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

20-year bond auction of 18 October 2023 (reopening)

The 20-year bond sold $13 billion at a high yield of 5.245% on , with a bid-to-cover ratio of 2.59.

High yield at each 20-year bond auction

The last 36 auctions, this one last

High yield at each 20-year bond auction, 21 Dec 2020 to 18 Oct 2023
High yield at each 20-year bond auction, 20 Oct 2021 to 18 Oct 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, 21 Dec 2020 to 18 Oct 2023
Bid-to-cover ratio at each 20-year bond auction, 20 Oct 2021 to 18 Oct 2023

Who bought the 20-year bond of 18 Oct 2023

Shares of the competitive bids accepted

  • Indirect bidders 72.9%
  • Direct bidders 15.2%
  • Primary dealers 11.9%
This auction, 18 Oct 2023
  • Indirect bidders 65.4%
  • Direct bidders 25.4%
  • Primary dealers 9.3%
The 20-year bond auction before, 19 Sep 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 bidders72.9%
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
5.2452.59
4.5922.74
4.4992.56
4.0362.68
4.0102.87
3.9542.56
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

Observed .

Right now

The high yield of 5.245% on 18 October 2023 was the highest of all 42 earlier 20-year bond auctions we hold.

The direct bidders' share of 15.2% was the lowest for a 20-year bond since 20 July 2022, with 14 auctions in between.

Higher than all 42 since 20 May 2020

Its own history

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

The indirect bidders' share was higher than 17 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 72.9%
  • Direct bidders 15.2%
  • Primary dealers 11.9%

Size

Treasury sold $13 billion of the $13 billion offered.

Bids received came to $33.618 billion; the bid-to-cover ratio was 2.59.

Its bid-to-cover of 2.59 compares with the 24 auctions before it: lowest 2.30 on , highest 2.92 on ; 46.8% of the way from the low to the high.

2.59

Low 2.30 Midpoint 2.610 High 2.92

The security19-Year 10-Month, reopening

Coupon
4.375%
Announced
Issued
Matures

It adds to the debt that matures in August 2043.

Understanding this result

Where it stands today

The high yield was 5.245% at this 20-year bond auction, the median yield 5.186% and a bid-to-cover ratio of 2.59.

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$13,000,000,000
Bids received$33,617,891,300
Sold$13,000,016,300
Competitive bids accepted$12,912,887,000
Non-competitive bids accepted$87,129,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %5.245
Median rate, %5.186
Low rate, %5.100
Interest rate (coupon), %4.375
Bids at the high rate filled, %79.65
Bid-to-cover ratio2.59
Indirect bidders accepted$9,409,062,000
Direct bidders accepted$1,962,912,500
Primary dealers accepted$1,540,912,500
Indirect bidders' share, % (ours)72.9
Direct bidders' share, % (ours)15.2
Primary dealers' share, % (ours)11.9
High minus median, basis points (ours)5.9
Treasury par yield curve, 20-year point, same day, %5.20
High yield minus that point, basis points (ours)4.5
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 ratio2.592.657 of 125 of 12
High yield5.2453.9940 of 1212 of 12
Indirect bidders' share72.969.74 of 128 of 12
Direct bidders' share15.219.112 of 120 of 12
Primary dealers' share11.99.42 of 1210 of 12
High minus median, basis points5.97.09 of 123 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 ratio2.59Last 24 auctions13 of 2410 of 242.62
Bid-to-cover ratio2.59All 42 since 20 May 202014 of 4227 of 422.50
High yield5.245Last 24 auctions0 of 2424 of 243.749
High yield5.245All 42 since 20 May 20200 of 4242 of 422.288
Indirect bidders' share72.9Last 24 auctions7 of 2417 of 2468.6
Indirect bidders' share72.9All 42 since 20 May 20207 of 4235 of 4264.6
Direct bidders' share15.2Last 24 auctions22 of 242 of 2418.7
Direct bidders' share15.2All 42 since 20 May 202036 of 426 of 4217.8
Primary dealers' share11.9Last 24 auctions10 of 2414 of 2411.3
Primary dealers' share11.9All 42 since 20 May 202028 of 4214 of 4216.6
High minus median, basis points5.9Last 24 auctions18 of 246 of 247.0
High minus median, basis points5.9All 42 since 20 May 202027 of 4213 of 426.8

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 18 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231018_2.pdf. Compiled by 500metrics, "20-year bond auction of 18 October 2023 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2023-10-18.

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