5Last 24 auctions18 of 246 of 249.5
Primary dealers' share8.5All 51 since 20 May 202045 of 516 of 5114.7
High minus median, basis points6.0Last 24 auctions15 of 249 of 246.8
High minus median, basis points6.0All 51 since 20 May 202028 of 5121 of 516.3

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 July 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240717_2.pdf. Compiled by 500metrics, "20-year bond auction of 17 July 2024 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2024-07-17.

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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