500metrics

All sources checked Checked

20-year bond auction of 16 April 2025 (reopening)

The 20-year bond sold $13.89 billion at a high yield of 4.810% on , with a bid-to-cover ratio of 2.63.

Coupon
4.750%
Announced
Issued
Matures

High yield

4.810%

Median yield 4.750%

Bid-to-cover

2.63

▼ −0.15 since 18 Mar

Sold

$13.89 billion

$13 billion offered

Indirect bidders

70.7%

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 18 May 2022 to 16 April 2025; the latest at 4.810%.3.0%3.5%4.0%4.5%5.0%5.5%2022202320242025This auction, 4.810%High yield at the last 36 20-year bond auctions36 auctions from 18 May 2022 to 16 April 2025; the latest at 4.810%.3.5%4.0%4.5%5.0%5.5%2023202420254.810%

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
4.8102.63
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.632.565 of 127 of 12
High yield4.8104.6343 of 129 of 12
Indirect bidders' share70.769.55 of 127 of 12
Direct bidders' share12.318.411 of 121 of 12
Primary dealers' share17.010.24 of 128 of 12
High minus median, basis points6.06.05 of 125 of 12

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

Who bought the 20-year bond?

Indirect bidders took 70.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 18 March 2025

Indirect bidders took 70.7% of the competitive bids acceptedIndirect bidders 70.7%, Direct bidders 12.3%, Primary dealers 17.0%Indirect bidders70.7%68.8%Direct bidders12.3%22.4%Primary dealers17.0%8.8%Indirect bidders took 70.7% of the competitive bids acceptedIndirect bidders 70.7%, Direct bidders 12.3%, Primary dealers 17.0%Indirect bidders70.7%68.8%Direct bidders12.3%22.4%Primary dealers17.0%8.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.768.8
Direct bidders12.322.4
Primary dealers17.08.8

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$35,077,257,400
Sold$13,890,238,900
Competitive bids accepted$12,883,615,500
Non-competitive bids accepted$116,395,300
Federal Reserve (SOMA) add-on$890,228,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.810
Median rate, %4.750
Low rate, %3.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %6.47
Bid-to-cover ratio2.63
Indirect bidders accepted$9,106,734,000
Direct bidders accepted$1,587,646,500
Primary dealers accepted$2,189,235,000
Indirect bidders' share, % (ours)70.7
Direct bidders' share, % (ours)12.3
Primary dealers' share, % (ours)17.0
High minus median, basis points (ours)6.0
Treasury par yield curve, 20-year point, same day, %4.77
High yield minus that point, basis points (ours)4.0

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 ratio2.63Last 24 auctions10 of 2414 of 242.58
Bid-to-cover ratio2.63All 60 since 20 May 202018 of 6041 of 602.53
High yield4.810Last 24 auctions4 of 2420 of 244.566
High yield4.810All 60 since 20 May 20204 of 6056 of 603.749
Indirect bidders' share70.7Last 24 auctions9 of 2415 of 2469.2
Indirect bidders' share70.7All 60 since 20 May 202016 of 6044 of 6066.3
Direct bidders' share12.3Last 24 auctions23 of 241 of 2419.2
Direct bidders' share12.3All 60 since 20 May 202056 of 604 of 6017.8
Primary dealers' share17.0Last 24 auctions6 of 2418 of 2410.9
Primary dealers' share17.0All 60 since 20 May 202025 of 6035 of 6014.6
High minus median, basis points6.0Last 24 auctions13 of 249 of 246.2
High minus median, basis points6.0All 60 since 20 May 202033 of 6023 of 606.2

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 16 April 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250416_2.pdf. Compiled by 500metrics, "20-year bond auction of 16 April 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-04-16.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.