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

The 10-year note sold $21.185 billion at a high yield of 2.475% on , with a bid-to-cover ratio of 2.99.

Coupon
2.625%
Announced
Issued
Matures

High yield

2.475%

Median yield 2.420%

Bid-to-cover

2.99

▼ −0.22 since 8 Sep

Sold

$21.18 billion

$21 billion offered

Indirect bidders

41.5%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 8 January 2009

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 8 January 200936 auctions from 7 November 2007 to 13 October 2010; the latest at 2.475%.2.0%2.5%3.0%3.5%4.0%4.5%200820092010This auction, 2.475%The high yield was the lowest for a 10-year note since 8 January 200936 auctions from 7 November 2007 to 13 October 2010; the latest at 2.475%.2.0%2.5%3.0%3.5%4.0%200920102.475%

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
2.4752.99
2.6703.21
2.7303.04
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.993.028 of 124 of 12
High yield2.4753.45912 of 120 of 12
Indirect bidders' share41.541.87 of 125 of 12
Direct bidders' share10.711.86 of 126 of 12
Primary dealers' share47.847.45 of 127 of 12
High minus median, basis points5.54.62 of 1210 of 12

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

Who bought the 10-year note?

Primary dealers took 47.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 September 2010

Primary dealers took 47.8% of the competitive bids acceptedIndirect bidders 41.5%, Direct bidders 10.7%, Primary dealers 47.8%Indirect bidders41.5%54.7%Direct bidders10.7%6.9%Primary dealers47.8%38.3%Primary dealers took 47.8% of the competitive bids acceptedIndirect bidders 41.5%, Direct bidders 10.7%, Primary dealers 47.8%Indirect bidders41.5%54.7%Direct bidders10.7%6.9%Primary dealers47.8%38.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders41.554.7
Direct bidders10.76.9
Primary dealers47.838.3

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$62,973,079,600
Sold$21,184,575,600
Competitive bids accepted$20,984,297,000
Non-competitive bids accepted$15,733,200
Federal Reserve (SOMA) add-on$184,545,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.475
Median rate, %2.420
Low rate, %2.356
Interest rate (coupon), %2.625
Bids at the high rate filled, %9.27
Bid-to-cover ratio2.99
Indirect bidders accepted$8,710,717,500
Direct bidders accepted$2,237,864,500
Primary dealers accepted$10,035,715,000
Indirect bidders' share, % (ours)41.5
Direct bidders' share, % (ours)10.7
Primary dealers' share, % (ours)47.8
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %2.46
High yield minus that point, basis points (ours)1.5

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 ratio2.99Last 24 auctions9 of 2415 of 242.72
Bid-to-cover ratio2.99Since 7 May 20089 of 3122 of 312.61
Bid-to-cover ratio2.99All 85 since 10 November 19999 of 8576 of 852.41
High yield2.475Last 24 auctions23 of 241 of 243.406
High yield2.475Since 7 May 200830 of 311 of 313.448
High yield2.475All 167 since 31 October 1979166 of 1671 of 1675.510
Indirect bidders' share41.5Last 24 auctions10 of 2414 of 2438.0
Indirect bidders' share41.5All 31 since 7 May 200810 of 3121 of 3135.1
Direct bidders' share10.7Last 24 auctions7 of 2417 of 246.0
Direct bidders' share10.7All 31 since 7 May 20087 of 3124 of 314.3
Primary dealers' share47.8Last 24 auctions15 of 249 of 2452.9
Primary dealers' share47.8All 31 since 7 May 200822 of 319 of 3156.5
High minus median, basis points5.5Last 24 auctions12 of 2412 of 245.7
High minus median, basis points5.5Since 7 May 200815 of 3116 of 315.4
High minus median, basis points5.5All 167 since 31 October 197922 of 167144 of 1672.5

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 October 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101013_3.pdf. Compiled by 500metrics, "10-year note auction of 13 October 2010 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2010-10-13.

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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