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10-year note auction of 6 May 2009 (new issue)

The 10-year note sold $25.892 billion at a high yield of 3.190% on , with a bid-to-cover ratio of 2.47.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.190%

Median yield 3.139%

Bid-to-cover

2.47

▼ −0.02 since 9 Apr

Sold

$25.89 billion

$22 billion offered

Indirect bidders

31.9%

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 8 September 2005 to 6 May 2009; the latest at 3.190%.2.0%3.0%4.0%5.0%6.0%20052006200720082009This auction, 3.190%High yield at the last 36 10-year note auctions36 auctions from 8 September 2005 to 6 May 2009; the latest at 3.190%.2.0%3.0%4.0%5.0%6.0%2007200820093.190%

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
3.1902.47
2.9502.49
3.0432.14
2.8182.21
2.4192.59
2.6702.44
3.7832.20
3.7902.31
3.2282.37
3.4402.11
3.3101.22
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.344 of 128 of 12
High yield3.1903.2697 of 125 of 12
Indirect bidders' share31.925.15 of 127 of 12
Direct bidders' share4.30.61 of 1211 of 12
Primary dealers' share63.872.59 of 123 of 12
High minus median, basis points5.17.210 of 122 of 12

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

Who bought the 10-year note?

Primary dealers took 63.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 April 2009

Primary dealers took 63.8% of the competitive bids acceptedIndirect bidders 31.9%, Direct bidders 4.3%, Primary dealers 63.8%Indirect bidders31.9%23.7%Direct bidders4.3%4.3%Primary dealers63.8%72.0%Primary dealers took 63.8% of the competitive bids acceptedIndirect bidders 31.9%, Direct bidders 4.3%, Primary dealers 63.8%Indirect bidders31.9%23.7%Direct bidders4.3%4.3%Primary dealers63.8%72.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders31.923.7
Direct bidders4.34.3
Primary dealers63.872.0

About these figures

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

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$22,000,000,000
Bids received$58,333,505,300
Sold$25,891,807,300
Competitive bids accepted$21,826,802,000
Non-competitive bids accepted$73,306,700
Federal Reserve (SOMA) add-on$3,891,698,600
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.190
Median rate, %3.139
Low rate, %2.900
Interest rate (coupon), %3.125
Bids at the high rate filled, %22.05
Bid-to-cover ratio2.47
Indirect bidders accepted$6,968,027,000
Direct bidders accepted$943,500,000
Primary dealers accepted$13,915,275,000
Indirect bidders' share, % (ours)31.9
Direct bidders' share, % (ours)4.3
Primary dealers' share, % (ours)63.8
High minus median, basis points (ours)5.1
Treasury par yield curve, 10-year point, same day, %3.18
High yield minus that point, basis points (ours)1.0

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 ratio2.47Last 24 auctions7 of 2417 of 242.34
Bid-to-cover ratio2.47Since 7 May 20084 of 1410 of 142.32
Bid-to-cover ratio2.47All 68 since 10 November 199924 of 6844 of 682.32
High yield3.190Last 24 auctions19 of 245 of 243.786
High yield3.190Since 7 May 20089 of 145 of 143.375
High yield3.190All 150 since 31 October 1979145 of 1505 of 1505.920
Indirect bidders' share31.9All 14 since 7 May 20085 of 149 of 1425.1
Direct bidders' share4.3All 14 since 7 May 20081 of 1413 of 140.6
Primary dealers' share63.8All 14 since 7 May 200811 of 143 of 1472.5
High minus median, basis points5.1Last 24 auctions11 of 2413 of 244.6
High minus median, basis points5.1Since 7 May 200811 of 143 of 147.1
High minus median, basis points5.1All 150 since 31 October 197919 of 150131 of 1502.0

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 6 May 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090506_1.pdf. Compiled by 500metrics, "10-year note auction of 6 May 2009 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2009-05-06.

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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