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10-year note auction of 10 June 2009 (reopening)

The 10-year note sold $19.201 billion at a high yield of 3.990% on , with a bid-to-cover ratio of 2.62.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.990%

Median yield 3.915%

Bid-to-cover

2.62

▲ +0.15 since 6 May

Sold

$19.20 billion

$19 billion offered

Indirect bidders

34.2%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 6 August 2008

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 6 August 200836 auctions from 10 November 2005 to 10 June 2009; the latest at 3.990%.2.0%3.0%4.0%5.0%6.0%2006200720082009This auction, 3.990%The high yield was the highest for a 10-year note since 6 August 200836 auctions from 10 November 2005 to 10 June 2009; the latest at 3.990%.2.0%3.0%4.0%5.0%6.0%2007200820093.990%

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
3.9902.62
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.340 of 1212 of 12
High yield3.9903.2090 of 1212 of 12
Indirect bidders' share34.225.14 of 128 of 12
Direct bidders' share9.20.60 of 1212 of 12
Primary dealers' share56.572.512 of 120 of 12
High minus median, basis points7.57.25 of 127 of 12

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

  • Bid-to-cover ratio: Highest for a 10-year note since 13 September 2007 (19 auctions in between).
  • Direct bidders' share: Highest of all 15 earlier 10-year note auctions we hold.
  • Primary dealers' share: Lowest of all 15 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Primary dealers took 56.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 6 May 2009

Primary dealers took 56.5% of the competitive bids acceptedIndirect bidders 34.2%, Direct bidders 9.2%, Primary dealers 56.5%Indirect bidders34.2%31.9%Direct bidders9.2%4.3%Primary dealers56.5%63.8%Primary dealers took 56.5% of the competitive bids acceptedIndirect bidders 34.2%, Direct bidders 9.2%, Primary dealers 56.5%Indirect bidders34.2%31.9%Direct bidders9.2%4.3%Primary dealers56.5%63.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders34.231.9
Direct bidders9.24.3
Primary dealers56.563.8

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$19,000,000,000
Bids received$50,063,091,400
Sold$19,200,855,900
Competitive bids accepted$18,826,264,500
Non-competitive bids accepted$73,776,100
Federal Reserve (SOMA) add-on$200,815,300
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.990
Median rate, %3.915
Low rate, %3.850
Interest rate (coupon), %3.125
Bids at the high rate filled, %46.85
Bid-to-cover ratio2.62
Indirect bidders accepted$6,447,779,500
Direct bidders accepted$1,737,550,000
Primary dealers accepted$10,640,935,000
Indirect bidders' share, % (ours)34.2
Direct bidders' share, % (ours)9.2
Primary dealers' share, % (ours)56.5
High minus median, basis points (ours)7.5
Treasury par yield curve, 10-year point, same day, %3.98
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 ratio2.62Last 24 auctions2 of 2422 of 242.34
Bid-to-cover ratio2.62Since 7 May 20080 of 1515 of 152.33
Bid-to-cover ratio2.62All 69 since 10 November 199912 of 6956 of 692.32
High yield3.990Last 24 auctions9 of 2415 of 243.706
High yield3.990Since 7 May 20082 of 1513 of 153.310
High yield3.990All 151 since 31 October 1979132 of 15118 of 1515.910
Indirect bidders' share34.2All 15 since 7 May 20084 of 1511 of 1526.4
Direct bidders' share9.2All 15 since 7 May 20080 of 1515 of 150.6
Primary dealers' share56.5All 15 since 7 May 200815 of 150 of 1572.0
High minus median, basis points7.5Last 24 auctions5 of 2419 of 244.8
High minus median, basis points7.5Since 7 May 20085 of 1510 of 157.1
High minus median, basis points7.5All 151 since 31 October 19797 of 151143 of 1512.0

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 10 June 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090610_1.pdf. Compiled by 500metrics, "10-year note auction of 10 June 2009 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2009-06-10.

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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