Treasury auctions · 20-year 1-month bond
How did the latest 20-year 1-month Treasury bond auction go?
The last 20-year 1-month bond auction was on ; Treasury published no result for it.
Discontinued Treasury has not auctioned this term since 8 January 1986.
High yield at each 20-year 1-month bond auction
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
The lineLatest:
- High yield9.450%
Inspect and compare dates
The latest 20-year 1-month bond auction beside the one before it and the nearest ones a year, five and ten years earlier.
| Measure | Latest | The auction before | A year earlier | Five years earlier |
|---|---|---|---|---|
| Auction | ||||
| High yield, % | 9.450 | 10.490 | 11.860 | 11.840 |
| Sold, $ billion | 4.750 | 4.755 | 4.283 | 1.501 |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high yield of 9.450% on 8 January 1986 was the lowest of all 18 earlier 20-year 1-month bond auctions we hold.
Its own history
Against the previous 12 20-year 1-month bond auctions, the high yield was lower than all 12.
The high minus median was higher than 5 of them.
Size
Treasury offered $4.75 billion and sold $4.75 billion on 8 Jan 1986.
Understanding the 20-year 1-month bond auction
Where it stands today
The high yield was 9.450% at the 20-year 1-month bond auction of .
What do these figures measure?
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.
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What these figures cannot tell
- 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 numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
- High yield: Lowest of all 18 earlier 20-year 1-month bond auctions we hold.
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| High yield | 9.450 | Last 12 auctions | 12 of 12 | 0 of 12 | 11.805 |
| High yield | 9.450 | All 18 since 6 January 1981 | 18 of 18 | 0 of 18 | 11.880 |
| High minus median, basis points | 2.0 | Last 12 auctions | 4 of 12 | 5 of 12 | 2.0 |
| High minus median, basis points | 2.0 | All 18 since 6 January 1981 | 8 of 18 | 5 of 18 | 2.0 |
The table scrolls sideways; the first column stays in place.
What were the results of every 20-year 1-month bond auction?19 auctions, newest first
19 20-year 1-month bond auctions with results since 6 January 1981.
| Auction | Offered as | High yield, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % | High − median, bp |
|---|---|---|---|---|---|---|---|---|---|
| 20-Year 1-Month | 9.450 | – | 4.750 | 4.750 | – | – | – | 2.0 | |
| 19-Year 9-Month, reopening | 10.490 | – | 4.750 | 4.755 | – | – | – | 2.0 | |
| 20-Year 1-Month | 10.760 | – | 4.500 | 4.510 | – | – | – | 1.0 | |
| 20-Year 1-Month | 12.050 | – | 4.250 | 4.261 | – | – | – | 1.0 | |
| 19-Year 10-Month, reopening | 11.860 | – | 4.250 | 4.283 | – | – | – | 0.0 | |
| 20-Year 1-Month | 11.750 | – | 4.000 | 4.005 | – | – | – | 6.0 | |
| 20-Year 1-Month | 13.820 | – | 4.000 | 4.001 | – | – | – | 6.0 | |
| 20-Year 1-Month | 12.500 | – | 3.750 | 3.752 | – | – | – | 11.0 | |
| 19-Year 10-Month, reopening | 11.960 | – | 3.750 | 3.754 | – | – | – | 1.0 | |
| 20-Year 1-Month | 11.900 | – | 3.500 | 3.508 | – | – | – | 0.0 | |
| 20-Year 1-Month | 11.240 | – | 3.500 | 3.503 | – | – | – | 2.0 | |
| 20-Year 1-Month | 10.840 | – | 3.250 | 3.251 | – | – | – | 3.0 |
Show 7 more rows
| Auction | Offered as | High yield, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % | High − median, bp |
|---|---|---|---|---|---|---|---|---|---|
| 20-Year 1-Month | 10.770 | – | 3.000 | 3.006 | – | – | – | 2.0 | |
| 20-Year 1-Month | 11.790 | – | 2.750 | 2.750 | – | – | – | 11.0 | |
| 20-Year 1-Month | 14.270 | – | 1.750 | 1.750 | – | – | – | 2.0 | |
| 20-Year 1-Month | 15.820 | – | 1.750 | 1.751 | – | – | – | 4.0 | |
| 20-Year 1-Month | 13.490 | – | 1.750 | 1.751 | – | – | – | 4.0 | |
| 20-Year 1-Month | 13.260 | – | 1.750 | 1.750 | – | – | – | 5.0 | |
| 20-Year 1-Month | 11.840 | – | 1.500 | 1.501 | – | – | – | 2.0 |
The table scrolls sideways; the first column stays in place.
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 8 January 1986. Compiled by 500metrics, "How did the latest 20-year 1-month Treasury bond auction go?", https://500metrics.com/treasury/auctions/20-year-1-month-bond.
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