20-Year Treasury Bond Auction: Results, Schedule & History
{
"tenor": "20-year-bond",
"date": "2026-08-19",
"offering_usd": 16000000000,
"high_yield": 5.204,
"tail_bps": 0.5,
"bid_to_cover": 2.53,
"indirect_pct": 62.9,
"verdict": "IN LINE"
}The 20-Year Treasury Bond auction on Aug 19, 2026 put $16B on offer and stopped at a high yield of 5.204%, tailing 0.5bp against the when-issued yield, with a bid-to-cover of 2.53 against a 2.65 twelve-month average. Indirects took 62.9%, directs 24.6% and primary dealers 12.5%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
Reintroduced in 2020, the 20-year remains the curve's cheapest, least-loved point: its sponsorship is structurally thin, so auctions here are the most sensitive gauge of raw duration appetite. A big 20s tail frequently marks local peaks in long-end yields and drives 10s20s30s butterfly repricing.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 912810UX4 | New | $16B | 5.204% | +0.5bp | 2.53 | 62.9% | 24.6% | 12.5% | IN LINE → | |
| 912810UV8 | Reopen | $13B | 5.163% | +0.5bp | 2.64 | 69.1% | 16.2% | 14.7% | IN LINE → | |
| 912810UV8 | Reopen | $13B | 4.927% | — | 2.75 | 71.6% | 19.9% | 8.5% | — | |
| 912810UV8 | New | $16B | 5.122% | — | 2.55 | 67.7% | 22.9% | 9.4% | — | |
| 912810UT3 | Reopen | $13B | 4.883% | — | 2.68 | 67.4% | 22.9% | 9.7% | — | |
| 912810UT3 | Reopen | $13B | 4.817% | — | 2.76 | 69.2% | 21.6% | 9.2% | — | |
| 912810UT3 | New | $16B | 4.664% | — | 2.36 | 55.2% | 27.2% | 17.6% | — | |
| 912810UQ9 | Reopen | $13B | 4.846% | — | 2.86 | 64.7% | 29.1% | 6.2% | — | |
| 912810UQ9 | Reopen | $13B | 4.798% | — | 2.67 | 65.2% | 22.2% | 12.6% | — | |
| 912810UQ9 | New | $16B | 4.706% | — | 2.41 | 59.5% | 29.1% | 11.4% | — | |
| 912810UN6 | Reopen | $13B | 4.506% | — | 2.73 | 63.6% | 26.3% | 10.0% | — | |
| 912810UN6 | Reopen | $13B | 4.613% | — | 2.74 | 64.6% | 27.9% | 7.6% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.