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20-year bond auction of 22 January 2025 (reopening)

The 20-year bond sold $13.722 billion at a high yield of 4.900% on , with a bid-to-cover ratio of 2.75.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.900%

Median yield 4.860%

Bid-to-cover

2.75

▲ +0.25 since 17 Dec

Sold

$13.72 billion

$13 billion offered

Indirect bidders

69.5%

Of competitive bids accepted

The high yield was the highest for a 20-year bond since 18 October 2023

High yield at each 20-year bond auction, %

The high yield was the highest for a 20-year bond since 18 October 202336 auctions from 16 February 2022 to 22 January 2025; the latest at 4.900%.2.0%3.0%4.0%5.0%6.0%2022202320242025This auction, 4.900%The high yield was the highest for a 20-year bond since 18 October 202336 auctions from 16 February 2022 to 22 January 2025; the latest at 4.900%.3.5%4.0%4.5%5.0%5.5%2023202420254.900%

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
4.9002.75
4.6862.50
4.6802.34
4.5902.59
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.752.542 of 1210 of 12
High yield4.9004.5660 of 1212 of 12
Indirect bidders' share69.570.16 of 126 of 12
Direct bidders' share20.117.42 of 1210 of 12
Primary dealers' share10.412.36 of 126 of 12
High minus median, basis points4.06.212 of 120 of 12

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

  • High minus median, basis points: Lowest for a 20-year bond since 21 December 2022 (24 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 69.5% of the competitive bids accepted

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

Indirect bidders took 69.5% of the competitive bids acceptedIndirect bidders 69.5%, Direct bidders 20.1%, Primary dealers 10.4%Indirect bidders69.5%62.0%Direct bidders20.1%20.1%Primary dealers10.4%17.9%Indirect bidders took 69.5% of the competitive bids acceptedIndirect bidders 69.5%, Direct bidders 20.1%, Primary dealers 10.4%Indirect bidders69.5%62.0%Direct bidders20.1%20.1%Primary dealers10.4%17.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.562.0
Direct bidders20.120.1
Primary dealers10.417.9

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$36,487,277,600
Sold$13,721,915,600
Competitive bids accepted$12,894,508,000
Non-competitive bids accepted$105,526,500
Federal Reserve (SOMA) add-on$721,881,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.900
Median rate, %4.860
Low rate, %3.880
Interest rate (coupon), %4.625
Bids at the high rate filled, %98.74
Bid-to-cover ratio2.75
Indirect bidders accepted$8,964,044,000
Direct bidders accepted$2,589,724,000
Primary dealers accepted$1,340,740,000
Indirect bidders' share, % (ours)69.5
Direct bidders' share, % (ours)20.1
Primary dealers' share, % (ours)10.4
High minus median, basis points (ours)4.0
Treasury par yield curve, 20-year point, same day, %4.89
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 ratio2.75Last 24 auctions4 of 2420 of 242.57
Bid-to-cover ratio2.75All 57 since 20 May 20206 of 5751 of 572.53
High yield4.900Last 24 auctions1 of 2423 of 244.459
High yield4.900All 57 since 20 May 20201 of 5756 of 573.488
Indirect bidders' share69.5Last 24 auctions12 of 2412 of 2470.0
Indirect bidders' share69.5All 57 since 20 May 202018 of 5739 of 5766.2
Direct bidders' share20.1Last 24 auctions7 of 2417 of 2418.0
Direct bidders' share20.1All 57 since 20 May 202013 of 5744 of 5717.6
Primary dealers' share10.4Last 24 auctions12 of 2412 of 2410.7
Primary dealers' share10.4All 57 since 20 May 202039 of 5718 of 5714.7
High minus median, basis points4.0Last 24 auctions24 of 240 of 246.4
High minus median, basis points4.0All 57 since 20 May 202055 of 572 of 576.4

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 January 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250122_3.pdf. Compiled by 500metrics, "20-year bond auction of 22 January 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-01-22.

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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