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

20-year bond auction of 22 October 2025 (reopening)

The 20-year bond sold $13.746 billion at a high yield of 4.506% on , with a bid-to-cover ratio of 2.73.

High yield at each 20-year bond auction

The last 36 auctions, this one last

High yield at each 20-year bond auction, 16 Nov 2022 to 22 Oct 2025
High yield at each 20-year bond auction, 20 Nov 2023 to 22 Oct 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, 16 Nov 2022 to 22 Oct 2025
Bid-to-cover ratio at each 20-year bond auction, 20 Nov 2023 to 22 Oct 2025

Who bought the 20-year bond of 22 Oct 2025

Shares of the competitive bids accepted

  • Indirect bidders 63.6%
  • Direct bidders 26.3%
  • Primary dealers 10.0%
This auction, 22 Oct 2025
  • Indirect bidders 64.6%
  • Direct bidders 27.9%
  • Primary dealers 7.6%
The 20-year bond auction before, 16 Sep 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 bidders63.6%
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
4.5062.73
4.6132.74
4.8762.54
4.9352.79
4.9422.68
5.0472.46
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

Observed .

Right now

The high yield of 4.506% on 22 October 2025 was the lowest for a 20-year bond since 17 September 2024.

Higher than 47 of the 66 since 20 May 2020

Its own history

Against the previous 24 20-year bond auctions, the direct bidders' share was higher than 22 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 63.6%
  • Direct bidders 26.3%
  • Primary dealers 10.0%

Size

Treasury sold $13.746 billion of the $13 billion offered.

Bids received came to $36.29 billion; the bid-to-cover ratio was 2.73.

Its bid-to-cover of 2.73 compares with the 24 auctions before it: lowest 2.34 on , highest 2.82 on ; 81.3% of the way from the low to the high.

2.73

Low 2.34 Midpoint 2.580 High 2.82

The security19-Year 10-Month, reopening

Coupon
4.875%
Announced
Issued
Matures

It adds to the debt that matures in August 2045.

Understanding this result

Where it stands today

The high yield was 4.506% at this 20-year bond auction, the median yield 4.464% and a bid-to-cover ratio of 2.73.

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$36,289,735,500
Sold$13,746,497,600
Competitive bids accepted$12,934,036,100
Non-competitive bids accepted$65,975,000
Federal Reserve (SOMA) add-on$746,486,500
Foreign and international (FIMA) non-competitive$0
High yield, %4.506
Median rate, %4.464
Low rate, %3.880
Interest rate (coupon), %4.875
Bids at the high rate filled, %56.07
Bid-to-cover ratio2.73
Indirect bidders accepted$8,230,074,000
Direct bidders accepted$3,405,962,100
Primary dealers accepted$1,298,000,000
Indirect bidders' share, % (ours)63.6
Direct bidders' share, % (ours)26.3
Primary dealers' share, % (ours)10.0
High minus median, basis points (ours)4.2
Treasury par yield curve, 20-year point, same day, %4.52
High yield minus that point, basis points (ours)-1.4
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 ratio2.732.614 of 128 of 12
High yield4.5064.82012 of 120 of 12
Indirect bidders' share63.667.79 of 123 of 12
Direct bidders' share26.320.02 of 1210 of 12
Primary dealers' share10.013.910 of 122 of 12
High minus median, basis points4.26.010 of 122 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 ratio2.73Last 24 auctions7 of 2417 of 242.58
Bid-to-cover ratio2.73All 66 since 20 May 202012 of 6654 of 662.54
High yield4.506Last 24 auctions18 of 246 of 244.658
High yield4.506All 66 since 20 May 202019 of 6647 of 663.928
Indirect bidders' share63.6Last 24 auctions19 of 245 of 2468.9
Indirect bidders' share63.6All 66 since 20 May 202043 of 6623 of 6666.6
Direct bidders' share26.3Last 24 auctions2 of 2422 of 2419.2
Direct bidders' share26.3All 66 since 20 May 20202 of 6664 of 6618.0
Primary dealers' share10.0Last 24 auctions16 of 248 of 2412.4
Primary dealers' share10.0All 66 since 20 May 202047 of 6619 of 6614.4
High minus median, basis points4.2Last 24 auctions22 of 242 of 246.0
High minus median, basis points4.2All 66 since 20 May 202061 of 664 of 666.2

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 22 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251022_2.pdf. Compiled by 500metrics, "20-year bond auction of 22 October 2025 (reopening)", https://500metrics.com/treasury/auctions/20-year-bond/2025-10-22.

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