500metrics

All sources checked Checked

10-year note auction of 10 November 2009 (new issue)

The 10-year note sold $28.108 billion at a high yield of 3.470% on , with a bid-to-cover ratio of 2.81.

Coupon
3.375%
Announced
Issued
Matures

High yield

3.470%

Median yield 3.420%

Bid-to-cover

2.81

▼ −0.20 since 7 Oct

Sold

$28.11 billion

$25 billion offered

Indirect bidders

47.3%

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 June 2006 to 10 November 2009; the latest at 3.470%.2.0%3.0%4.0%5.0%6.0%2006200720082009This auction, 3.470%High yield at the last 36 10-year note auctions36 auctions from 8 June 2006 to 10 November 2009; the latest at 3.470%.2.0%2.5%3.0%3.5%4.0%4.5%200820093.470%

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
3.4702.81
3.2103.01
3.5102.77
3.7342.49
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.812.492 of 1210 of 12
High yield3.4703.2004 of 128 of 12
Indirect bidders' share47.335.12 of 1210 of 12
Direct bidders' share4.53.74 of 128 of 12
Primary dealers' share48.259.99 of 123 of 12
High minus median, basis points5.07.010 of 122 of 12

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

Who bought the 10-year note?

Primary dealers took 48.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 October 2009

Primary dealers took 48.2% of the competitive bids acceptedIndirect bidders 47.3%, Direct bidders 4.5%, Primary dealers 48.2%Indirect bidders47.3%47.4%Direct bidders4.5%5.1%Primary dealers48.2%47.5%Primary dealers took 48.2% of the competitive bids acceptedIndirect bidders 47.3%, Direct bidders 4.5%, Primary dealers 48.2%Indirect bidders47.3%47.4%Direct bidders4.5%5.1%Primary dealers48.2%47.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.347.4
Direct bidders4.55.1
Primary dealers48.247.5

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$25,000,000,000
Bids received$73,242,900,100
Sold$28,108,393,900
Competitive bids accepted$24,794,093,800
Non-competitive bids accepted$106,016,800
Federal Reserve (SOMA) add-on$3,108,283,300
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.470
Median rate, %3.420
Low rate, %3.250
Interest rate (coupon), %3.375
Bids at the high rate filled, %82.49
Bid-to-cover ratio2.81
Indirect bidders accepted$11,731,495,300
Direct bidders accepted$1,120,124,500
Primary dealers accepted$11,942,474,000
Indirect bidders' share, % (ours)47.3
Direct bidders' share, % (ours)4.5
Primary dealers' share, % (ours)48.2
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %3.50
High yield minus that point, basis points (ours)-3.0

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 ratio2.81Last 24 auctions2 of 2422 of 242.36
Bid-to-cover ratio2.81Since 7 May 20082 of 2018 of 202.46
Bid-to-cover ratio2.81All 74 since 10 November 19998 of 7466 of 742.34
High yield3.470Last 24 auctions13 of 2411 of 243.510
High yield3.470Since 7 May 20089 of 2011 of 203.402
High yield3.470All 156 since 31 October 1979145 of 15611 of 1565.810
Indirect bidders' share47.3All 20 since 7 May 20082 of 2018 of 2033.0
Direct bidders' share4.5All 20 since 7 May 20084 of 2016 of 201.3
Primary dealers' share48.2All 20 since 7 May 200817 of 203 of 2065.0
High minus median, basis points5.0Last 24 auctions15 of 249 of 246.2
High minus median, basis points5.0Since 7 May 200815 of 205 of 207.0
High minus median, basis points5.0All 156 since 31 October 197923 of 156131 of 1562.0

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 November 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091110_2.pdf. Compiled by 500metrics, "10-year note auction of 10 November 2009 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2009-11-10.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.