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

The 20-year bond sold $13.718 billion at a high yield of 4.613% on , with a bid-to-cover ratio of 2.74.

Coupon
4.875%
Announced
Issued
Matures

High yield

4.613%

Median yield 4.564%

Bid-to-cover

2.74

▲ +0.20 since 20 Aug

Sold

$13.72 billion

$13 billion offered

Indirect bidders

64.6%

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 19 October 2022 to 16 September 2025; the latest at 4.613%.3.5%4.0%4.5%5.0%5.5%2022202320242025This auction, 4.613%High yield at the last 36 20-year bond auctions36 auctions from 19 October 2022 to 16 September 2025; the latest at 4.613%.4.0%4.5%5.0%5.5%202420254.613%

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
4.6132.74
4.8762.54
4.9352.79
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.742.563 of 129 of 12
High yield4.6134.82010 of 122 of 12
Indirect bidders' share64.667.79 of 123 of 12
Direct bidders' share27.919.70 of 1212 of 12
Primary dealers' share7.615.712 of 120 of 12
High minus median, basis points4.96.09 of 122 of 12

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

  • Direct bidders' share: Highest of all 65 earlier 20-year bond auctions we hold.
  • Primary dealers' share: Lowest for a 20-year bond since 18 June 2024 (14 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 64.6% of the competitive bids accepted

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

Indirect bidders took 64.6% of the competitive bids acceptedIndirect bidders 64.6%, Direct bidders 27.9%, Primary dealers 7.6%Indirect bidders64.6%60.6%Direct bidders27.9%26.5%Primary dealers7.6%12.9%Indirect bidders took 64.6% of the competitive bids acceptedIndirect bidders 64.6%, Direct bidders 27.9%, Primary dealers 7.6%Indirect bidders64.6%60.6%Direct bidders27.9%26.5%Primary dealers7.6%12.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.660.6
Direct bidders27.926.5
Primary dealers7.612.9

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$36,402,277,800
Sold$13,717,873,000
Competitive bids accepted$12,891,939,200
Non-competitive bids accepted$108,094,900
Federal Reserve (SOMA) add-on$717,838,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.613
Median rate, %4.564
Low rate, %2.880
Interest rate (coupon), %4.875
Bids at the high rate filled, %14.96
Bid-to-cover ratio2.74
Indirect bidders accepted$8,323,068,000
Direct bidders accepted$3,592,431,200
Primary dealers accepted$976,440,000
Indirect bidders' share, % (ours)64.6
Direct bidders' share, % (ours)27.9
Primary dealers' share, % (ours)7.6
High minus median, basis points (ours)4.9
Treasury par yield curve, 20-year point, same day, %4.61
High yield minus that point, basis points (ours)0.3

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 ratio2.74Last 24 auctions5 of 2417 of 242.58
Bid-to-cover ratio2.74All 65 since 20 May 20209 of 6554 of 652.54
High yield4.613Last 24 auctions14 of 2410 of 244.658
High yield4.613All 65 since 20 May 202014 of 6551 of 653.920
Indirect bidders' share64.6Last 24 auctions19 of 245 of 2468.9
Indirect bidders' share64.6All 65 since 20 May 202039 of 6526 of 6566.7
Direct bidders' share27.9Last 24 auctions0 of 2424 of 2419.2
Direct bidders' share27.9All 65 since 20 May 20200 of 6565 of 6518.0
Primary dealers' share7.6Last 24 auctions23 of 241 of 2412.4
Primary dealers' share7.6All 65 since 20 May 202063 of 652 of 6514.5
High minus median, basis points4.9Last 24 auctions19 of 244 of 246.0
High minus median, basis points4.9All 65 since 20 May 202055 of 658 of 656.2

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 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250916_2.pdf. Compiled by 500metrics, "20-year bond auction of 16 September 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-09-16.

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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