The yield on the 20-year U.S. Treasury note auctioned today fell below the trading level before issuance.

MaticHoleFiller · 2026-03-27T20:27:13+00:00

The U.S. Department of the Treasury issued an additional $13 billion in 20-year bonds, with a winning yield of 4.817%, indicating strong demand. The allocation to primary dealers decreased, while the proportion of indirect bidders increased. The bid-to-cover ratio was slightly above the average, and market reaction was positive.

MaticHoleFiller

2026-03-27 20:27:13

Abstract generation in progress

The U.S. Treasury issued $13 billion in 20-year bonds, with the winning yield reported at 4.817%, lower than the pre-issue yield of 4.824% at the bidding deadline of 1 PM New York time, indicating stronger than expected demand. Prices for long-term securities subsequently rose slightly, pushing the 20-year yield close to the day’s low, down about 3 basis points for the day; the 10s, 20s, and 30s are still down about 1 basis point, also nearing the day’s low.

The allocation ratio for primary dealers was 9.2%, lower than previous levels; the allocation ratio for indirect bidders rose to 69.25%, while the allocation ratio for direct bidders fell to 21.6%.

The bid-to-cover ratio was 2.76 times, slightly above the average of 2.75 times for the past six reissues.

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Editor: Li Tong

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