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

The 20-year bond sold $13.746 billion at a high yield of 4.506% on , with a bid-to-cover ratio of 2.73.

Coupon
4.875%
Announced
Issued
Matures

High yield

4.506%

Median yield 4.464%

Bid-to-cover

2.73

▼ −0.01 since 16 Sep

Sold

$13.75 billion

$13 billion offered

Indirect bidders

63.6%

Of competitive bids accepted

The high yield was the lowest for a 20-year bond since 17 September 2024

High yield at each 20-year bond auction, %

The high yield was the lowest for a 20-year bond since 17 September 202436 auctions from 16 November 2022 to 22 October 2025; the latest at 4.506%.3.5%4.0%4.5%5.0%5.5%202320242025This auction, 4.506%The high yield was the lowest for a 20-year bond since 17 September 202436 auctions from 16 November 2022 to 22 October 2025; the latest at 4.506%.4.0%4.5%5.0%5.5%202420254.506%

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
4.5062.73
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.732.614 of 128 of 12
High yield4.5064.82012 of 120 of 12
Indirect bidders' share63.667.79 of 123 of 12
Direct bidders' share26.320.02 of 1210 of 12
Primary dealers' share10.013.910 of 122 of 12
High minus median, basis points4.26.010 of 122 of 12

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

Who bought the 20-year bond?

Indirect bidders took 63.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 16 September 2025

Indirect bidders took 63.6% of the competitive bids acceptedIndirect bidders 63.6%, Direct bidders 26.3%, Primary dealers 10.0%Indirect bidders63.6%64.6%Direct bidders26.3%27.9%Primary dealers10.0%7.6%Indirect bidders took 63.6% of the competitive bids acceptedIndirect bidders 63.6%, Direct bidders 26.3%, Primary dealers 10.0%Indirect bidders63.6%64.6%Direct bidders26.3%27.9%Primary dealers10.0%7.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.664.6
Direct bidders26.327.9
Primary dealers10.07.6

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$36,289,735,500
Sold$13,746,497,600
Competitive bids accepted$12,934,036,100
Non-competitive bids accepted$65,975,000
Federal Reserve (SOMA) add-on$746,486,500
Foreign and international (FIMA) non-competitive$0
High yield, %4.506
Median rate, %4.464
Low rate, %3.880
Interest rate (coupon), %4.875
Bids at the high rate filled, %56.07
Bid-to-cover ratio2.73
Indirect bidders accepted$8,230,074,000
Direct bidders accepted$3,405,962,100
Primary dealers accepted$1,298,000,000
Indirect bidders' share, % (ours)63.6
Direct bidders' share, % (ours)26.3
Primary dealers' share, % (ours)10.0
High minus median, basis points (ours)4.2
Treasury par yield curve, 20-year point, same day, %4.52
High yield minus that point, basis points (ours)-1.4

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 ratio2.73Last 24 auctions7 of 2417 of 242.58
Bid-to-cover ratio2.73All 66 since 20 May 202012 of 6654 of 662.54
High yield4.506Last 24 auctions18 of 246 of 244.658
High yield4.506All 66 since 20 May 202019 of 6647 of 663.928
Indirect bidders' share63.6Last 24 auctions19 of 245 of 2468.9
Indirect bidders' share63.6All 66 since 20 May 202043 of 6623 of 6666.6
Direct bidders' share26.3Last 24 auctions2 of 2422 of 2419.2
Direct bidders' share26.3All 66 since 20 May 20202 of 6664 of 6618.0
Primary dealers' share10.0Last 24 auctions16 of 248 of 2412.4
Primary dealers' share10.0All 66 since 20 May 202047 of 6619 of 6614.4
High minus median, basis points4.2Last 24 auctions22 of 242 of 246.0
High minus median, basis points4.2All 66 since 20 May 202061 of 664 of 666.2

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 22 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251022_2.pdf. Compiled by 500metrics, "20-year bond auction of 22 October 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-10-22.

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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