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

20-year bond auction of 16 April 2025 (reopening)

The 20-year bond sold $13.89 billion at a high yield of 4.810% on , with a bid-to-cover ratio of 2.63.

High yield at each 20-year bond auction

The last 36 auctions, this one last

High yield at each 20-year bond auction, 18 May 2022 to 16 Apr 2025
High yield at each 20-year bond auction, 19 Apr 2023 to 16 Apr 2025

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, 18 May 2022 to 16 Apr 2025
Bid-to-cover ratio at each 20-year bond auction, 19 Apr 2023 to 16 Apr 2025

Who bought the 20-year bond of 16 Apr 2025

Shares of the competitive bids accepted

  • Indirect bidders 70.7%
  • Direct bidders 12.3%
  • Primary dealers 17.0%
This auction, 16 Apr 2025
  • Indirect bidders 68.8%
  • Direct bidders 22.4%
  • Primary dealers 8.8%
The 20-year bond auction before, 18 Mar 2025

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 bidders70.7%
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
4.8102.63
4.6322.78
4.8302.43
4.9002.75
4.6862.50
4.6802.34
4.5902.59
4.0392.51
4.1602.54
4.4662.68
4.4522.74
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

Observed .

Right now

The high yield was 4.810% on 16 April 2025, up from 4.632% at the auction before.

Higher than 56 of the 60 since 20 May 2020

Its own history

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

The direct bidders' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.7%
  • Direct bidders 12.3%
  • Primary dealers 17.0%

Size

Treasury sold $13.89 billion of the $13 billion offered.

Bids received came to $35.077 billion; the bid-to-cover ratio was 2.63.

Its bid-to-cover of 2.63 compares with the 24 auctions before it: lowest 2.34 on , highest 2.87 on ; 54.7% of the way from the low to the high.

2.63

Low 2.34 Midpoint 2.605 High 2.87

The security19-Year 10-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 4.810% at this 20-year bond auction, the median yield 4.750% and a bid-to-cover ratio of 2.63.

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$35,077,257,400
Sold$13,890,238,900
Competitive bids accepted$12,883,615,500
Non-competitive bids accepted$116,395,300
Federal Reserve (SOMA) add-on$890,228,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.810
Median rate, %4.750
Low rate, %3.880
Interest rate (coupon), %4.750
Bids at the high rate filled, %6.47
Bid-to-cover ratio2.63
Indirect bidders accepted$9,106,734,000
Direct bidders accepted$1,587,646,500
Primary dealers accepted$2,189,235,000
Indirect bidders' share, % (ours)70.7
Direct bidders' share, % (ours)12.3
Primary dealers' share, % (ours)17.0
High minus median, basis points (ours)6.0
Treasury par yield curve, 20-year point, same day, %4.77
High yield minus that point, basis points (ours)4.0
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 ratio2.632.565 of 127 of 12
High yield4.8104.6343 of 129 of 12
Indirect bidders' share70.769.55 of 127 of 12
Direct bidders' share12.318.411 of 121 of 12
Primary dealers' share17.010.24 of 128 of 12
High minus median, basis points6.06.05 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 ratio2.63Last 24 auctions10 of 2414 of 242.58
Bid-to-cover ratio2.63All 60 since 20 May 202018 of 6041 of 602.53
High yield4.810Last 24 auctions4 of 2420 of 244.566
High yield4.810All 60 since 20 May 20204 of 6056 of 603.749
Indirect bidders' share70.7Last 24 auctions9 of 2415 of 2469.2
Indirect bidders' share70.7All 60 since 20 May 202016 of 6044 of 6066.3
Direct bidders' share12.3Last 24 auctions23 of 241 of 2419.2
Direct bidders' share12.3All 60 since 20 May 202056 of 604 of 6017.8
Primary dealers' share17.0Last 24 auctions6 of 2418 of 2410.9
Primary dealers' share17.0All 60 since 20 May 202025 of 6035 of 6014.6
High minus median, basis points6.0Last 24 auctions13 of 249 of 246.2
High minus median, basis points6.0All 60 since 20 May 202033 of 6023 of 606.2

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 16 April 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250416_2.pdf. Compiled by 500metrics, "20-year bond auction of 16 April 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-04-16.

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