There is a quilt that can pack down the size of a water bottle about 5" x 6", it's called the Therm-a-Rest Vesper 32, not only does it take up very little space, but it only weighs 15 ounces, and as the 32 indicates its good down to 32 degrees, a sleeping bag that rating is for 32 degrees are actually comfortable down to 42 degrees, but this is a quilt and the temperature ratings are more accurate. While it's not cheap at $361 for the long version, it's not horribly expensive either.
The problem with stuff that is lightweight is that the fabrics are flimsier and may not hold up as long as heavier ones.
If you want something warmer then the pack size and weight will go up, there is no way around it, but the smallest for a 20 degree back is the Therm-a-Rest Corus Quilt, it weighs 22 ounces and packs down to 7" x 10" and cost $300.
If those two choices are too much for your budget, and if don't need as warm of a quilt there is a third option that is very affordable at around $65 called the Get Out Gear Down Camping Blanket, it weighs just 17 ounces but packs a bit larger than the Vesper, but smaller than the Corus at 5" x 12" not bad size though, but the temperature rating is just 45 degrees which is typical of most blankets, most blankets will be lighter than most quilts, but as you can see, as it is with cycling, the more money you spend the lighter you get stuff, so it will depend on whether or not the money being spent is worth a few ounces, that's where blankets come in, they're cheaper and lightweight.
When using a quilt or blanket you will need a when using a quilt, you will need an insulated mat.
Do some reading on blankets and then decide if that is something for you.