Main PageMarch 17, 2026

U.S. Treasury auctions of $13 billion of 20 year notes at a high yield of 4.817%

  • High-yield 4.817%
  • WI level at the time of the auction 4.824%
  • Tail -0.7 bps versus 6 month average of 0.0 basis points
  • 2.76X versus 6 month average of 2.63X
  • 9.24% versus 6 month average of 10.9%
  • Directs 21.58 vs 6 month average of 27.0%
  • Indirects 69.18% vs 6 month average of 62.1%

AUCTION GRADE: A-

The international buyers were strong taking nearly 70% of the issue. The bid to cover was stronger than the average. The tail showed a willingness to pay up to get the issue. The domestic buyers were lower-than-expected as they were outbid by the international buyers. Overall a solid auction.

This article was written by Greg Michalowski at investinglive.com.