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10-year note auction of 11 September 2008 (reopening)

The 10-year note sold $13.467 billion at a high yield of 3.628% on , with a bid-to-cover ratio of 2.51.

Coupon
4.000%
Announced
Issued
Matures

High yield

3.628%

Median yield 3.592%

Bid-to-cover

2.51

▼ −0.10 since 6 Aug

Sold

$13.47 billion

$12 billion offered

Indirect bidders

26.4%

Of competitive bids accepted

High yield at the last 36 10-year note auctions

High yield at each 10-year note auction, %

High yield at the last 36 10-year note auctions36 auctions from 13 May 2004 to 11 September 2008; the latest at 3.628%.3.5%4.0%4.5%5.0%5.5%20042005200620072008This auction, 3.628%High yield at the last 36 10-year note auctions36 auctions from 13 May 2004 to 11 September 2008; the latest at 3.628%.3.5%4.0%4.5%5.0%5.5%2006200720083.628%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 10-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.6282.51
4.0752.61
4.2252.33
3.9372.21
3.5101.79
3.6202.34
4.1642.23
4.3532.34
4.4932.95
4.8552.30
5.2302.55
4.6122.30
4.5232.64
4.7402.41
4.5802.48
4.6272.21
4.8102.91
4.9302.23
4.9752.73
5.1402.53
4.7602.87
4.5402.32
4.4902.19
4.5782.24
4.1342.68
4.3502.59
3.9902.50
4.2202.33
4.5042.35
4.0492.05
4.1502.68
4.2802.05
4.1952.12
4.2702.90
4.8282.93
4.8482.78

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.344 of 128 of 12
High yield3.6284.28910 of 122 of 12
Indirect bidders' share26.428.42 of 31 of 3
Direct bidders' share0.50.62 of 31 of 3
Primary dealers' share73.170.81 of 32 of 3
High minus median, basis points3.62.84 of 127 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 10-year note?

Primary dealers took 73.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 6 August 2008

Primary dealers took 73.1% of the competitive bids acceptedIndirect bidders 26.4%, Direct bidders 0.5%, Primary dealers 73.1%Indirect bidders26.4%34.0%Direct bidders0.5%0.6%Primary dealers73.1%65.4%Primary dealers took 73.1% of the competitive bids acceptedIndirect bidders 26.4%, Direct bidders 0.5%, Primary dealers 73.1%Indirect bidders26.4%34.0%Direct bidders0.5%0.6%Primary dealers73.1%65.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders26.434.0
Direct bidders0.50.6
Primary dealers73.165.4

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 11-Month, reopening
Offering amount$12,000,000,000
Bids received$31,602,689,300
Sold$13,467,009,300
Competitive bids accepted$11,961,320,000
Non-competitive bids accepted$38,689,300
Federal Reserve (SOMA) add-on$1,467,000,000
Foreign and international (FIMA) non-competitive$0
High yield, %3.628
Median rate, %3.592
Low rate, %3.550
Interest rate (coupon), %4.000
Bids at the high rate filled, %82.60
Bid-to-cover ratio2.51
Indirect bidders accepted$3,156,500,000
Direct bidders accepted$64,500,000
Primary dealers accepted$8,740,320,000
Indirect bidders' share, % (ours)26.4
Direct bidders' share, % (ours)0.5
Primary dealers' share, % (ours)73.1
High minus median, basis points (ours)3.6
Treasury par yield curve, 10-year point, same day, %3.64
High yield minus that point, basis points (ours)-1.2

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (10-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 10-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.51Last 24 auctions9 of 2415 of 242.34
Bid-to-cover ratio2.51Since 7 May 20081 of 32 of 32.33
Bid-to-cover ratio2.51All 57 since 10 November 199918 of 5739 of 572.32
High yield3.628Last 24 auctions22 of 242 of 244.559
High yield3.628Since 7 May 20083 of 30 of 34.075
High yield3.628All 139 since 31 October 1979137 of 1392 of 1396.218
Indirect bidders' share26.4All 3 since 7 May 20082 of 31 of 328.4
Direct bidders' share0.5All 3 since 7 May 20082 of 31 of 30.6
Primary dealers' share73.1All 3 since 7 May 20081 of 32 of 370.8
High minus median, basis points3.6Last 24 auctions5 of 2418 of 242.4
High minus median, basis points3.6Since 7 May 20082 of 31 of 34.6
High minus median, basis points3.6All 139 since 31 October 197929 of 139109 of 1392.0

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 11 September 2008. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2008/R_20080911_1.pdf. Compiled by 500metrics, "10-year note auction of 11 September 2008 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2008-09-11.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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