U.S. 20-Year Treasury Auction Shows Softer Demand
By Jessica Coacci
The U.S. Treasury auction of 20-year bonds Wednesday showed softer- than-expected demand.
The Treasury's monthly auction sold $13 billion in bonds, with a high yield of 5.469%. This is the highest yield in the 20-year auction since Jan. 8, 1986, when the high yield was 9.45%. The Treasury resumed issuing 20-year bonds in May 2020 after discontinuing them in 1986.
"The auction results were mixed and not as positive as we expected, but they improved on last month's very weak results," wrote John Canavan, lead analyst at Oxford Economics.
The high yield compared with a market yield of 5.459% at the time.
Following the auction, the U.S. 20-year yield was little changed around 5.468% from 5.460%.
The bid-to-cover ratio, a measure of investor demand, was 2.73, compared with 2.57 in September.
Write to Jessica Coacci at jessica.coacci@wsj.com
(END) Dow Jones Newswires
October 21, 2026 13:57 ET (17:57 GMT)
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