500metrics

All sources checked Checked

20-year bond auction of 18 February 2026 (new issue)

The 20-year bond sold $17.917 billion at a high yield of 4.664% on , with a bid-to-cover ratio of 2.36.

Coupon
4.625%
Announced
Issued
Matures

High yield

4.664%

Median yield 4.595%

Bid-to-cover

2.36

▼ −0.50 since 21 Jan

Sold

$17.92 billion

$16 billion offered

Indirect bidders

55.2%

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 March 2023 to 18 February 2026; the latest at 4.664%.3.5%4.0%4.5%5.0%5.5%2023202420252026This auction, 4.664%High yield at the last 36 20-year bond auctions36 auctions from 21 March 2023 to 18 February 2026; the latest at 4.664%.4.0%4.5%5.0%5.5%2024202520264.664%

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
4.6642.36
4.8462.86
4.7982.67
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.6812 of 120 of 12
High yield4.6644.8209 of 123 of 12
Indirect bidders' share55.265.012 of 120 of 12
Direct bidders' share27.222.33 of 129 of 12
Primary dealers' share17.612.00 of 1212 of 12
High minus median, basis points6.95.41 of 1211 of 12

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

  • Bid-to-cover ratio: Lowest for a 20-year bond since 20 November 2024 (14 auctions in between).
  • Indirect bidders' share: Lowest for a 20-year bond since 2 December 2021 (50 auctions in between).
  • Primary dealers' share: Highest for a 20-year bond since 17 December 2024 (13 auctions in between).

Who bought the 20-year bond?

Indirect bidders took 55.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 21 January 2026

Indirect bidders took 55.2% of the competitive bids acceptedIndirect bidders 55.2%, Direct bidders 27.2%, Primary dealers 17.6%Indirect bidders55.2%64.7%Direct bidders27.2%29.1%Primary dealers17.6%6.2%Indirect bidders took 55.2% of the competitive bids acceptedIndirect bidders 55.2%, Direct bidders 27.2%, Primary dealers 17.6%Indirect bidders55.2%64.7%Direct bidders27.2%29.1%Primary dealers17.6%6.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.264.7
Direct bidders27.229.1
Primary dealers17.66.2

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$39,695,633,800
Sold$17,916,728,200
Competitive bids accepted$15,948,334,400
Non-competitive bids accepted$51,680,400
Federal Reserve (SOMA) add-on$1,916,713,400
Foreign and international (FIMA) non-competitive$0
High yield, %4.664
Median rate, %4.595
Low rate, %2.888
Interest rate (coupon), %4.625
Bids at the high rate filled, %15.91
Bid-to-cover ratio2.36
Indirect bidders accepted$8,798,149,800
Direct bidders accepted$4,344,500,000
Primary dealers accepted$2,805,684,600
Indirect bidders' share, % (ours)55.2
Direct bidders' share, % (ours)27.2
Primary dealers' share, % (ours)17.6
High minus median, basis points (ours)6.9
Treasury par yield curve, 20-year point, same day, %4.65
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 ratio2.36Last 24 auctions23 of 241 of 242.65
Bid-to-cover ratio2.36All 70 since 20 May 202059 of 7010 of 702.54
High yield4.664Last 24 auctions13 of 2411 of 244.683
High yield4.664All 70 since 20 May 202015 of 7055 of 703.966
Indirect bidders' share55.2Last 24 auctions24 of 240 of 2467.7
Indirect bidders' share55.2All 70 since 20 May 202068 of 702 of 7065.8
Direct bidders' share27.2Last 24 auctions3 of 2421 of 2419.6
Direct bidders' share27.2All 70 since 20 May 20203 of 7067 of 7018.5
Primary dealers' share17.6Last 24 auctions4 of 2420 of 2411.0
Primary dealers' share17.6All 70 since 20 May 202022 of 7048 of 7013.2
High minus median, basis points6.9Last 24 auctions3 of 2420 of 245.6
High minus median, basis points6.9All 70 since 20 May 202023 of 7045 of 706.0

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 18 February 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260218_2.pdf. Compiled by 500metrics, "20-year bond auction of 18 February 2026 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2026-02-18.

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.