Treasury Auctions · Bonds
20-Year Treasury Bond Auctions
Every 20-year auction since May 2020: the yield Treasury paid, how many bids came in, and who ended up holding the debt.
Latest 20-year Auction
Tuesday, Sep 15, 2026
20-Year Bondreopening
Weakdemand vs previous six 20-year auctions5.420%
stop-out yield · +21.6 bp vs prior auction · highest in the record back to May 2020
Size
$13B
19-Year 11-Month
Bid-to-cover
2.57×
−0.08 vs avg 2.65×
Indirect bidders
52.5%
−15.5 pts vs avg
Dealers took
16.9%
+6.2 pts vs avg
The Sep 15, 2026 20-year bond auction (a reopening) sold $13B at a yield of 5.420%, the highest in the record back to May 2020. Bidders put in 2.57× the amount on offer, and primary dealers were left with 16.9% of the competitive award. Measured against the previous six 20-year auctions, demand grades weak.
Highest on Record
5.420%
Sep 15, 2026
Lowest on Record
1.059%
Jul 22, 2020
Last 12 Months
13 auctions
4 above their recent run, 3 below
Auctions Tracked
78
75 graded since 2020
Stop-out yield at every auction
Bid-to-cover, last 24 auctions
Each dot is one auction, colored by its demand grade. The white tick is the average of the previous six auctions; the stem shows how far above or below it the auction landed.
Demand vs the series' previous six auctions:StrongSolidAverageSoftWeak
Who bought it
Share of each competitive award. When the blue band at the top grows, the dealers were left holding debt the rest of the market passed on.
■ indirect (incl. foreign central banks) · ■ direct · ■ primary dealers
Every 20-year auction
| Date | Size | Yield | Chg | Cover | Indirect | Direct | Dealers | Demand | Official results |
|---|---|---|---|---|---|---|---|---|---|
| $13B r | 5.420% | +21.6 bp | 2.57×−0.08 | 52.5%−15.5 pts | 30.7% | 16.9%+6.2 pts | Weak | ||
| $16B | 5.204% | +4.1 bp | 2.53×−0.09 | 62.9%−3.8 pts | 24.6% | 12.5%+1.0 pts | Average | ||
| $13B r | 5.163% | +23.6 bp | 2.64×−0.02 | 69.1%+3.2 pts | 16.2% | 14.7%+4.6 pts | Average | ||
| $13B r | 4.927% | −19.5 bp | 2.75×+0.10 | 71.6%+6.7 pts | 19.9% | 8.5%−2.3 pts | Solid | ||
| $16B | 5.122% | +23.9 bp | 2.55×−0.07 | 67.7%+4.2 pts | 22.9% | 9.4%−1.7 pts | Average | ||
| $13B r | 4.883% | +6.6 bp | 2.68×+0.05 | 67.4%+4.5 pts | 22.9% | 9.7%−1.4 pts | Average | ||
| $13B r | 4.817% | +15.3 bp | 2.76×+0.13 | 69.2%+7.1 pts | 21.6% | 9.2%−1.7 pts | Solid | ||
| $16B | 4.664% | −18.2 bp | 2.36×−0.30 | 55.2%−7.9 pts | 27.2% | 17.6%+7.5 pts | Weak | ||
| $13B r | 4.846% | +4.8 bp | 2.86×+0.21 | 64.7%+1.2 pts | 29.1% | 6.2%−4.7 pts | Solid | ||
| $13B r | 4.798% | +9.2 bp | 2.67×+0.02 | 65.2%+1.4 pts | 22.2% | 12.6%+1.6 pts | Average | ||
| $16B | 4.706% | +20 bp | 2.41×−0.25 | 59.5%−5.9 pts | 29.1% | 11.4%−0.5 pts | Soft | ||
| $13B r | 4.506% | −10.7 bp | 2.73×+0.09 | 63.6%−2.9 pts | 26.3% | 10.0%−3.0 pts | Average | ||
