Reopening
20-Year Treasury Bond auction result for January 21, 2026
The 20-Year Treasury Bond reopening held on January 21, 2026 recorded an official high rate of 4.846% and a bid-to-cover ratio of 2.86. Bid-to-cover increased from 2.67 at the preceding comparable auction.
High yield
4.846%
Bid-to-cover
2.86
Direct bidders
27.1%
Primary dealers
5.8%
Comparable historical context
| Auction date | Series | Result | Bid-to-cover | Offering | Direct | Indirect | Dealers |
|---|---|---|---|---|---|---|---|
| 2026-01-21 | 19Y Bond · reopening | High yield: 4.846% | 2.86 | $13.0B | 27.1% | 60.2% | 5.8% |
| 2025-12-17 | 19Y Bond · reopening | High yield: 4.798% | 2.67 | $13.0B | 20.0% | 58.7% | 11.3% |
| 2025-11-19 | 20Y Bond | High yield: 4.706% | 2.41 | $16.0B | 26.0% | 53.0% | 10.2% |
| 2025-10-22 | 19Y Bond · reopening | High yield: 4.506% | 2.73 | $13.0B | 24.8% | 59.9% | 9.4% |
| 2025-09-16 | 19Y Bond · reopening | High yield: 4.613% | 2.74 | $13.0B | 26.2% | 60.7% | 7.1% |
| 2025-08-20 | 20Y Bond | High yield: 4.876% | 2.54 | $16.0B | 23.4% | 53.6% | 11.4% |
| 2025-07-23 | 19Y Bond · reopening | High yield: 4.935% | 2.79 | $13.0B | 20.3% | 62.5% | 9.9% |
| 2025-06-16 | 19Y Bond · reopening | High yield: 4.942% | 2.68 | $13.0B | 18.0% | 60.3% | 12.1% |
| 2025-05-21 | 20Y Bond | High yield: 5.047% | 2.46 | $16.0B | 12.2% | 59.9% | 14.7% |
| 2025-04-16 | 19Y Bond · reopening | High yield: 4.810% | 2.63 | $13.0B | 11.4% | 65.6% | 15.8% |
| 2025-03-18 | 19Y Bond · reopening | High yield: 4.632% | 2.78 | $13.0B | 21.6% | 66.5% | 8.5% |
| 2025-02-19 | 20Y Bond | High yield: 4.830% | 2.43 | $16.0B | 17.6% | 56.8% | 15.8% |
| 2025-01-22 | 19Y Bond · reopening | High yield: 4.900% | 2.75 | $13.0B | 18.9% | 65.3% | 9.8% |
| 2024-12-17 | 19Y Bond · reopening | High yield: 4.686% | 2.50 | $13.0B | 19.8% | 61.0% | 17.6% |
| 2024-11-20 | 20Y Bond | High yield: 4.680% | 2.34 | $16.0B | 7.4% | 64.6% | 21.0% |
| 2024-10-23 | 19Y Bond · reopening | High yield: 4.590% | 2.59 | $13.0B | 17.3% | 66.4% | 14.2% |
| 2024-09-17 | 19Y Bond · reopening | High yield: 4.039% | 2.51 | $13.0B | 15.9% | 63.5% | 18.2% |
| 2024-08-21 | 20Y Bond | High yield: 4.160% | 2.54 | $16.0B | 17.8% | 65.4% | 9.0% |
| 2024-07-17 | 19Y Bond · reopening | High yield: 4.466% | 2.68 | $13.0B | 13.5% | 72.9% | 8.0% |
| 2024-06-18 | 19Y Bond · reopening | High yield: 4.452% | 2.74 | $13.0B | 15.7% | 75.0% | 5.6% |
| 2024-05-22 | 20Y Bond | High yield: 4.635% | 2.51 | $16.0B | 18.0% | 66.4% | 9.5% |
| 2024-04-17 | 19Y Bond · reopening | High yield: 4.818% | 2.82 | $13.0B | 16.0% | 73.9% | 9.0% |
| 2024-03-19 | 19Y Bond · reopening | High yield: 4.542% | 2.79 | $13.0B | 17.1% | 73.0% | 9.3% |
| 2024-02-21 | 20Y Bond | High yield: 4.595% | 2.39 | $16.0B | 18.7% | 56.1% | 20.1% |