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10-year note auction of 12 January 2011 (reopening)

The 10-year note sold $21.46 billion at a high yield of 3.388% on , with a bid-to-cover ratio of 3.30.

Coupon
2.625%
Announced
Issued
Matures

High yield

3.388%

Median yield 3.350%

Bid-to-cover

3.30

▲ +0.38 since 8 Dec

Sold

$21.46 billion

$21 billion offered

Indirect bidders

53.6%

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 March 2008 to 12 January 2011; the latest at 3.388%.2.0%2.5%3.0%3.5%4.0%4.5%2008200920102011This auction, 3.388%High yield at the last 36 10-year note auctions36 auctions from 13 March 2008 to 12 January 2011; the latest at 3.388%.2.0%2.5%3.0%3.5%4.0%2009201020113.388%

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
3.3883.30
3.3402.92
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.303.022 of 1210 of 12
High yield3.3883.2915 of 127 of 12
Indirect bidders' share53.641.82 of 1210 of 12
Direct bidders' share8.012.211 of 121 of 12
Primary dealers' share38.545.39 of 123 of 12
High minus median, basis points3.85.09 of 122 of 12

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

Who bought the 10-year note?

Indirect bidders took 53.6% of the competitive bids accepted

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

Indirect bidders took 53.6% of the competitive bids acceptedIndirect bidders 53.6%, Direct bidders 8.0%, Primary dealers 38.5%Indirect bidders53.6%44.4%Direct bidders8.0%11.4%Primary dealers38.5%44.2%Indirect bidders took 53.6% of the competitive bids acceptedIndirect bidders 53.6%, Direct bidders 8.0%, Primary dealers 38.5%Indirect bidders53.6%44.4%Direct bidders8.0%11.4%Primary dealers38.5%44.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.644.4
Direct bidders8.011.4
Primary dealers38.544.2

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$69,827,826,400
Sold$21,460,236,400
Competitive bids accepted$20,962,535,000
Non-competitive bids accepted$37,488,800
Federal Reserve (SOMA) add-on$460,212,600
Foreign and international (FIMA) non-competitive$0
High yield, %3.388
Median rate, %3.350
Low rate, %3.285
Interest rate (coupon), %2.625
Bids at the high rate filled, %38.50
Bid-to-cover ratio3.30
Indirect bidders accepted$11,228,325,000
Direct bidders accepted$1,670,210,000
Primary dealers accepted$8,064,000,000
Indirect bidders' share, % (ours)53.6
Direct bidders' share, % (ours)8.0
Primary dealers' share, % (ours)38.5
High minus median, basis points (ours)3.8
Treasury par yield curve, 10-year point, same day, %3.40
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 ratio3.30Last 24 auctions2 of 2422 of 242.86
Bid-to-cover ratio3.30Since 7 May 20082 of 3432 of 342.62
Bid-to-cover ratio3.30All 88 since 10 November 19992 of 8886 of 882.46
High yield3.388Last 24 auctions10 of 2414 of 243.291
High yield3.388Since 7 May 200817 of 3417 of 343.402
High yield3.388All 170 since 31 October 1979153 of 17017 of 1705.333
Indirect bidders' share53.6Last 24 auctions3 of 2421 of 2441.6
Indirect bidders' share53.6All 34 since 7 May 20083 of 3431 of 3435.6
Direct bidders' share8.0Last 24 auctions14 of 2410 of 249.3
Direct bidders' share8.0All 34 since 7 May 200814 of 3420 of 344.6
Primary dealers' share38.5Last 24 auctions21 of 243 of 2448.0
Primary dealers' share38.5All 34 since 7 May 200831 of 343 of 3455.0
High minus median, basis points3.8Last 24 auctions20 of 243 of 245.4
High minus median, basis points3.8Since 7 May 200828 of 345 of 345.8
High minus median, basis points3.8All 170 since 31 October 197954 of 170115 of 1702.5

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 12 January 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110112_2.pdf. Compiled by 500metrics, "10-year note auction of 12 January 2011 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2011-01-12.

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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