| $13B r | 4.613% | −26.3 bp | 2.74×+0.09 | 64.6%−2.7 pts | 27.9% | 7.6%−5.7 pts | Solid | ||
| $16B | 4.876% | −5.9 bp | 2.54×−0.09 | 60.6%−7.0 pts | 26.5% | 12.9%−1.2 pts | Soft | ||
| $13B r | 4.935% | −0.7 bp | 2.79×+0.17 | 67.4%−0.5 pts | 21.9% | 10.7%−3.3 pts | Solid | ||
| $13B r | 4.942% | −10.5 bp | 2.68×+0.09 | 66.7%−0.4 pts | 19.9% | 13.4%−1.4 pts | Average | ||
| $16B | 5.047% | +23.7 bp | 2.46×−0.11 | 69.0%+1.8 pts | 14.1% | 16.9%+1.2 pts | Average | ||
| $13B r | 4.810% | +17.8 bp | 2.63×+0.06 | 70.7%+3.9 pts | 12.3% | 17.0%+1.7 pts | Average | ||
| $13B r | 4.632% | −19.8 bp | 2.78×+0.26 | 68.8%+2.7 pts | 22.4% | 8.8%−8.1 pts | Strong | ||
| $16B | 4.830% | −7 bp | 2.43×−0.11 | 63.0%−4.5 pts | 19.5% | 17.5%+1.9 pts | Average | ||
| $13B r | 4.900% | +21.4 bp | 2.75×+0.22 | 69.5%+0.8 pts | 20.1% | 10.4%−4.9 pts | Solid | ||
| $13B r | 4.686% | +0.6 bp | 2.50×−0.07 | 62.0%−9.5 pts | 20.1% | 17.9%+4.6 pts | Soft | ||
| $16B | 4.680% | +9 bp | 2.34×−0.25 | 69.5%−2.2 pts | 7.9% | 22.6%+11.4 pts | Weak | ||
| $13B r | 4.590% | +55.1 bp | 2.59×−0.04 | 67.9%−4.9 pts | 17.6% | 14.5%+4.2 pts | Average |
Show 54 earlier auctions, back to May 2020+
| Date | Size | Yield | Cover | Indirect | Dealers | Demand |
|---|---|---|---|---|---|---|
| Sep 17, 2024 r | $13B | 4.039% | 2.51× | 65.1% | 18.6% | Weak |
| Aug 21, 2024 | $16B | 4.160% | 2.54× | 71.0% | 9.7% | Average |
| Jul 17, 2024 r | $13B | 4.466% | 2.68× | 77.2% | 8.5% | Solid |
| Jun 18, 2024 r | $13B | 4.452% | 2.74× | 77.9% | 5.8% | Strong |
| May 22, 2024 | $16B | 4.635% | 2.51× | 70.8% | 10.1% | Average |
| Apr 17, 2024 r | $13B | 4.818% | 2.82× | 74.7% | 9.1% | Strong |
| Mar 19, 2024 r | $13B | 4.542% | 2.79× | 73.5% | 9.3% | Strong |
| Feb 21, 2024 | $16B | 4.595% | 2.39× | 59.1% | 21.2% | Weak |
| Jan 17, 2024 r | $13B | 4.423% | 2.53× | 62.2% | 17.3% | Weak |
| Dec 20, 2023 r | $13B | 4.213% | 2.55× | 66.4% | 12.9% | Average |
| Nov 20, 2023 | $16B | 4.780% | 2.58× | 74.0% | 9.5% | Average |
| Oct 18, 2023 r | $13B | 5.245% | 2.59× | 72.9% | 11.9% | Average |
| Sep 19, 2023 r | $13B | 4.592% | 2.74× | 65.4% | 9.3% | Average |
| Aug 23, 2023 | $16B | 4.499% | 2.56× | 68.4% | 11.4% | Average |
| Jul 19, 2023 r | $12B | 4.036% | 2.68× | 68.8% | 9.6% | Average |
| Jun 21, 2023 r | $12B | 4.010% | 2.87× | 74.6% | 7.8% | Solid |
| May 17, 2023 | $15B | 3.954% | 2.56× | 70.6% | 11.3% | Average |
| Apr 19, 2023 r | $12B | 3.920% | 2.66× | 68.7% | 12.0% | Average |
| Mar 21, 2023 r | $12B | 3.909% | 2.53× | 67.0% | 11.9% | Soft |
| Feb 15, 2023 | $15B | 3.977% | 2.54× | 75.3% | 6.7% | Average |
| Jan 18, 2023 r | $12B | 3.678% | 2.83× | 76.3% | 8.1% | Solid |
| Dec 21, 2022 r | $12B | 3.935% | 2.68× | 72.3% | 8.7% | Average |
| Nov 16, 2022 | $15B | 4.072% | 2.64× | 75.3% | 9.2% | Average |
| Oct 19, 2022 r | $12B | 4.395% | 2.50× | 63.7% | 16.4% | Weak |
