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20-year bond auction of 18 March 2025 (reopening)

The 20-year bond sold $13.384 billion at a high yield of 4.632% on , with a bid-to-cover ratio of 2.78.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.632%

Median yield 4.598%

Bid-to-cover

2.78

▲ +0.35 since 19 Feb

Sold

$13.38 billion

$13 billion offered

Indirect bidders

68.8%

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 20 April 2022 to 18 March 2025; the latest at 4.632%.3.0%4.0%5.0%6.0%2022202320242025This auction, 4.632%High yield at the last 36 20-year bond auctions36 auctions from 20 April 2022 to 18 March 2025; the latest at 4.632%.3.5%4.0%4.5%5.0%5.5%2023202420254.632%

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
4.6322.78
4.8302.43
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.782.562 of 1210 of 12
High yield4.6324.6126 of 126 of 12
Indirect bidders' share68.870.18 of 124 of 12
Direct bidders' share22.417.40 of 1212 of 12
Primary dealers' share8.810.210 of 122 of 12
High minus median, basis points3.46.012 of 120 of 12

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

  • Direct bidders' share: Highest for a 20-year bond since 19 September 2023 (17 auctions in between).
  • High minus median, basis points: Lowest for a 20-year bond since 2 December 2021 (39 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 68.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 19 February 2025

Indirect bidders took 68.8% of the competitive bids acceptedIndirect bidders 68.8%, Direct bidders 22.4%, Primary dealers 8.8%Indirect bidders68.8%63.0%Direct bidders22.4%19.5%Primary dealers8.8%17.5%Indirect bidders took 68.8% of the competitive bids acceptedIndirect bidders 68.8%, Direct bidders 22.4%, Primary dealers 8.8%Indirect bidders68.8%63.0%Direct bidders22.4%19.5%Primary dealers8.8%17.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.863.0
Direct bidders22.419.5
Primary dealers8.817.5

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$36,549,344,600
Sold$13,383,978,900
Competitive bids accepted$12,921,252,300
Non-competitive bids accepted$78,757,000
Federal Reserve (SOMA) add-on$383,969,600
Foreign and international (FIMA) non-competitive$0
High yield, %4.632
Median rate, %4.598
Low rate, %3.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %97.34
Bid-to-cover ratio2.78
Indirect bidders accepted$8,894,788,000
Direct bidders accepted$2,888,464,300
Primary dealers accepted$1,138,000,000
Indirect bidders' share, % (ours)68.8
Direct bidders' share, % (ours)22.4
Primary dealers' share, % (ours)8.8
High minus median, basis points (ours)3.4
Treasury par yield curve, 20-year point, same day, %4.61
High yield minus that point, basis points (ours)2.2

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 ratio2.78Last 24 auctions3 of 2421 of 242.57
Bid-to-cover ratio2.78All 59 since 20 May 20206 of 5953 of 592.53
High yield4.632Last 24 auctions8 of 2416 of 244.520
High yield4.632All 59 since 20 May 20208 of 5951 of 593.678
Indirect bidders' share68.8Last 24 auctions12 of 2412 of 2469.1
Indirect bidders' share68.8All 59 since 20 May 202020 of 5939 of 5966.2
Direct bidders' share22.4Last 24 auctions1 of 2423 of 2419.2
Direct bidders' share22.4All 59 since 20 May 20202 of 5957 of 5917.7
Primary dealers' share8.8Last 24 auctions21 of 243 of 2411.3
Primary dealers' share8.8All 59 since 20 May 202050 of 599 of 5914.7
High minus median, basis points3.4Last 24 auctions24 of 240 of 246.4
High minus median, basis points3.4All 59 since 20 May 202058 of 591 of 596.3

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 18 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250318_3.pdf. Compiled by 500metrics, "20-year bond auction of 18 March 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-03-18.

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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