Treasury auctions · 20-year bond
How did the latest 20-year Treasury bond auction go?
The last 20-year bond auction, on , sold at a high yield of 5.420% with a bid-to-cover of 2.57.
High yield at each 20-year bond auction
Bid-to-cover ratio at each 20-year bond auction
Who bought each 20-year bond auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders52.5%
- Direct bidders30.7%
- Primary dealers16.9%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
Select a line to followLatest:
Inspect and compare dates
The latest 20-year bond auction beside the one before it and the nearest ones a year, five and ten years earlier.
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high yield of 5.420% on 15 September 2026 was the highest of all 77 earlier 20-year bond auctions we hold.
The indirect bidders' share of 52.5% was the lowest for a 20-year bond since 2 December 2021, with 57 auctions in between.
The direct bidders' share of 30.7% was the highest of all 77 earlier 20-year bond auctions we hold.
Its own history
Against the previous 24 20-year bond auctions, the high yield and the direct bidders' share were higher than all 24.
The indirect bidders' share was lower than all 24.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 15 Sep 2026 auction.
- Indirect bidders 52.5%
- Direct bidders 30.7%
- Primary dealers 16.9%
Size
Treasury offered $13 billion and sold $13 billion on 15 Sep 2026.
Next
Treasury has announced no 20-year bond auction yet; its tentative schedule names these dates.
- Tentative
- Tentative
- Tentative
Understanding the 20-year bond auction
Where it stands today
The high yield was 5.420% at the 20-year bond auction of , with a bid-to-cover ratio of 2.57.
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: Highest of all 77 earlier 20-year bond auctions we hold.
- Indirect bidders' share: Lowest for a 20-year bond since 2 December 2021 (57 auctions in between).
- Direct bidders' share: Highest of all 77 earlier 20-year bond auctions we hold.
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.57 | Last 12 auctions | 8 of 12 | 4 of 12 | 2.68 |
| Bid-to-cover ratio | 2.57 | Last 24 auctions | 14 of 24 | 10 of 24 | 2.64 |
| Bid-to-cover ratio | 2.57 | All 77 since 20 May 2020 | 35 of 77 | 42 of 77 | 2.55 |
| High yield | 5.420 | Last 12 auctions | 0 of 12 | 12 of 12 | 4.832 |
| High yield | 5.420 | Last 24 auctions | 0 of 24 | 24 of 24 | 4.824 |
| High yield | 5.420 | All 77 since 20 May 2020 | 0 of 77 | 77 of 77 | 4.039 |
| Indirect bidders' share | 52.5 | Last 12 auctions | 12 of 12 | 0 of 12 | 65.0 |
| Indirect bidders' share | 52.5 | Last 24 auctions | 24 of 24 | 0 of 24 | 67.1 |
| Indirect bidders' share | 52.5 | All 77 since 20 May 2020 | 76 of 77 | 1 of 77 | 66.4 |
| Direct bidders' share | 30.7 | Last 12 auctions | 0 of 12 | 12 of 12 | 23.8 |
| Direct bidders' share | 30.7 | Last 24 auctions | 0 of 24 | 24 of 24 | 21.7 |
| Direct bidders' share | 30.7 | All 77 since 20 May 2020 | 0 of 77 | 77 of 77 | 18.9 |
| Primary dealers' share | 16.9 | Last 12 auctions | 1 of 12 | 11 of 12 | 9.9 |
| Primary dealers' share | 16.9 | Last 24 auctions | 7 of 24 | 17 of 24 | 12.5 |
| Primary dealers' share | 16.9 | All 77 since 20 May 2020 | 29 of 77 | 48 of 77 | 12.9 |
| High minus median, basis points | 6.0 | Last 12 auctions | 1 of 12 | 11 of 12 | 5.0 |
| High minus median, basis points | 6.0 | Last 24 auctions | 7 of 24 | 15 of 24 | 5.5 |
| High minus median, basis points | 6.0 | All 77 since 20 May 2020 | 36 of 77 | 36 of 77 | 6.0 |
The table scrolls sideways; the first column stays in place.
What were the results of every 20-year bond auction?79 auctions, newest first
78 20-year bond auctions with results since 20 May 2020.
Show 67 more rows
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When are the next 20-year bond auctions?Treasury's tentative schedule, from its quarterly refunding
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| Reopening | |||
| Reopening |
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 15 September 2026. Compiled by 500metrics, "How did the latest 20-year Treasury bond auction go?", https://500metrics.com/treasury/auctions/20-year-bond.
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