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

20-year bond auction of 17 April 2024 (reopening)

The 20-year bond sold $13.062 billion at a high yield of 4.818% on , with a bid-to-cover ratio of 2.82.

High yield at each 20-year bond auction

The last 36 auctions, this one last

High yield at each 20-year bond auction, 15 Jun 2021 to 17 Apr 2024
High yield at each 20-year bond auction, 20 Apr 2022 to 17 Apr 2024

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, 15 Jun 2021 to 17 Apr 2024
Bid-to-cover ratio at each 20-year bond auction, 20 Apr 2022 to 17 Apr 2024

Who bought the 20-year bond of 17 Apr 2024

Shares of the competitive bids accepted

  • Indirect bidders 74.7%
  • Direct bidders 16.2%
  • Primary dealers 9.1%
This auction, 17 Apr 2024
  • Indirect bidders 73.5%
  • Direct bidders 17.2%
  • Primary dealers 9.3%
The 20-year bond auction before, 19 Mar 2024

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 bidders74.7%
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
4.8182.82
4.5422.79
4.5952.39
4.4232.53
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

Observed .

Right now

The high yield of 4.818% on 17 April 2024 was the highest for a 20-year bond since 18 October 2023.

The indirect bidders' share of 74.7% was the highest for a 20-year bond since 15 February 2023, with 13 auctions in between.

Higher than 47 of the 48 since 20 May 2020

Its own history

Against the previous 24 20-year bond auctions, the high yield was higher than 23 of the 24.

The high minus median was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 74.7%
  • Direct bidders 16.2%
  • Primary dealers 9.1%

Size

Treasury sold $13.062 billion of the $13 billion offered.

Bids received came to $36.716 billion; the bid-to-cover ratio was 2.82.

Its bid-to-cover of 2.82 compares with the 24 auctions before it: lowest 2.30 on , highest 2.87 on ; 91.2% of the way from the low to the high.

2.82

Low 2.30 Midpoint 2.585 High 2.87

The security19-Year 10-Month, reopening

Coupon
4.500%
Announced
Issued
Matures

It adds to the debt that matures in February 2044.

Understanding this result

Where it stands today

The high yield was 4.818% at this 20-year bond auction, the median yield 4.770% and a bid-to-cover ratio of 2.82.

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$36,716,398,400
Sold$13,061,977,000
Competitive bids accepted$12,921,538,600
Non-competitive bids accepted$78,479,200
Federal Reserve (SOMA) add-on$61,959,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.818
Median rate, %4.770
Low rate, %4.730
Interest rate (coupon), %4.500
Bids at the high rate filled, %79.31
Bid-to-cover ratio2.82
Indirect bidders accepted$9,653,246,500
Direct bidders accepted$2,094,344,100
Primary dealers accepted$1,173,948,000
Indirect bidders' share, % (ours)74.7
Direct bidders' share, % (ours)16.2
Primary dealers' share, % (ours)9.1
High minus median, basis points (ours)4.8
Treasury par yield curve, 20-year point, same day, %4.81
High yield minus that point, basis points (ours)0.8
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 ratio2.822.581 of 1211 of 12
High yield4.8184.4611 of 1211 of 12
Indirect bidders' share74.768.70 of 1212 of 12
Direct bidders' share16.219.511 of 121 of 12
Primary dealers' share9.111.311 of 121 of 12
High minus median, basis points4.86.811 of 121 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 ratio2.82Last 24 auctions2 of 2422 of 242.60
Bid-to-cover ratio2.82All 48 since 20 May 20203 of 4845 of 482.53
High yield4.818Last 24 auctions1 of 2423 of 243.994
High yield4.818All 48 since 20 May 20201 of 4847 of 482.873
Indirect bidders' share74.7Last 24 auctions6 of 2418 of 2470.6
Indirect bidders' share74.7All 48 since 20 May 20206 of 4842 of 4864.8
Direct bidders' share16.2Last 24 auctions19 of 245 of 2418.2
Direct bidders' share16.2All 48 since 20 May 202033 of 4815 of 4817.8
Primary dealers' share9.1Last 24 auctions17 of 247 of 2410.4
Primary dealers' share9.1All 48 since 20 May 202041 of 487 of 4816.3
High minus median, basis points4.8Last 24 auctions22 of 242 of 247.0
High minus median, basis points4.8All 48 since 20 May 202043 of 485 of 486.6

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 17 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240417_2.pdf. Compiled by 500metrics, "20-year bond auction of 17 April 2024 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2024-04-17.

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