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Treasury auctions · 20-Year Bond

20-year bond auction of 22 May 2024 (new issue)

The 20-year bond sold $16.95 billion at a high yield of 4.635% on , with a bid-to-cover ratio of 2.51.

High yield at each 20-year bond auction

The last 36 auctions, this one last

High yield at each 20-year bond auction, 21 Jul 2021 to 22 May 2024
High yield at each 20-year bond auction, 22 Jun 2022 to 22 May 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, 21 Jul 2021 to 22 May 2024
Bid-to-cover ratio at each 20-year bond auction, 22 Jun 2022 to 22 May 2024

Who bought the 20-year bond of 22 May 2024

Shares of the competitive bids accepted

  • Indirect bidders 70.8%
  • Direct bidders 19.2%
  • Primary dealers 10.1%
This auction, 22 May 2024
  • Indirect bidders 74.7%
  • Direct bidders 16.2%
  • Primary dealers 9.1%
The 20-year bond auction before, 17 Apr 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 bidders70.8%
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
4.6352.51
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

Observed .

Right now

The high yield was 4.635% on 22 May 2024, down from 4.818% at the auction before.

Higher than 46 of the 49 since 20 May 2020

Its own history

Against the previous 24 20-year bond auctions, the high yield was higher than 21 of the 24.

The bid-to-cover ratio was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.8%
  • Direct bidders 19.2%
  • Primary dealers 10.1%

Size

Treasury sold $16.95 billion of the $16 billion offered.

Bids received came to $41.168 billion; the bid-to-cover ratio was 2.51.

Its bid-to-cover of 2.51 compares with the 24 auctions before it: lowest 2.30 on , highest 2.87 on ; 36.8% of the way from the low to the high.

2.51

Low 2.30 Midpoint 2.585 High 2.87

The security20-Year, new issue

Coupon
4.625%
Announced
Issued
Matures

It adds to the debt that matures in May 2044.

Understanding this result

Where it stands today

The high yield was 4.635% at this 20-year bond auction, the median yield 4.580% and a bid-to-cover ratio of 2.51.

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 as20-Year, new issue
Offering amount$16,000,000,000
Bids received$41,168,092,400
Sold$16,949,904,400
Competitive bids accepted$15,916,122,000
Non-competitive bids accepted$83,899,600
Federal Reserve (SOMA) add-on$949,882,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.635
Median rate, %4.580
Low rate, %4.540
Interest rate (coupon), %4.625
Bids at the high rate filled, %30.20
Bid-to-cover ratio2.51
Indirect bidders accepted$11,262,332,000
Direct bidders accepted$3,052,000,000
Primary dealers accepted$1,601,790,000
Indirect bidders' share, % (ours)70.8
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)10.1
High minus median, basis points (ours)5.5
Treasury par yield curve, 20-year point, same day, %4.63
High yield minus that point, basis points (ours)0.5
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 ratio2.512.5811 of 121 of 12
High yield4.6354.5203 of 129 of 12
Indirect bidders' share70.869.75 of 127 of 12
Direct bidders' share19.218.96 of 126 of 12
Primary dealers' share10.110.46 of 126 of 12
High minus median, basis points5.56.48 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 ratio2.51Last 24 auctions20 of 244 of 242.60
Bid-to-cover ratio2.51All 49 since 20 May 202026 of 4922 of 492.53
High yield4.635Last 24 auctions3 of 2421 of 244.023
High yield4.635All 49 since 20 May 20203 of 4946 of 493.095
Indirect bidders' share70.8Last 24 auctions11 of 2413 of 2470.6
Indirect bidders' share70.8All 49 since 20 May 202012 of 4937 of 4964.8
Direct bidders' share19.2Last 24 auctions10 of 2414 of 2418.2
Direct bidders' share19.2All 49 since 20 May 202017 of 4932 of 4917.7
Primary dealers' share10.1Last 24 auctions12 of 2412 of 2410.4
Primary dealers' share10.1All 49 since 20 May 202035 of 4914 of 4916.1
High minus median, basis points5.5Last 24 auctions19 of 245 of 247.0
High minus median, basis points5.5All 49 since 20 May 202035 of 4913 of 496.5

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 22 May 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240522_2.pdf. Compiled by 500metrics, "20-year bond auction of 22 May 2024 (new issue)", https://500metrics.com/treasury/auctions/20-year-bond/2024-05-22.

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