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

The 20-year bond sold $13.268 billion at a high yield of 4.039% on , with a bid-to-cover ratio of 2.51.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.039%

Median yield 3.970%

Bid-to-cover

2.51

▼ −0.03 since 21 Aug

Sold

$13.27 billion

$13 billion offered

Indirect bidders

65.1%

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 17 November 2021 to 17 September 2024; the latest at 4.039%.1.0%2.0%3.0%4.0%5.0%6.0%2021202220232024This auction, 4.039%The high yield was the lowest for a 20-year bond since 19 July 202336 auctions from 17 November 2021 to 17 September 2024; the latest at 4.039%.3.5%4.0%4.5%5.0%5.5%202320244.039%

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
4.0392.51
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.5810 of 121 of 12
High yield4.0394.56712 of 120 of 12
Indirect bidders' share65.171.910 of 122 of 12
Direct bidders' share16.318.29 of 123 of 12
Primary dealers' share18.69.61 of 1211 of 12
High minus median, basis points6.95.81 of 1211 of 12

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

Who bought the 20-year bond?

Indirect bidders took 65.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 21 August 2024

Indirect bidders took 65.1% of the competitive bids acceptedIndirect bidders 65.1%, Direct bidders 16.3%, Primary dealers 18.6%Indirect bidders65.1%71.0%Direct bidders16.3%19.3%Primary dealers18.6%9.7%Indirect bidders took 65.1% of the competitive bids acceptedIndirect bidders 65.1%, Direct bidders 16.3%, Primary dealers 18.6%Indirect bidders65.1%71.0%Direct bidders16.3%19.3%Primary dealers18.6%9.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.171.0
Direct bidders16.319.3
Primary dealers18.69.7

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$32,936,056,400
Sold$13,268,394,200
Competitive bids accepted$12,953,251,800
Non-competitive bids accepted$46,777,100
Federal Reserve (SOMA) add-on$268,365,300
Foreign and international (FIMA) non-competitive$0
High yield, %4.039
Median rate, %3.970
Low rate, %2.880
Interest rate (coupon), %4.125
Bids at the high rate filled, %52.07
Bid-to-cover ratio2.51
Indirect bidders accepted$8,431,829,000
Direct bidders accepted$2,109,000,000
Primary dealers accepted$2,412,422,800
Indirect bidders' share, % (ours)65.1
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)18.6
High minus median, basis points (ours)6.9
Treasury par yield curve, 20-year point, same day, %4.02
High yield minus that point, basis points (ours)1.9

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 auctions21 of 242 of 242.62
Bid-to-cover ratio2.51All 53 since 20 May 202029 of 5322 of 532.53
High yield4.039Last 24 auctions15 of 249 of 244.304
High yield4.039All 53 since 20 May 202015 of 5338 of 533.380
Indirect bidders' share65.1Last 24 auctions21 of 243 of 2471.7
Indirect bidders' share65.1All 53 since 20 May 202028 of 5325 of 5366.2
Direct bidders' share16.3Last 24 auctions19 of 245 of 2418.6
Direct bidders' share16.3All 53 since 20 May 202036 of 5317 of 5317.7
Primary dealers' share18.6Last 24 auctions1 of 2423 of 249.5
Primary dealers' share18.6All 53 since 20 May 202019 of 5334 of 5314.3
High minus median, basis points6.9Last 24 auctions10 of 2414 of 246.4
High minus median, basis points6.9All 53 since 20 May 202021 of 5331 of 536.3

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 September 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240917_2.pdf. Compiled by 500metrics, "20-year bond auction of 17 September 2024 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2024-09-17.

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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