Treasury auctions · 19-Year 11-Month Bond, reopening
20-year bond auction of 21 September 2021 (reopening)
The 20-year bond sold $26.89 billion at a high yield of 1.795% on , with a bid-to-cover ratio of 2.36.
High yield at each 20-year bond auction
Bid-to-cover ratio at each 20-year bond auction
Who bought the 20-year bond of 21 Sep 2021
- Indirect bidders 64.2%
- Direct bidders 18.9%
- Primary dealers 16.9%
- Indirect bidders 62.3%
- Direct bidders 18.7%
- Primary dealers 19.0%
Each point is one 20-year bond auction, this one last; pointing at the chart shows its date and figures.
Select a line to followLatest:
- Indirect bidders64.2%
Inspect and compare dates
| Auction | High yield, % | Bid-to-cover |
|---|---|---|
| 1.795 | 2.36 | |
| 1.850 | 2.44 | |
| 1.890 | 2.33 | |
| 2.120 | 2.40 | |
| 2.286 | 2.24 | |
| 2.144 | 2.42 | |
| 2.290 | 2.51 | |
| 1.920 | 2.15 | |
| 1.657 | 2.28 | |
| 1.470 | 2.39 | |
| 1.422 | 2.27 | |
| 1.370 | 2.43 | |
| 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 of 1.795% on 21 September 2021 was the lowest for a 20-year bond since 20 January 2021.
The indirect bidders' share of 64.2% was the highest for a 20-year bond since 22 July 2020, with 13 auctions in between.
The primary dealers' share of 16.9% was the lowest of all 16 earlier 20-year bond auctions we hold.
Its own history
Against the previous 12 20-year bond auctions, the indirect bidders' share was higher than all 12.
The primary dealers' share was lower than all 12.
Who bought
Indirect bidders took the largest share of the competitive bids accepted.
- Indirect bidders 64.2%
- Direct bidders 18.9%
- Primary dealers 16.9%
Size
Treasury sold $26.89 billion of the $24 billion offered.
Bids received came to $59.458 billion; the bid-to-cover ratio was 2.36.
Its bid-to-cover of 2.36 compares with the 12 auctions before it: lowest 2.15 on , highest 2.51 on ; 58.3% of the way from the low to the high.
Low 2.15 Midpoint 2.330 High 2.51
The security19-Year 11-Month, reopening
- Coupon
- 1.750%
- Announced
- Issued
- Matures
It adds to the debt that matures in August 2041.
Understanding this result
Where it stands today
The high yield was 1.795% at this 20-year bond auction, the median yield 1.740% and a bid-to-cover ratio of 2.36.
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 | $24,000,000,000 |
| Bids received | $59,458,380,900 |
| Sold | $26,890,418,900 |
| Competitive bids accepted | $23,999,023,000 |
| Non-competitive bids accepted | $985,900 |
| Federal Reserve (SOMA) add-on | $2,890,410,000 |
| Foreign and international (FIMA) non-competitive | $0 |
| High yield, % | 1.795 |
| Median rate, % | 1.740 |
| Low rate, % | 0.880 |
| Interest rate (coupon), % | 1.750 |
| Bids at the high rate filled, % | 88.91 |
| Bid-to-cover ratio | 2.36 |
| Indirect bidders accepted | $15,412,677,000 |
| Direct bidders accepted | $4,534,000,000 |
| Primary dealers accepted | $4,052,346,000 |
| Indirect bidders' share, % (ours) | 64.2 |
| Direct bidders' share, % (ours) | 18.9 |
| Primary dealers' share, % (ours) | 16.9 |
| High minus median, basis points (ours) | 5.5 |
| Treasury par yield curve, 20-year point, same day, % | 1.81 |
| High yield minus that point, basis points (ours) | -1.5 |
How does it compare with earlier auctions?The previous 12 auctions, then every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.36 | 2.39 | 7 of 12 | 5 of 12 |
| High yield | 1.795 | 1.870 | 7 of 12 | 5 of 12 |
| Indirect bidders' share | 64.2 | 60.4 | 0 of 12 | 12 of 12 |
| Direct bidders' share | 18.9 | 17.4 | 4 of 12 | 8 of 12 |
| Primary dealers' share | 16.9 | 22.5 | 12 of 12 | 0 of 12 |
| High minus median, basis points | 5.5 | 6.0 | 8 of 12 | 4 of 12 |
The table scrolls sideways; the first column stays in place.
The longer windows
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.36 | All 16 since 20 May 2020 | 10 of 16 | 6 of 16 | 2.40 |
| High yield | 1.795 | All 16 since 20 May 2020 | 7 of 16 | 9 of 16 | 1.564 |
| Indirect bidders' share | 64.2 | All 16 since 20 May 2020 | 1 of 16 | 15 of 16 | 61.0 |
| Direct bidders' share | 18.9 | All 16 since 20 May 2020 | 4 of 16 | 12 of 16 | 16.2 |
| Primary dealers' share | 16.9 | All 16 since 20 May 2020 | 16 of 16 | 0 of 16 | 22.7 |
| High minus median, basis points | 5.5 | All 16 since 20 May 2020 | 11 of 16 | 5 of 16 | 6.0 |
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 21 September 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210921_1.pdf. Compiled by 500metrics, "20-year bond auction of 21 September 2021 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2021-09-21.
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