| Sep 20, 2022 r | $12B | 3.820% | 2.65× | 75.3% | 8.1% | Average |
| Aug 17, 2022 | $15B | 3.380% | 2.30× | 67.0% | 14.7% | Soft |
| Jul 20, 2022 r | $14B | 3.420% | 2.65× | 78.0% | 7.9% | Solid |
| Jun 22, 2022 r | $14B | 3.488% | 2.60× | 67.4% | 12.4% | Average |
| May 18, 2022 | $17B | 3.290% | 2.50× | 70.6% | 13.0% | Solid |
| Apr 20, 2022 r | $16B | 3.095% | 2.80× | 75.9% | 8.7% | Strong |
| Mar 23, 2022 r | $16B | 2.651% | 2.72× | 64.4% | 9.6% | Strong |
| Feb 16, 2022 | $19B | 2.396% | 2.44× | 62.9% | 16.1% | Strong |
| Jan 19, 2022 r | $20B | 2.210% | 2.48× | 66.2% | 16.8% | Strong |
| Dec 21, 2021 r | $20B | 1.942% | 2.59× | 64.8% | 14.3% | Strong |
| Dec 2, 2021 r | $0B | 1.872% | 2.92× | 0.0% | 100.0% | Soft |
| Nov 17, 2021 | $23B | 2.065% | 2.34× | 60.2% | 20.4% | Average |
| Oct 20, 2021 r | $24B | 2.100% | 2.25× | 64.8% | 19.6% | Average |
| Sep 21, 2021 r | $24B | 1.795% | 2.36× | 64.2% | 16.9% | Average |
| Aug 18, 2021 | $27B | 1.850% | 2.44× | 62.3% | 19.0% | Average |
| Jul 21, 2021 r | $24B | 1.890% | 2.33× | 60.2% | 20.9% | Average |
| Jun 15, 2021 r | $24B | 2.120% | 2.40× | 62.1% | 17.5% | Solid |
| May 19, 2021 | $27B | 2.286% | 2.24× | 56.7% | 23.8% | Average |
| Apr 21, 2021 r | $24B | 2.144% | 2.42× | 58.7% | 21.1% | Average |
| Mar 16, 2021 r | $24B | 2.290% | 2.51× | 61.4% | 21.6% | Solid |
| Feb 17, 2021 | $27B | 1.920% | 2.15× | 54.9% | 29.1% | Soft |
| Jan 20, 2021 r | $24B | 1.657% | 2.28× | 59.7% | 25.7% | Average |
| Dec 21, 2020 r | $24B | 1.470% | 2.39× | 56.3% | 26.0% | Soft |
| Nov 18, 2020 | $27B | 1.422% | 2.27× | 61.2% | 23.5% | Soft |
| Oct 21, 2020 r | $22B | 1.370% | 2.43× | 62.9% | 21.5% | Average |
| Sep 15, 2020 r | $22B | 1.213% | 2.39× | 60.7% | 24.0% | Average |
| Aug 19, 2020 | $25B | 1.185% | 2.26× | 62.6% | 26.2% | Soft |
| Jul 22, 2020 r | $17B | 1.059% | 2.43× | 67.0% | 21.2% | — |
| Jun 17, 2020 r | $17B | 1.314% | 2.63× | 61.6% | 21.9% | — |
| May 20, 2020 | $20B | 1.220% | 2.53× | 60.7% | 24.6% | — |
Yield = stop-out (high) yield; a real yield for TIPS. Chg = versus the previous auction of the same security. Cover = bid-to-cover ratio. Indirect, direct and dealer shares are of the competitive award. Small figures under a measure compare it with the previous six auctions of the same security, colored when the move is big enough to count toward the grade: orange for stronger demand, bluefor weaker. r = reopening of an existing issue. PDF = Treasury's official results.
Frequently Asked Questions
What yield did the last 20-year auction clear at?
When is the next 20-year auction?
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Data: US Department of the Treasury (Fiscal Data and TreasuryDirect). Demand grades are TFTC's calculation; the method is on the Treasury auctions tracker. Full history as open JSON (CC BY 4.0). Not investment advice.