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20-year bond auction of 19 November 2025 (new issue)

The 20-year bond sold $17.83 billion at a high yield of 4.706% on , with a bid-to-cover ratio of 2.41.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.706%

Median yield 4.650%

Bid-to-cover

2.41

▼ −0.32 since 22 Oct

Sold

$17.83 billion

$16 billion offered

Indirect bidders

59.5%

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 21 December 2022 to 19 November 2025; the latest at 4.706%.3.5%4.0%4.5%5.0%5.5%202320242025This auction, 4.706%High yield at the last 36 20-year bond auctions36 auctions from 21 December 2022 to 19 November 2025; the latest at 4.706%.4.0%4.5%5.0%5.5%202420254.706%

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
4.7062.41
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.6611 of 121 of 12
High yield4.7064.8207 of 125 of 12
Indirect bidders' share59.567.112 of 120 of 12
Direct bidders' share29.120.10 of 1212 of 12
Primary dealers' share11.413.17 of 125 of 12
High minus median, basis points5.65.86 of 125 of 12

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

  • Indirect bidders' share: Lowest for a 20-year bond since 21 February 2024 (20 auctions in between).
  • Direct bidders' share: Highest of all 67 earlier 20-year bond auctions we hold.

Who bought the 20-year bond?

Indirect bidders took 59.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 22 October 2025

Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 29.1%, Primary dealers 11.4%Indirect bidders59.5%63.6%Direct bidders29.1%26.3%Primary dealers11.4%10.0%Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 29.1%, Primary dealers 11.4%Indirect bidders59.5%63.6%Direct bidders29.1%26.3%Primary dealers11.4%10.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.563.6
Direct bidders29.126.3
Primary dealers11.410.0

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as20-Year, new issue
Offering amount$16,000,000,000
Bids received$40,325,646,500
Sold$17,829,634,000
Competitive bids accepted$15,901,105,500
Non-competitive bids accepted$98,896,700
Federal Reserve (SOMA) add-on$1,829,631,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.706
Median rate, %4.650
Low rate, %2.880
Interest rate (coupon), %4.625
Bids at the high rate filled, %62.39
Bid-to-cover ratio2.41
Indirect bidders accepted$9,456,618,000
Direct bidders accepted$4,634,500,000
Primary dealers accepted$1,809,987,500
Indirect bidders' share, % (ours)59.5
Direct bidders' share, % (ours)29.1
Primary dealers' share, % (ours)11.4
High minus median, basis points (ours)5.6
Treasury par yield curve, 20-year point, same day, %4.71
High yield minus that point, basis points (ours)-0.4

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 ratio2.41Last 24 auctions22 of 242 of 242.58
Bid-to-cover ratio2.41All 67 since 20 May 202052 of 6715 of 672.54
High yield4.706Last 24 auctions9 of 2415 of 244.634
High yield4.706All 67 since 20 May 202010 of 6757 of 673.935
Indirect bidders' share59.5Last 24 auctions23 of 241 of 2468.4
Indirect bidders' share59.5All 67 since 20 May 202061 of 676 of 6766.4
Direct bidders' share29.1Last 24 auctions0 of 2424 of 2419.4
Direct bidders' share29.1All 67 since 20 May 20200 of 6767 of 6718.1
Primary dealers' share11.4Last 24 auctions12 of 2412 of 2411.8
Primary dealers' share11.4All 67 since 20 May 202042 of 6725 of 6714.3
High minus median, basis points5.6Last 24 auctions14 of 249 of 246.0
High minus median, basis points5.6All 67 since 20 May 202046 of 6720 of 676.1

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 19 November 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251119_2.pdf. Compiled by 500metrics, "20-year bond auction of 19 November 2025 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2025-11-19.

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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