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20-year bond auction of 20 May 2026 (new issue)

The 20-year bond sold $18.361 billion at a high yield of 5.122% on , with a bid-to-cover ratio of 2.55.

Coupon
5.000%
Announced
Issued
Matures

High yield

5.122%

Median yield 5.068%

Bid-to-cover

2.55

▼ −0.13 since 22 Apr

Sold

$18.36 billion

$16 billion offered

Indirect bidders

67.7%

Of competitive bids accepted

The high yield was the highest for a 20-year bond since 18 October 2023

High yield at each 20-year bond auction, %

The high yield was the highest for a 20-year bond since 18 October 202336 auctions from 21 June 2023 to 20 May 2026; the latest at 5.122%.4.0%4.5%5.0%5.5%2023202420252026This auction, 5.122%The high yield was the highest for a 20-year bond since 18 October 202336 auctions from 21 June 2023 to 20 May 2026; the latest at 5.122%.4.0%4.5%5.0%5.5%2024202520265.122%

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
5.1222.55
4.8832.68
4.8172.76
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

Against its own history

Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.688 of 124 of 12
High yield5.1224.8320 of 1212 of 12
Indirect bidders' share67.765.02 of 1210 of 12
Direct bidders' share22.924.66 of 126 of 12
Primary dealers' share9.411.09 of 123 of 12
High minus median, basis points5.45.05 of 127 of 12

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

Who bought the 20-year bond?

Indirect bidders took 67.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 20-year bond auction, 22 April 2026

Indirect bidders took 67.7% of the competitive bids acceptedIndirect bidders 67.7%, Direct bidders 22.9%, Primary dealers 9.4%Indirect bidders67.7%67.4%Direct bidders22.9%22.9%Primary dealers9.4%9.7%Indirect bidders took 67.7% of the competitive bids acceptedIndirect bidders 67.7%, Direct bidders 22.9%, Primary dealers 9.4%Indirect bidders67.7%67.4%Direct bidders22.9%22.9%Primary dealers9.4%9.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.767.4
Direct bidders22.922.9
Primary dealers9.49.7

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$43,196,815,200
Sold$18,360,688,200
Competitive bids accepted$15,829,823,000
Non-competitive bids accepted$170,180,700
Federal Reserve (SOMA) add-on$2,360,684,500
Foreign and international (FIMA) non-competitive$0
High yield, %5.122
Median rate, %5.068
Low rate, %3.880
Interest rate (coupon), %5.000
Bids at the high rate filled, %1.67
Bid-to-cover ratio2.55
Indirect bidders accepted$10,712,317,000
Direct bidders accepted$3,631,500,000
Primary dealers accepted$1,486,006,000
Indirect bidders' share, % (ours)67.7
Direct bidders' share, % (ours)22.9
Primary dealers' share, % (ours)9.4
High minus median, basis points (ours)5.4
Treasury par yield curve, 20-year point, same day, %5.10
High yield minus that point, basis points (ours)2.2

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 ratio2.55Last 24 auctions14 of 2410 of 242.65
Bid-to-cover ratio2.55All 73 since 20 May 202035 of 7337 of 732.54
High yield5.122Last 24 auctions0 of 2424 of 244.696
High yield5.122All 73 since 20 May 20201 of 7372 of 734.010
Indirect bidders' share67.7Last 24 auctions11 of 2413 of 2467.4
Indirect bidders' share67.7All 73 since 20 May 202028 of 7345 of 7366.2
Direct bidders' share22.9Last 24 auctions6 of 2418 of 2420.1
Direct bidders' share22.9All 73 since 20 May 20208 of 7365 of 7318.9
Primary dealers' share9.4Last 24 auctions18 of 246 of 2411.0
Primary dealers' share9.4All 73 since 20 May 202056 of 7317 of 7313.0
High minus median, basis points5.4Last 24 auctions15 of 249 of 245.6
High minus median, basis points5.4All 73 since 20 May 202051 of 7320 of 736.0

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 20 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260520_2.pdf. Compiled by 500metrics, "20-year bond auction of 20 May 2026 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2026-05-20.

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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