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10-year note auction of 9 November 2010 (new issue)

The 10-year note sold $24.644 billion at a high yield of 2.636% on , with a bid-to-cover ratio of 2.80.

Coupon
2.625%
Announced
Issued
Matures

High yield

2.636%

Median yield 2.559%

Bid-to-cover

2.80

▼ −0.19 since 13 Oct

Sold

$24.64 billion

$24 billion offered

Indirect bidders

56.6%

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 December 2007 to 9 November 2010; the latest at 2.636%.2.0%2.5%3.0%3.5%4.0%4.5%200820092010This auction, 2.636%High yield at the last 36 10-year note auctions36 auctions from 13 December 2007 to 9 November 2010; the latest at 2.636%.2.0%2.5%3.0%3.5%4.0%200920102.636%

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
2.6362.80
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.803.0210 of 122 of 12
High yield2.6363.45911 of 121 of 12
Indirect bidders' share56.641.60 of 1212 of 12
Direct bidders' share9.411.89 of 123 of 12
Primary dealers' share34.047.611 of 121 of 12
High minus median, basis points7.74.91 of 1211 of 12

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

  • Indirect bidders' share: Highest of all 32 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 56.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 13 October 2010

Indirect bidders took 56.6% of the competitive bids acceptedIndirect bidders 56.6%, Direct bidders 9.4%, Primary dealers 34.0%Indirect bidders56.6%41.5%Direct bidders9.4%10.7%Primary dealers34.0%47.8%Indirect bidders took 56.6% of the competitive bids acceptedIndirect bidders 56.6%, Direct bidders 9.4%, Primary dealers 34.0%Indirect bidders56.6%41.5%Direct bidders9.4%10.7%Primary dealers34.0%47.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.641.5
Direct bidders9.410.7
Primary dealers34.047.8

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$67,820,871,400
Sold$24,643,546,400
Competitive bids accepted$23,896,675,000
Non-competitive bids accepted$53,325,500
Federal Reserve (SOMA) add-on$643,545,900
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %2.636
Median rate, %2.559
Low rate, %2.500
Interest rate (coupon), %2.625
Bids at the high rate filled, %60.54
Bid-to-cover ratio2.80
Indirect bidders accepted$13,526,500,000
Direct bidders accepted$2,238,000,000
Primary dealers accepted$8,132,175,000
Indirect bidders' share, % (ours)56.6
Direct bidders' share, % (ours)9.4
Primary dealers' share, % (ours)34.0
High minus median, basis points (ours)7.7
Treasury par yield curve, 10-year point, same day, %2.72
High yield minus that point, basis points (ours)-8.4

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 ratio2.80Last 24 auctions12 of 2412 of 242.79
Bid-to-cover ratio2.80Since 7 May 200812 of 3220 of 322.62
Bid-to-cover ratio2.80All 86 since 10 November 199918 of 8668 of 862.42
High yield2.636Last 24 auctions22 of 242 of 243.304
High yield2.636Since 7 May 200830 of 322 of 323.444
High yield2.636All 168 since 31 October 1979166 of 1682 of 1685.473
Indirect bidders' share56.6Last 24 auctions0 of 2424 of 2439.0
Indirect bidders' share56.6All 32 since 7 May 20080 of 3232 of 3235.2
Direct bidders' share9.4Last 24 auctions10 of 2414 of 247.9
Direct bidders' share9.4All 32 since 7 May 200810 of 3222 of 324.4
Primary dealers' share34.0Last 24 auctions23 of 241 of 2450.4
Primary dealers' share34.0All 32 since 7 May 200831 of 321 of 3256.3
High minus median, basis points7.7Last 24 auctions4 of 2420 of 245.4
High minus median, basis points7.7Since 7 May 20087 of 3225 of 325.4
High minus median, basis points7.7All 168 since 31 October 19799 of 168159 of 1682.5

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 9 November 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101109_2.pdf. Compiled by 500metrics, "10-year note auction of 9 November 2010 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2010-11-09.

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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