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20-year bond auction of 21 August 2024 (new issue)

The 20-year bond sold $17.272 billion at a high yield of 4.160% on , with a bid-to-cover ratio of 2.54.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.160%

Median yield 4.095%

Bid-to-cover

2.54

▼ −0.14 since 17 Jul

Sold

$17.27 billion

$16 billion offered

Indirect bidders

71.0%

Of competitive bids accepted

The high yield was the lowest for a 20-year bond since 19 July 2023

High yield at each 20-year bond auction, %

The high yield was the lowest for a 20-year bond since 19 July 202336 auctions from 20 October 2021 to 21 August 2024; the latest at 4.160%.1.0%2.0%3.0%4.0%5.0%6.0%2021202220232024This auction, 4.160%The high yield was the lowest for a 20-year bond since 19 July 202336 auctions from 20 October 2021 to 21 August 2024; the latest at 4.160%.3.5%4.0%4.5%5.0%5.5%202320244.160%

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
4.1602.54
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.589 of 123 of 12
High yield4.1604.56712 of 120 of 12
Indirect bidders' share71.071.86 of 126 of 12
Direct bidders' share19.318.25 of 127 of 12
Primary dealers' share9.79.86 of 126 of 12
High minus median, basis points6.55.83 of 129 of 12

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

Who bought the 20-year bond?

Indirect bidders took 71.0% of the competitive bids accepted

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

Indirect bidders took 71.0% of the competitive bids acceptedIndirect bidders 71.0%, Direct bidders 19.3%, Primary dealers 9.7%Indirect bidders71.0%77.2%Direct bidders19.3%14.3%Primary dealers9.7%8.5%Indirect bidders took 71.0% of the competitive bids acceptedIndirect bidders 71.0%, Direct bidders 19.3%, Primary dealers 9.7%Indirect bidders71.0%77.2%Direct bidders19.3%14.3%Primary dealers9.7%8.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.077.2
Direct bidders19.314.3
Primary dealers9.78.5

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$41,957,150,500
Sold$17,272,241,000
Competitive bids accepted$15,914,882,500
Non-competitive bids accepted$85,124,900
Federal Reserve (SOMA) add-on$1,272,233,600
Foreign and international (FIMA) non-competitive$0
High yield, %4.160
Median rate, %4.095
Low rate, %2.888
Interest rate (coupon), %4.125
Bids at the high rate filled, %63.33
Bid-to-cover ratio2.54
Indirect bidders accepted$11,300,257,200
Direct bidders accepted$3,067,000,000
Primary dealers accepted$1,547,625,300
Indirect bidders' share, % (ours)71.0
Direct bidders' share, % (ours)19.3
Primary dealers' share, % (ours)9.7
High minus median, basis points (ours)6.5
Treasury par yield curve, 20-year point, same day, %4.15
High yield minus that point, basis points (ours)1.0

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 ratio2.54Last 24 auctions17 of 246 of 242.62
Bid-to-cover ratio2.54All 52 since 20 May 202024 of 5227 of 522.53
High yield4.160Last 24 auctions13 of 2411 of 244.304
High yield4.160All 52 since 20 May 202013 of 5239 of 523.335
Indirect bidders' share71.0Last 24 auctions12 of 2412 of 2471.5
Indirect bidders' share71.0All 52 since 20 May 202014 of 5238 of 5265.8
Direct bidders' share19.3Last 24 auctions8 of 2416 of 2418.2
Direct bidders' share19.3All 52 since 20 May 202016 of 5236 of 5217.7
Primary dealers' share9.7Last 24 auctions11 of 2413 of 249.5
Primary dealers' share9.7All 52 since 20 May 202036 of 5216 of 5214.5
High minus median, basis points6.5Last 24 auctions12 of 2412 of 246.4
High minus median, basis points6.5All 52 since 20 May 202024 of 5227 of 526.2

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 21 August 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240821_3.pdf. Compiled by 500metrics, "20-year bond auction of 21 August 2024 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2024-08-21.

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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