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10-year note auction of 8 July 2009 (reopening)

The 10-year note sold $19.322 billion at a high yield of 3.365% on , with a bid-to-cover ratio of 3.28.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.365%

Median yield 3.340%

Bid-to-cover

3.28

▲ +0.66 since 10 Jun

Sold

$19.32 billion

$19 billion offered

Indirect bidders

43.9%

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 December 2005 to 8 July 2009; the latest at 3.365%.2.0%3.0%4.0%5.0%6.0%2006200720082009This auction, 3.365%High yield at the last 36 10-year note auctions36 auctions from 8 December 2005 to 8 July 2009; the latest at 3.365%.2.0%3.0%4.0%5.0%6.0%2007200820093.365%

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
3.3653.28
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.282.340 of 1212 of 12
High yield3.3653.2094 of 128 of 12
Indirect bidders' share43.927.90 of 1212 of 12
Direct bidders' share13.01.20 of 1212 of 12
Primary dealers' share43.068.312 of 120 of 12
High minus median, basis points2.57.412 of 120 of 12

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

  • Bid-to-cover ratio: Highest of all 70 earlier 10-year note auctions we hold.
  • Indirect bidders' share: Highest of all 16 earlier 10-year note auctions we hold.
  • Direct bidders' share: Highest of all 16 earlier 10-year note auctions we hold.
  • Primary dealers' share: Lowest of all 16 earlier 10-year note auctions we hold.
  • High minus median, basis points: Lowest for a 10-year note since 6 August 2008 (13 auctions in between).

Who bought the 10-year note?

Indirect bidders took 43.9% of the competitive bids accepted

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

Indirect bidders took 43.9% of the competitive bids acceptedIndirect bidders 43.9%, Direct bidders 13.0%, Primary dealers 43.0%Indirect bidders43.9%34.2%Direct bidders13.0%9.2%Primary dealers43.0%56.5%Indirect bidders took 43.9% of the competitive bids acceptedIndirect bidders 43.9%, Direct bidders 13.0%, Primary dealers 43.0%Indirect bidders43.9%34.2%Direct bidders13.0%9.2%Primary dealers43.0%56.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.934.2
Direct bidders13.09.2
Primary dealers43.056.5

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$19,000,000,000
Bids received$62,716,687,400
Sold$19,321,538,400
Competitive bids accepted$18,907,580,000
Non-competitive bids accepted$42,780,400
Federal Reserve (SOMA) add-on$321,178,000
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %3.365
Median rate, %3.340
Low rate, %3.282
Interest rate (coupon), %3.125
Bids at the high rate filled, %86.72
Bid-to-cover ratio3.28
Indirect bidders accepted$8,309,405,600
Direct bidders accepted$2,463,374,400
Primary dealers accepted$8,134,800,000
Indirect bidders' share, % (ours)43.9
Direct bidders' share, % (ours)13.0
Primary dealers' share, % (ours)43.0
High minus median, basis points (ours)2.5
Treasury par yield curve, 10-year point, same day, %3.33
High yield minus that point, basis points (ours)3.5

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 ratio3.28Last 24 auctions0 of 2424 of 242.34
Bid-to-cover ratio3.28Since 7 May 20080 of 1616 of 162.35
Bid-to-cover ratio3.28All 70 since 10 November 19990 of 7070 of 702.32
High yield3.365Last 24 auctions16 of 248 of 243.706
High yield3.365Since 7 May 20088 of 168 of 163.375
High yield3.365All 152 since 31 October 1979144 of 1528 of 1525.888
Indirect bidders' share43.9All 16 since 7 May 20080 of 1616 of 1627.4
Direct bidders' share13.0All 16 since 7 May 20080 of 1616 of 160.6
Primary dealers' share43.0All 16 since 7 May 200816 of 160 of 1671.4
High minus median, basis points2.5Last 24 auctions20 of 243 of 245.2
High minus median, basis points2.5Since 7 May 200815 of 160 of 167.1
High minus median, basis points2.5All 152 since 31 October 197962 of 15283 of 1522.0

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 8 July 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090708_1.pdf. Compiled by 500metrics, "10-year note auction of 8 July 2009 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2009-07-08.

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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