Treasury auctions · 19-Year 11-Month Bond, reopening
20-year bond auction of 15 September 2020 (reopening)
The 20-year bond sold $25.012 billion at a high yield of 1.213% on , with a bid-to-cover ratio of 2.39.
Who bought the 20-year bond of 15 Sep 2020
- Indirect bidders 60.7%
- Direct bidders 15.3%
- Primary dealers 24.0%
- Indirect bidders 62.6%
- Direct bidders 11.2%
- Primary dealers 26.2%
Each point is one 20-year bond auction, this one last; pointing at the chart shows its date and figures.
The linesLatest:
- High yield1.213%
- Bid-to-cover2.39
- Indirect bidders60.7%
Inspect and compare dates
| Auction | High yield, % | Bid-to-cover |
|---|---|---|
| 1.213 | 2.39 | |
| 1.185 | 2.26 | |
| 1.059 | 2.43 | |
| 1.314 | 2.63 | |
| 1.220 | 2.53 |
Observed .
Right now
The high yield was 1.213% on 15 September 2020, up from 1.185% at the auction before.
Its own history
Against all 4 earlier 20-year bond auctions we hold, the indirect bidders' share and the high minus median were lower than all 4.
The direct bidders' share was higher than 3 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted.
- Indirect bidders 60.7%
- Direct bidders 15.3%
- Primary dealers 24.0%
Size
Treasury sold $25.012 billion of the $22 billion offered.
Bids received came to $55.49 billion; the bid-to-cover ratio was 2.39.
The security19-Year 11-Month, reopening
- Coupon
- 1.125%
- Announced
- Issued
- Matures
It adds to the debt that matures in August 2040.
Understanding this result
Where it stands today
The high yield was 1.213% at this 20-year bond auction, the median yield 1.160% and a bid-to-cover ratio of 2.39.
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.
Read more
How does it compare with the par yield curve?
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 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
What did Treasury publish for this auction?Every field, to the dollar
| Field | Value |
|---|---|
| Offered as | 19-Year 11-Month, reopening |
| Offering amount | $22,000,000,000 |
| Bids received | $55,489,977,500 |
| Sold | $25,011,919,600 |
| Competitive bids accepted | $21,993,452,100 |
| Non-competitive bids accepted | $6,562,800 |
| Federal Reserve (SOMA) add-on | $3,011,904,700 |
| Foreign and international (FIMA) non-competitive | $0 |
| High yield, % | 1.213 |
| Median rate, % | 1.160 |
| Low rate, % | 0.080 |
| Interest rate (coupon), % | 1.125 |
| Bids at the high rate filled, % | 92.86 |
| Bid-to-cover ratio | 2.39 |
| Indirect bidders accepted | $13,343,592,100 |
| Direct bidders accepted | $3,361,000,000 |
| Primary dealers accepted | $5,288,860,000 |
| Indirect bidders' share, % (ours) | 60.7 |
| Direct bidders' share, % (ours) | 15.3 |
| Primary dealers' share, % (ours) | 24.0 |
| High minus median, basis points (ours) | 5.3 |
| Treasury par yield curve, 20-year point, same day, % | 1.21 |
| High yield minus that point, basis points (ours) | 0.3 |
How does it compare with earlier auctions?Every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.39 | 2.48 | 3 of 4 | 1 of 4 |
| High yield | 1.213 | 1.202 | 2 of 4 | 2 of 4 |
| Indirect bidders' share | 60.7 | 62.1 | 4 of 4 | 0 of 4 |
| Direct bidders' share | 15.3 | 13.2 | 1 of 4 | 3 of 4 |
| Primary dealers' share | 24.0 | 23.2 | 2 of 4 | 2 of 4 |
| High minus median, basis points | 5.3 | 6.0 | 4 of 4 | 0 of 4 |
The table scrolls sideways; the first column stays in place.
When are the figures from, and how are they cited?Dates and how to cite
Observed .
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 15 September 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200915_3.pdf. Compiled by 500metrics, "20-year bond auction of 15 September 2020 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2020-09-15.
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