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

The 20-year bond sold $14.294 billion at a high yield of 4.942% on , with a bid-to-cover ratio of 2.68.

Coupon
5.000%
Announced
Issued
Matures

High yield

4.942%

Median yield 4.880%

Bid-to-cover

2.68

▲ +0.22 since 21 May

Sold

$14.29 billion

$13 billion offered

Indirect bidders

66.7%

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 20 July 2022 to 16 June 2025; the latest at 4.942%.3.0%3.5%4.0%4.5%5.0%5.5%2022202320242025This auction, 4.942%High yield at the last 36 20-year bond auctions36 auctions from 20 July 2022 to 16 June 2025; the latest at 4.942%.4.0%4.5%5.0%5.5%2023202420254.942%

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
4.9422.68
5.0472.46
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.682.563 of 128 of 12
High yield4.9424.6561 of 1211 of 12
Indirect bidders' share66.769.29 of 123 of 12
Direct bidders' share19.917.03 of 129 of 12
Primary dealers' share13.415.77 of 125 of 12
High minus median, basis points6.26.05 of 127 of 12

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

Who bought the 20-year bond?

Indirect bidders took 66.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 21 May 2025

Indirect bidders took 66.7% of the competitive bids acceptedIndirect bidders 66.7%, Direct bidders 19.9%, Primary dealers 13.4%Indirect bidders66.7%69.0%Direct bidders19.9%14.1%Primary dealers13.4%16.9%Indirect bidders took 66.7% of the competitive bids acceptedIndirect bidders 66.7%, Direct bidders 19.9%, Primary dealers 13.4%Indirect bidders66.7%69.0%Direct bidders19.9%14.1%Primary dealers13.4%16.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.769.0
Direct bidders19.914.1
Primary dealers13.416.9

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$36,106,173,200
Sold$14,293,677,600
Competitive bids accepted$12,912,616,400
Non-competitive bids accepted$87,386,300
Federal Reserve (SOMA) add-on$1,293,674,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.942
Median rate, %4.880
Low rate, %3.880
Interest rate (coupon), %5.000
Bids at the high rate filled, %17.96
Bid-to-cover ratio2.68
Indirect bidders accepted$8,618,112,000
Direct bidders accepted$2,567,500,000
Primary dealers accepted$1,727,004,400
Indirect bidders' share, % (ours)66.7
Direct bidders' share, % (ours)19.9
Primary dealers' share, % (ours)13.4
High minus median, basis points (ours)6.2
Treasury par yield curve, 20-year point, same day, %4.97
High yield minus that point, basis points (ours)-2.8

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 ratio2.68Last 24 auctions7 of 2415 of 242.58
Bid-to-cover ratio2.68All 62 since 20 May 202011 of 6248 of 622.53
High yield4.942Last 24 auctions2 of 2422 of 244.594
High yield4.942All 62 since 20 May 20202 of 6260 of 623.864
Indirect bidders' share66.7Last 24 auctions17 of 247 of 2469.2
Indirect bidders' share66.7All 62 since 20 May 202031 of 6231 of 6266.7
Direct bidders' share19.9Last 24 auctions8 of 2416 of 2418.4
Direct bidders' share19.9All 62 since 20 May 202015 of 6247 of 6217.7
Primary dealers' share13.4Last 24 auctions9 of 2415 of 2410.9
Primary dealers' share13.4All 62 since 20 May 202034 of 6228 of 6215.4
High minus median, basis points6.2Last 24 auctions11 of 2413 of 246.0
High minus median, basis points6.2All 62 since 20 May 202031 of 6230 of 626.2

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 June 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250616_3.pdf. Compiled by 500metrics, "20-year bond auction of 16 June 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-06-16.

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

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