--- title: "20-Year Treasury Auction Results: Sep 15, 2026" description: "20-Year Treasury Bond, Sep 15, 2026: 5.42% high yield, 2.0bp tail, 2.57x cover, indirects 52.5%. Full bidder split, tails and 12-month averages." source: Helious canonical: "https://helious.io/auctions/20-year-bond" --- # 20-Year Treasury Bond Auction: Results, Schedule & History High yield 5.420% Sep 15, 2026 Tail +2.0bp conceded yield Bid to cover 2.57 12m avg 2.63 Indirects 52.5% 12m avg 65.1% [Ask Helious about the 20-Year Treasury Bond auction](https://helious.io/?ask=How%20did%20the%20last%2020-Year%20Treasury%20Bond%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/20-year-bond) High yield, last 12 auctions 5.420%4.963%4.506% 2025-10-222026-09-15 Human Agent Last result · Sep 15, 2026 5.42% tail +2.0bp · b/c 2.57 · indirects 52.5% WEAK { "tenor": "20-year-bond", "date": "2026-09-15", "offering_usd": 13000000000, "high_yield": 5.42, "tail_bps": 2, "bid_to_cover": 2.57, "indirect_pct": 52.5, "verdict": "WEAK" } The 20-Year Treasury Bond auction on Sep 15, 2026 put $13B on offer and stopped at a high yield of 5.42%, tailing 2.0bp against the when-issued yield. The bid-to-cover was 2.57, against a twelve-month average of 2.63. Indirects took 52.5%, directs 30.7% and primary dealers 16.9%. Helious captured the result live as it crossed and graded it WEAK. Treasury brought the 20-year back in 2020 and the market never really took to it. It trades cheaper than anywhere else on the curve, and hardly any account has a natural reason to own it. That thin buyer base is what makes these auctions worth watching, because nothing tells you as plainly how much duration buyers actually want. When 20s tail badly, meaning the auction stops at a higher yield than the market was bidding into it, that often lands on a local high in long-end yields. It shoves the 10s20s30s butterfly around too. NEXT AUCTION Auctioned monthly: mid-to-late month (typically wednesday); new issue feb/may/aug/nov, reopenings other months; results cross ~13:00 ET. LATEST RESULT: SEP 15, 2026 5.42%high yield $13Bon offer 2.57bid-to-cover-0.06 vs avg 52.5%indirects-12.60 vs avg 30.7%directs+6.88 vs avg 16.9%dealer take+5.83 vs avg WEAKdesk verdict [Full desk recap →](https://helious.io/news/auc-912810UX4-2026-09-15/20-year-bond-auction-weak) 12-MONTH AVERAGES · 11 AUCTIONS 2.63bid-to-cover 65.1%indirects 23.82%directs 11.07%dealer take Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance. The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100. ## Recent auction results DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP Sep 15, 2026Sep 15 ’26 912810UX4 Reopen $13B 5.420% +2.0bp 2.57 52.5% 30.7% 16.9% [WEAK →](https://helious.io/news/auc-912810UX4-2026-09-15/20-year-bond-auction-weak) Aug 19, 2026Aug 19 ’26 912810UX4 New $16B 5.204% +0.5bp 2.53 62.9% 24.6% 12.5% [IN LINE →](https://helious.io/news/auc-912810UX4-2026-08-19/20-year-bond-auction-in-line) Jul 22, 2026Jul 22 ’26 912810UV8 Reopen $13B 5.163% +0.5bp 2.64 69.1% 16.2% 14.7% [IN LINE →](https://helious.io/news/auc-912810UV8-2026-07-22/20-year-bond-auction-in-line) Jun 16, 2026Jun 16 ’26 912810UV8 Reopen $13B 4.927% — 2.75 71.6% 19.9% 8.5% — May 20, 2026May 20 ’26 912810UV8 New $16B 5.122% — 2.55 67.7% 22.9% 9.4% — Apr 22, 2026Apr 22 ’26 912810UT3 Reopen $13B 4.883% — 2.68 67.4% 22.9% 9.7% — Mar 17, 2026Mar 17 ’26 912810UT3 Reopen $13B 4.817% — 2.76 69.2% 21.6% 9.2% — Feb 18, 2026Feb 18 ’26 912810UT3 New $16B 4.664% — 2.36 55.2% 27.2% 17.6% — Jan 21, 2026Jan 21 ’26 912810UQ9 Reopen $13B 4.846% — 2.86 64.7% 29.1% 6.2% — Dec 17, 2025Dec 17 ’25 912810UQ9 Reopen $13B 4.798% — 2.67 65.2% 22.2% 12.6% — Nov 19, 2025Nov 19 ’25 912810UQ9 New $16B 4.706% — 2.41 59.5% 29.1% 11.4% — Oct 22, 2025Oct 22 ’25 912810UN6 Reopen $13B 4.506% — 2.73 63.6% 26.3% 10.0% — The **issue** column says which kind of auction it was. A [reopening](https://helious.io/learn/when-issued-yield) re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. **Offered** is the amount the Treasury announced for sale at that auction. The **tail** is the high yield minus the [when-issued](https://helious.io/learn/when-issued-yield) yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the **desk recap**, is the desk's live verdict, posted the moment results cross. The desk captures each result and backfills the rest from the full auction record · [download a sample (CSV, recent auctions)](https://helious.io/auctions/20-year-bond.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). [Watch the next auction live →](https://helious.io/)