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10-year note auction of 12 May 2010 (new issue)

The 10-year note sold $26.092 billion at a high yield of 3.548% on , with a bid-to-cover ratio of 2.96.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.548%

Median yield 3.510%

Bid-to-cover

2.96

▼ −0.76 since 7 Apr

Sold

$26.09 billion

$24 billion offered

Indirect bidders

41.9%

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 13 March 2007 to 12 May 2010; the latest at 3.548%.2.0%3.0%4.0%5.0%6.0%2007200820092010This auction, 3.548%High yield at the last 36 10-year note auctions36 auctions from 13 March 2007 to 12 May 2010; the latest at 3.548%.2.0%2.5%3.0%3.5%4.0%2008200920103.548%

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
3.5482.96
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.962.795 of 127 of 12
High yield3.5483.6016 of 126 of 12
Indirect bidders' share41.939.16 of 126 of 12
Direct bidders' share25.09.10 of 1212 of 12
Primary dealers' share33.250.212 of 120 of 12
High minus median, basis points3.85.29 of 123 of 12

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

  • Direct bidders' share: Highest of all 26 earlier 10-year note auctions we hold.
  • Primary dealers' share: Lowest of all 26 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 41.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 April 2010

Indirect bidders took 41.9% of the competitive bids acceptedIndirect bidders 41.9%, Direct bidders 25.0%, Primary dealers 33.2%Indirect bidders41.9%43.1%Direct bidders25.0%16.3%Primary dealers33.2%40.6%Indirect bidders took 41.9% of the competitive bids acceptedIndirect bidders 41.9%, Direct bidders 25.0%, Primary dealers 33.2%Indirect bidders41.9%43.1%Direct bidders25.0%16.3%Primary dealers33.2%40.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders41.943.1
Direct bidders25.016.3
Primary dealers33.240.6

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$24,000,000,000
Bids received$73,139,121,600
Sold$26,091,687,100
Competitive bids accepted$23,862,765,500
Non-competitive bids accepted$137,237,300
Federal Reserve (SOMA) add-on$2,091,684,300
Foreign and international (FIMA) non-competitive$0
High yield, %3.548
Median rate, %3.510
Low rate, %3.438
Interest rate (coupon), %3.500
Bids at the high rate filled, %94.55
Bid-to-cover ratio2.96
Indirect bidders accepted$9,987,445,500
Direct bidders accepted$5,955,682,500
Primary dealers accepted$7,919,637,500
Indirect bidders' share, % (ours)41.9
Direct bidders' share, % (ours)25.0
Primary dealers' share, % (ours)33.2
High minus median, basis points (ours)3.8
Treasury par yield curve, 10-year point, same day, %3.56
High yield minus that point, basis points (ours)-1.2

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 ratio2.96Last 24 auctions5 of 2419 of 242.55
Bid-to-cover ratio2.96Since 7 May 20085 of 2621 of 262.50
Bid-to-cover ratio2.96All 80 since 10 November 19995 of 8075 of 802.36
High yield3.548Last 24 auctions10 of 2414 of 243.459
High yield3.548Since 7 May 200812 of 2614 of 263.490
High yield3.548All 162 since 31 October 1979147 of 16215 of 1625.656
Indirect bidders' share41.9Last 24 auctions6 of 2418 of 2434.6
Indirect bidders' share41.9All 26 since 7 May 20086 of 2620 of 2634.1
Direct bidders' share25.0Last 24 auctions0 of 2424 of 243.7
Direct bidders' share25.0All 26 since 7 May 20080 of 2626 of 262.9
Primary dealers' share33.2Last 24 auctions24 of 240 of 2459.9
Primary dealers' share33.2All 26 since 7 May 200826 of 260 of 2660.7
High minus median, basis points3.8Last 24 auctions19 of 245 of 246.6
High minus median, basis points3.8Since 7 May 200821 of 265 of 266.2
High minus median, basis points3.8All 162 since 31 October 197947 of 162115 of 1622.2

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 12 May 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100512_2.pdf. Compiled by 500metrics, "10-year note auction of 12 May 2010 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2010-05-12.

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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