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Treasury auctions · 19-Year 10-Month Bond, reopening

20-year bond auction of 19 April 2023 (reopening)

The 20-year bond sold $13.171 billion at a high yield of 3.920% on , with a bid-to-cover ratio of 2.66.

High yield at each 20-year bond auction

The last 36 auctions, this one last

High yield at each 20-year bond auction, 17 Jun 2020 to 19 Apr 2023
High yield at each 20-year bond auction, 21 Apr 2021 to 19 Apr 2023

Bid-to-cover ratio at each 20-year bond auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 20-year bond auction, 17 Jun 2020 to 19 Apr 2023
Bid-to-cover ratio at each 20-year bond auction, 21 Apr 2021 to 19 Apr 2023

Who bought the 20-year bond of 19 Apr 2023

Shares of the competitive bids accepted

  • Indirect bidders 68.7%
  • Direct bidders 19.2%
  • Primary dealers 12.0%
This auction, 19 Apr 2023
  • Indirect bidders 67.0%
  • Direct bidders 21.1%
  • Primary dealers 11.9%
The 20-year bond auction before, 21 Mar 2023

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 bidders68.7%
Inspect and compare dates
High yield and bid-to-cover of the last 36 20-year bond auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.9202.66
3.9092.53
3.9772.54
3.6782.83
3.9352.68
4.0722.64
4.3952.50
3.8202.65
3.3802.30
3.4202.65
3.4882.60
3.2902.50
3.0952.80
2.6512.72
2.3962.44
2.2102.48
1.9422.59
1.8722.92
2.0652.34
2.1002.25
1.7952.36
1.8502.44
1.8902.33
2.1202.40
2.2862.24
2.1442.42
2.2902.51
1.9202.15
1.6572.28
1.4702.39
1.4222.27
1.3702.43
1.2132.39
1.1852.26
1.0592.43
1.3142.63

Observed .

Right now

The high yield was 3.920% on 19 April 2023, up from 3.909% at the auction before.

Higher than 32 of the 36 since 20 May 2020

Its own history

Against the previous 24 20-year bond auctions, the high yield was higher than 20 of the 24.

The primary dealers' share was higher than 9 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 68.7%
  • Direct bidders 19.2%
  • Primary dealers 12.0%

Size

Treasury sold $13.171 billion of the $12 billion offered.

Bids received came to $33.126 billion; the bid-to-cover ratio was 2.66.

Its bid-to-cover of 2.66 compares with the 24 auctions before it: lowest 2.24 on , highest 2.92 on ; 61.8% of the way from the low to the high.

2.66

Low 2.24 Midpoint 2.580 High 2.92

The security19-Year 10-Month, reopening

Coupon
3.875%
Announced
Issued
Matures

It adds to the debt that matures in February 2043.

Understanding this result

Where it stands today

The high yield was 3.920% at this 20-year bond auction, the median yield 3.850% and a bid-to-cover ratio of 2.66.

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
FieldValue
Offered as19-Year 10-Month, reopening
Offering amount$12,000,000,000
Bids received$33,125,754,900
Sold$13,171,112,900
Competitive bids accepted$11,960,168,000
Non-competitive bids accepted$39,845,100
Federal Reserve (SOMA) add-on$1,171,099,800
Foreign and international (FIMA) non-competitive$0
High yield, %3.920
Median rate, %3.850
Low rate, %3.820
Interest rate (coupon), %3.875
Bids at the high rate filled, %30.81
Bid-to-cover ratio2.66
Indirect bidders accepted$8,218,574,500
Direct bidders accepted$2,300,783,500
Primary dealers accepted$1,440,810,000
Indirect bidders' share, % (ours)68.7
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)12.0
High minus median, basis points (ours)7.0
Treasury par yield curve, 20-year point, same day, %3.90
High yield minus that point, basis points (ours)2.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 20-year bond
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.623 of 129 of 12
High yield3.9203.7494 of 128 of 12
Indirect bidders' share68.773.88 of 124 of 12
Direct bidders' share19.217.33 of 129 of 12
Primary dealers' share12.09.04 of 128 of 12
High minus median, basis points7.07.67 of 124 of 12

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

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 ratio2.66Last 24 auctions5 of 2419 of 242.52
Bid-to-cover ratio2.66All 36 since 20 May 20205 of 3631 of 362.46
High yield3.920Last 24 auctions4 of 2420 of 242.873
High yield3.920All 36 since 20 May 20204 of 3632 of 362.132
Indirect bidders' share68.7Last 24 auctions8 of 2416 of 2465.5
Indirect bidders' share68.7All 36 since 20 May 20208 of 3628 of 3663.3
Direct bidders' share19.2Last 24 auctions9 of 2415 of 2418.8
Direct bidders' share19.2All 36 since 20 May 202010 of 3626 of 3617.0
Primary dealers' share12.0Last 24 auctions15 of 249 of 2414.5
Primary dealers' share12.0All 36 since 20 May 202027 of 369 of 3618.3
High minus median, basis points7.0Last 24 auctions11 of 2411 of 247.0
High minus median, basis points7.0All 36 since 20 May 202012 of 3621 of 366.4

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 .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 19 April 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230419_2.pdf. Compiled by 500metrics, "20-year bond auction of 19 April 2023 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2023-04-19.

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