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10-year note auction of 9 March 2011 (reopening)

The 10-year note sold $21 billion at a high yield of 3.499% on , with a bid-to-cover ratio of 3.32.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.499%

Median yield 3.475%

Bid-to-cover

3.32

▲ +0.09 since 9 Feb

Sold

$21.00 billion

$21 billion offered

Indirect bidders

53.0%

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 12 June 2008 to 9 March 2011; the latest at 3.499%.2.0%2.5%3.0%3.5%4.0%4.5%2008200920102011This auction, 3.499%High yield at the last 36 10-year note auctions36 auctions from 12 June 2008 to 9 March 2011; the latest at 3.499%.2.0%2.5%3.0%3.5%4.0%2009201020113.499%

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
3.4993.32
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.323.152 of 1210 of 12
High yield3.4993.2914 of 128 of 12
Indirect bidders' share53.043.74 of 128 of 12
Direct bidders' share6.510.611 of 121 of 12
Primary dealers' share40.542.17 of 125 of 12
High minus median, basis points2.44.412 of 120 of 12

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

  • High minus median, basis points: Lowest for a 10-year note since 13 September 2007 (40 auctions in between).

Who bought the 10-year note?

Indirect bidders took 53.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 February 2011

Indirect bidders took 53.0% of the competitive bids acceptedIndirect bidders 53.0%, Direct bidders 6.5%, Primary dealers 40.5%Indirect bidders53.0%71.3%Direct bidders6.5%0.5%Primary dealers40.5%28.2%Indirect bidders took 53.0% of the competitive bids acceptedIndirect bidders 53.0%, Direct bidders 6.5%, Primary dealers 40.5%Indirect bidders53.0%71.3%Direct bidders6.5%0.5%Primary dealers40.5%28.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.071.3
Direct bidders6.50.5
Primary dealers40.528.2

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 11-Month, reopening
Offering amount$21,000,000,000
Bids received$69,692,427,500
Sold$21,000,027,900
Competitive bids accepted$20,931,300,400
Non-competitive bids accepted$68,727,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.499
Median rate, %3.475
Low rate, %3.410
Interest rate (coupon), %3.625
Bids at the high rate filled, %77.02
Bid-to-cover ratio3.32
Indirect bidders accepted$11,098,535,400
Direct bidders accepted$1,356,000,000
Primary dealers accepted$8,476,765,000
Indirect bidders' share, % (ours)53.0
Direct bidders' share, % (ours)6.5
Primary dealers' share, % (ours)40.5
High minus median, basis points (ours)2.4
Treasury par yield curve, 10-year point, same day, %3.48
High yield minus that point, basis points (ours)1.9

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 ratio3.32Last 24 auctions2 of 2422 of 242.98
Bid-to-cover ratio3.32Since 7 May 20082 of 3634 of 362.64
Bid-to-cover ratio3.32All 90 since 10 November 19992 of 9088 of 902.48
High yield3.499Last 24 auctions9 of 2415 of 243.376
High yield3.499Since 7 May 200815 of 3621 of 363.414
High yield3.499All 172 since 31 October 1979151 of 17221 of 1725.210
Indirect bidders' share53.0Last 24 auctions5 of 2419 of 2442.5
Indirect bidders' share53.0All 36 since 7 May 20085 of 3631 of 3636.9
Direct bidders' share6.5Last 24 auctions16 of 248 of 249.3
Direct bidders' share6.5All 36 since 7 May 200816 of 3620 of 364.6
Primary dealers' share40.5Last 24 auctions19 of 245 of 2447.4
Primary dealers' share40.5All 36 since 7 May 200831 of 365 of 3653.7
High minus median, basis points2.4Last 24 auctions24 of 240 of 245.2
High minus median, basis points2.4Since 7 May 200836 of 360 of 365.4
High minus median, basis points2.4All 172 since 31 October 197989 of 17282 of 1722.5

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 March 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110309_1.pdf. Compiled by 500metrics, "10-year note auction of 9 March 2011 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2011-03-09.

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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