Treasury auctions · 19-Year 11-Month Bond, reopening
20-year bond auction of 18 March 2025 (reopening)
The 20-year bond sold $13.384 billion at a high yield of 4.632% on , with a bid-to-cover ratio of 2.78.
High yield at each 20-year bond auction
Bid-to-cover ratio at each 20-year bond auction
Who bought the 20-year bond of 18 Mar 2025
- Indirect bidders 68.8%
- Direct bidders 22.4%
- Primary dealers 8.8%
- Indirect bidders 63.0%
- Direct bidders 19.5%
- Primary dealers 17.5%
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 bidders68.8%
Inspect and compare dates
| Auction | High yield, % | Bid-to-cover |
|---|---|---|
| 4.632 | 2.78 | |
| 4.830 | 2.43 | |
| 4.900 | 2.75 | |
| 4.686 | 2.50 | |
| 4.680 | 2.34 | |
| 4.590 | 2.59 | |
| 4.039 | 2.51 | |
| 4.160 | 2.54 | |
| 4.466 | 2.68 | |
| 4.452 | 2.74 | |
| 4.635 | 2.51 | |
| 4.818 | 2.82 | |
| 4.542 | 2.79 | |
| 4.595 | 2.39 | |
| 4.423 | 2.53 | |
| 4.213 | 2.55 | |
| 4.780 | 2.58 | |
| 5.245 | 2.59 | |
| 4.592 | 2.74 | |
| 4.499 | 2.56 | |
| 4.036 | 2.68 | |
| 4.010 | 2.87 | |
| 3.954 | 2.56 | |
| 3.920 | 2.66 | |
| 3.909 | 2.53 | |
| 3.977 | 2.54 | |
| 3.678 | 2.83 | |
| 3.935 | 2.68 | |
| 4.072 | 2.64 | |
| 4.395 | 2.50 | |
| 3.820 | 2.65 | |
| 3.380 | 2.30 | |
| 3.420 | 2.65 | |
| 3.488 | 2.60 | |
| 3.290 | 2.50 | |
| 3.095 | 2.80 |
Observed .
Right now
The high yield was 4.632% on 18 March 2025, down from 4.830% at the auction before.
The direct bidders' share of 22.4% was the highest for a 20-year bond since 19 September 2023, with 17 auctions in between.
The high minus median of 3.4 basis points was the lowest for a 20-year bond since 2 December 2021, with 39 auctions in between.
Its own history
Against the previous 24 20-year bond auctions, the high minus median was lower than all 24.
The direct bidders' share was higher than 23 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted.
- Indirect bidders 68.8%
- Direct bidders 22.4%
- Primary dealers 8.8%
Size
Treasury sold $13.384 billion of the $13 billion offered.
Bids received came to $36.549 billion; the bid-to-cover ratio was 2.78.
Its bid-to-cover of 2.78 compares with the 24 auctions before it: lowest 2.34 on , highest 2.87 on ; 83.0% of the way from the low to the high.
Low 2.34 Midpoint 2.605 High 2.87
The security19-Year 11-Month, reopening
- Coupon
- 4.750%
- Announced
- Issued
- Matures
It adds to the debt that matures in February 2045.
Understanding this result
Where it stands today
The high yield was 4.632% at this 20-year bond auction, the median yield 4.598% and a bid-to-cover ratio of 2.78.
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
| Field | Value |
|---|---|
| Offered as | 19-Year 11-Month, reopening |
| Offering amount | $13,000,000,000 |
| Bids received | $36,549,344,600 |
| Sold | $13,383,978,900 |
| Competitive bids accepted | $12,921,252,300 |
| Non-competitive bids accepted | $78,757,000 |
| Federal Reserve (SOMA) add-on | $383,969,600 |
| Foreign and international (FIMA) non-competitive | $0 |
| High yield, % | 4.632 |
| Median rate, % | 4.598 |
| Low rate, % | 3.880 |
| Interest rate (coupon), % | 4.750 |
| Bids at the high rate filled, % | 97.34 |
| Bid-to-cover ratio | 2.78 |
| Indirect bidders accepted | $8,894,788,000 |
| Direct bidders accepted | $2,888,464,300 |
| Primary dealers accepted | $1,138,000,000 |
| Indirect bidders' share, % (ours) | 68.8 |
| Direct bidders' share, % (ours) | 22.4 |
| Primary dealers' share, % (ours) | 8.8 |
| High minus median, basis points (ours) | 3.4 |
| Treasury par yield curve, 20-year point, same day, % | 4.61 |
| High yield minus that point, basis points (ours) | 2.2 |
How does it compare with earlier auctions?The previous 12 auctions, then every window
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.78 | 2.56 | 2 of 12 | 10 of 12 |
| High yield | 4.632 | 4.612 | 6 of 12 | 6 of 12 |
| Indirect bidders' share | 68.8 | 70.1 | 8 of 12 | 4 of 12 |
| Direct bidders' share | 22.4 | 17.4 | 0 of 12 | 12 of 12 |
| Primary dealers' share | 8.8 | 10.2 | 10 of 12 | 2 of 12 |
| High minus median, basis points | 3.4 | 6.0 | 12 of 12 | 0 of 12 |
The table scrolls sideways; the first column stays in place.
The longer windows
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.78 | Last 24 auctions | 3 of 24 | 21 of 24 | 2.57 |
| Bid-to-cover ratio | 2.78 | All 59 since 20 May 2020 | 6 of 59 | 53 of 59 | 2.53 |
| High yield | 4.632 | Last 24 auctions | 8 of 24 | 16 of 24 | 4.520 |
| High yield | 4.632 | All 59 since 20 May 2020 | 8 of 59 | 51 of 59 | 3.678 |
| Indirect bidders' share | 68.8 | Last 24 auctions | 12 of 24 | 12 of 24 | 69.1 |
| Indirect bidders' share | 68.8 | All 59 since 20 May 2020 | 20 of 59 | 39 of 59 | 66.2 |
| Direct bidders' share | 22.4 | Last 24 auctions | 1 of 24 | 23 of 24 | 19.2 |
| Direct bidders' share | 22.4 | All 59 since 20 May 2020 | 2 of 59 | 57 of 59 | 17.7 |
| Primary dealers' share | 8.8 | Last 24 auctions | 21 of 24 | 3 of 24 | 11.3 |
| Primary dealers' share | 8.8 | All 59 since 20 May 2020 | 50 of 59 | 9 of 59 | 14.7 |
| High minus median, basis points | 3.4 | Last 24 auctions | 24 of 24 | 0 of 24 | 6.4 |
| High minus median, basis points | 3.4 | All 59 since 20 May 2020 | 58 of 59 | 1 of 59 | 6.3 |
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 .
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 18 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250318_3.pdf. Compiled by 500metrics, "20-year bond auction of 18 March 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-03-18.
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