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10-year note auction of 9 February 2011 (new issue)

The 10-year note sold $24.551 billion at a high yield of 3.665% on , with a bid-to-cover ratio of 3.23.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.665%

Median yield 3.620%

Bid-to-cover

3.23

▼ −0.07 since 12 Jan

Sold

$24.55 billion

$24 billion offered

Indirect bidders

71.3%

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 7 May 2008 to 9 February 2011; the latest at 3.665%.2.0%2.5%3.0%3.5%4.0%4.5%2008200920102011This auction, 3.665%High yield at the last 36 10-year note auctions36 auctions from 7 May 2008 to 9 February 2011; the latest at 3.665%.2.0%2.5%3.0%3.5%4.0%2009201020113.665%

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
3.6653.23
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.233.064 of 128 of 12
High yield3.6653.2913 of 129 of 12
Indirect bidders' share71.342.50 of 1212 of 12
Direct bidders' share0.511.012 of 120 of 12
Primary dealers' share28.243.912 of 120 of 12
High minus median, basis points4.54.66 of 126 of 12

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

  • Indirect bidders' share: Highest of all 35 earlier 10-year note auctions we hold.
  • Direct bidders' share: Lowest for a 10-year note since 8 January 2009 (24 auctions in between).
  • Primary dealers' share: Lowest of all 35 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 71.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 January 2011

Indirect bidders took 71.3% of the competitive bids acceptedIndirect bidders 71.3%, Direct bidders 0.5%, Primary dealers 28.2%Indirect bidders71.3%53.6%Direct bidders0.5%8.0%Primary dealers28.2%38.5%Indirect bidders took 71.3% of the competitive bids acceptedIndirect bidders 71.3%, Direct bidders 0.5%, Primary dealers 28.2%Indirect bidders71.3%53.6%Direct bidders0.5%8.0%Primary dealers28.2%38.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.353.6
Direct bidders0.58.0
Primary dealers28.238.5

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$78,176,239,500
Sold$24,550,680,100
Competitive bids accepted$23,856,010,600
Non-competitive bids accepted$143,999,500
Federal Reserve (SOMA) add-on$550,670,000
Foreign and international (FIMA) non-competitive$0
High yield, %3.665
Median rate, %3.620
Low rate, %3.510
Interest rate (coupon), %3.625
Bids at the high rate filled, %58.81
Bid-to-cover ratio3.23
Indirect bidders accepted$17,006,050,000
Direct bidders accepted$118,000,000
Primary dealers accepted$6,731,960,600
Indirect bidders' share, % (ours)71.3
Direct bidders' share, % (ours)0.5
Primary dealers' share, % (ours)28.2
High minus median, basis points (ours)4.5
Treasury par yield curve, 10-year point, same day, %3.65
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 ratio3.23Last 24 auctions5 of 2419 of 242.94
Bid-to-cover ratio3.23Since 7 May 20085 of 3530 of 352.62
Bid-to-cover ratio3.23All 89 since 10 November 19995 of 8984 of 892.47
High yield3.665Last 24 auctions6 of 2418 of 243.352
High yield3.665Since 7 May 200811 of 3524 of 353.388
High yield3.665All 171 since 31 October 1979145 of 17126 of 1715.230
Indirect bidders' share71.3Last 24 auctions0 of 2424 of 2441.8
Indirect bidders' share71.3All 35 since 7 May 20080 of 3535 of 3536.0
Direct bidders' share0.5Last 24 auctions24 of 240 of 249.3
Direct bidders' share0.5All 35 since 7 May 200829 of 356 of 354.7
Primary dealers' share28.2Last 24 auctions24 of 240 of 2447.7
Primary dealers' share28.2All 35 since 7 May 200835 of 350 of 3553.8
High minus median, basis points4.5Last 24 auctions16 of 248 of 245.3
High minus median, basis points4.5Since 7 May 200825 of 3510 of 355.5
High minus median, basis points4.5All 171 since 31 October 197937 of 171133 of 1712.5

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 February 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110209_1.pdf. Compiled by 500metrics, "10-year note auction of 9 February 2011 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2011-02-09.

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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