500metrics

All sources checked Checked

10-year note auction of 7 April 2010 (reopening)

The 10-year note sold $22.538 billion at a high yield of 3.900% on , with a bid-to-cover ratio of 3.72.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.900%

Median yield 3.874%

Bid-to-cover

3.72

▲ +0.27 since 10 Mar

Sold

$22.54 billion

$21 billion offered

Indirect bidders

43.1%

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 7 February 2007 to 7 April 2010; the latest at 3.900%.2.0%3.0%4.0%5.0%6.0%2007200820092010This auction, 3.900%High yield at the last 36 10-year note auctions36 auctions from 7 February 2007 to 7 April 2010; the latest at 3.900%.2.0%2.5%3.0%3.5%4.0%4.5%2008200920103.900%

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
3.9003.72
3.7353.45
3.6922.67
3.7543.00
3.4482.62
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.722.720 of 1212 of 12
High yield3.9003.4901 of 1211 of 12
Indirect bidders' share43.135.05 of 127 of 12
Direct bidders' share16.37.02 of 1210 of 12
Primary dealers' share40.652.912 of 120 of 12
High minus median, basis points2.65.311 of 121 of 12

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

  • Bid-to-cover ratio: Highest of all 79 earlier 10-year note auctions we hold.
  • Primary dealers' share: Lowest of all 25 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 43.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 10 March 2010

Indirect bidders took 43.1% of the competitive bids acceptedIndirect bidders 43.1%, Direct bidders 16.3%, Primary dealers 40.6%Indirect bidders43.1%35.1%Direct bidders16.3%17.5%Primary dealers40.6%47.3%Indirect bidders took 43.1% of the competitive bids acceptedIndirect bidders 43.1%, Direct bidders 16.3%, Primary dealers 40.6%Indirect bidders43.1%35.1%Direct bidders16.3%17.5%Primary dealers40.6%47.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.135.1
Direct bidders16.317.5
Primary dealers40.647.3

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$21,000,000,000
Bids received$79,613,357,900
Sold$22,537,541,900
Competitive bids accepted$20,897,524,100
Non-competitive bids accepted$102,734,600
Federal Reserve (SOMA) add-on$1,537,283,200
Foreign and international (FIMA) non-competitive$0
High yield, %3.900
Median rate, %3.874
Low rate, %3.820
Interest rate (coupon), %3.625
Bids at the high rate filled, %99.62
Bid-to-cover ratio3.72
Indirect bidders accepted$9,009,206,900
Direct bidders accepted$3,410,825,200
Primary dealers accepted$8,477,492,000
Indirect bidders' share, % (ours)43.1
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)40.6
High minus median, basis points (ours)2.6
Treasury par yield curve, 10-year point, same day, %3.89
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 ratio3.72Last 24 auctions0 of 2424 of 242.50
Bid-to-cover ratio3.72Since 7 May 20080 of 2525 of 252.49
Bid-to-cover ratio3.72All 79 since 10 November 19990 of 7979 of 792.35
High yield3.900Last 24 auctions3 of 2421 of 243.459
High yield3.900Since 7 May 20084 of 2521 of 253.470
High yield3.900All 161 since 31 October 1979136 of 16125 of 1615.660
Indirect bidders' share43.1Last 24 auctions5 of 2419 of 2434.1
Indirect bidders' share43.1All 25 since 7 May 20085 of 2520 of 2534.0
Direct bidders' share16.3Last 24 auctions2 of 2422 of 242.9
Direct bidders' share16.3All 25 since 7 May 20082 of 2523 of 252.7
Primary dealers' share40.6Last 24 auctions24 of 240 of 2460.7
Primary dealers' share40.6All 25 since 7 May 200825 of 250 of 2561.1
High minus median, basis points2.6Last 24 auctions22 of 242 of 246.6
High minus median, basis points2.6Since 7 May 200823 of 252 of 256.3
High minus median, basis points2.6All 161 since 31 October 197969 of 16191 of 1612.2

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 7 April 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100407_2.pdf. Compiled by 500metrics, "10-year note auction of 7 April 2010 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2010-04-07.

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.