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10-year note auction of 13 July 2010 (reopening)

The 10-year note sold $21.006 billion at a high yield of 3.119% on , with a bid-to-cover ratio of 3.09.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.119%

Median yield 3.071%

Bid-to-cover

3.09

▼ −0.15 since 9 Jun

Sold

$21.01 billion

$21 billion offered

Indirect bidders

41.7%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 9 April 2009

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 9 April 200936 auctions from 12 June 2007 to 13 July 2010; the latest at 3.119%.2.0%3.0%4.0%5.0%6.0%2007200820092010This auction, 3.119%The high yield was the lowest for a 10-year note since 9 April 200936 auctions from 12 June 2007 to 13 July 2010; the latest at 3.119%.2.0%2.5%3.0%3.5%4.0%2008200920103.119%

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
3.1193.09
3.2423.24
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.092.984 of 128 of 12
High yield3.1193.52912 of 120 of 12
Indirect bidders' share41.742.57 of 125 of 12
Direct bidders' share9.813.07 of 125 of 12
Primary dealers' share48.647.44 of 128 of 12
High minus median, basis points4.84.66 of 126 of 12

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

Who bought the 10-year note?

Primary dealers took 48.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 June 2010

Primary dealers took 48.6% of the competitive bids acceptedIndirect bidders 41.7%, Direct bidders 9.8%, Primary dealers 48.6%Indirect bidders41.7%40.2%Direct bidders9.8%13.5%Primary dealers48.6%46.4%Primary dealers took 48.6% of the competitive bids acceptedIndirect bidders 41.7%, Direct bidders 9.8%, Primary dealers 48.6%Indirect bidders41.7%40.2%Direct bidders9.8%13.5%Primary dealers48.6%46.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders41.740.2
Direct bidders9.813.5
Primary dealers48.646.4

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$64,999,090,000
Sold$21,005,965,500
Competitive bids accepted$20,951,325,500
Non-competitive bids accepted$48,677,100
Federal Reserve (SOMA) add-on$5,962,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.119
Median rate, %3.071
Low rate, %2.970
Interest rate (coupon), %3.500
Bids at the high rate filled, %77.69
Bid-to-cover ratio3.09
Indirect bidders accepted$8,727,523,000
Direct bidders accepted$2,048,000,000
Primary dealers accepted$10,175,802,500
Indirect bidders' share, % (ours)41.7
Direct bidders' share, % (ours)9.8
Primary dealers' share, % (ours)48.6
High minus median, basis points (ours)4.8
Treasury par yield curve, 10-year point, same day, %3.15
High yield minus that point, basis points (ours)-3.1

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 ratio3.09Last 24 auctions4 of 2420 of 242.60
Bid-to-cover ratio3.09Since 7 May 20084 of 2824 of 282.55
Bid-to-cover ratio3.09All 82 since 10 November 19994 of 8278 of 822.36
High yield3.119Last 24 auctions19 of 245 of 243.444
High yield3.119Since 7 May 200823 of 285 of 283.490
High yield3.119All 164 since 31 October 1979159 of 1645 of 1645.608
Indirect bidders' share41.7Last 24 auctions7 of 2417 of 2435.2
Indirect bidders' share41.7All 28 since 7 May 20087 of 2821 of 2834.6
Direct bidders' share9.8Last 24 auctions7 of 2417 of 244.4
Direct bidders' share9.8All 28 since 7 May 20087 of 2821 of 283.7
Primary dealers' share48.6Last 24 auctions16 of 248 of 2456.3
Primary dealers' share48.6All 28 since 7 May 200820 of 288 of 2859.9
High minus median, basis points4.8Last 24 auctions18 of 246 of 246.6
High minus median, basis points4.8Since 7 May 200819 of 289 of 285.7
High minus median, basis points4.8All 164 since 31 October 197931 of 164133 of 1642.4

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 13 July 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100713_2.pdf. Compiled by 500metrics, "10-year note auction of 13 July 2010 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2010-07-13.

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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