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Treasury auctions · 19-Year 11-Month Bond, reopening

20-year bond auction of 20 December 2023 (reopening)

The 20-year bond sold $13 billion at a high yield of 4.213% on , with a bid-to-cover ratio of 2.55.

High yield at each 20-year bond auction

The last 36 auctions, this one last

High yield at each 20-year bond auction, 17 Feb 2021 to 20 Dec 2023
High yield at each 20-year bond auction, 21 Dec 2021 to 20 Dec 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 Feb 2021 to 20 Dec 2023
Bid-to-cover ratio at each 20-year bond auction, 21 Dec 2021 to 20 Dec 2023

Who bought the 20-year bond of 20 Dec 2023

Shares of the competitive bids accepted

  • Indirect bidders 66.4%
  • Direct bidders 20.7%
  • Primary dealers 12.9%
This auction, 20 Dec 2023
  • Indirect bidders 74.0%
  • Direct bidders 16.5%
  • Primary dealers 9.5%
The 20-year bond auction before, 20 Nov 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 bidders66.4%
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
4.2132.55
4.7802.58
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

Observed .

Right now

The high yield was 4.213% on 20 December 2023, down from 4.780% at the auction before.

The primary dealers' share of 12.9% was the highest for a 20-year bond since 19 October 2022, with 13 auctions in between.

Higher than 39 of the 44 since 20 May 2020

Its own history

Against the previous 24 20-year bond auctions, the high yield was higher than 19 of the 24.

The indirect bidders' share was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 66.4%
  • Direct bidders 20.7%
  • Primary dealers 12.9%

Size

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

Bids received came to $33.113 billion; the bid-to-cover ratio was 2.55.

Its bid-to-cover of 2.55 compares with the 24 auctions before it: lowest 2.30 on , highest 2.87 on ; 43.9% of the way from the low to the high.

2.55

Low 2.30 Midpoint 2.585 High 2.87

The security19-Year 11-Month, reopening

Coupon
4.750%
Announced
Issued
Matures

It adds to the debt that matures in November 2043.

Understanding this result

Where it stands today

The high yield was 4.213% at this 20-year bond auction, the median yield 4.147% and a bid-to-cover ratio of 2.55.

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 11-Month, reopening
Offering amount$13,000,000,000
Bids received$33,113,141,100
Sold$13,000,033,000
Competitive bids accepted$12,908,193,900
Non-competitive bids accepted$91,839,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.213
Median rate, %4.147
Low rate, %4.090
Interest rate (coupon), %4.750
Bids at the high rate filled, %56.27
Bid-to-cover ratio2.55
Indirect bidders accepted$8,571,685,900
Direct bidders accepted$2,673,000,000
Primary dealers accepted$1,663,508,000
Indirect bidders' share, % (ours)66.4
Direct bidders' share, % (ours)20.7
Primary dealers' share, % (ours)12.9
High minus median, basis points (ours)6.6
Treasury par yield curve, 20-year point, same day, %4.17
High yield minus that point, basis points (ours)4.3
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 ratio2.552.6210 of 122 of 12
High yield4.2133.9944 of 128 of 12
Indirect bidders' share66.471.411 of 121 of 12
Direct bidders' share20.718.63 of 129 of 12
Primary dealers' share12.99.50 of 1212 of 12
High minus median, basis points6.67.07 of 125 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 ratio2.55Last 24 auctions17 of 247 of 242.60
Bid-to-cover ratio2.55All 44 since 20 May 202019 of 4425 of 442.52
High yield4.213Last 24 auctions5 of 2419 of 243.914
High yield4.213All 44 since 20 May 20205 of 4439 of 442.343
Indirect bidders' share66.4Last 24 auctions18 of 246 of 2469.7
Indirect bidders' share66.4All 44 since 20 May 202019 of 4425 of 4464.8
Direct bidders' share20.7Last 24 auctions6 of 2418 of 2418.2
Direct bidders' share20.7All 44 since 20 May 20206 of 4438 of 4417.7
Primary dealers' share12.9Last 24 auctions6 of 2418 of 2410.4
Primary dealers' share12.9All 44 since 20 May 202026 of 4418 of 4416.3
High minus median, basis points6.6Last 24 auctions13 of 2410 of 247.0
High minus median, basis points6.6All 44 since 20 May 202021 of 4422 of 446.6

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 20 December 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231220_2.pdf. Compiled by 500metrics, "20-year bond auction of 20 December 2023 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2023-12-20.

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