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10-year note auction of 11 May 2011 (new issue)

The 10-year note sold $24 billion at a high yield of 3.210% on , with a bid-to-cover ratio of 3.00.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.210%

Median yield 3.175%

Bid-to-cover

3.00

▼ −0.13 since 13 Apr

Sold

$24.00 billion

$24 billion offered

Indirect bidders

47.2%

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 11 September 2008 to 11 May 2011; the latest at 3.210%.2.0%2.5%3.0%3.5%4.0%2008200920102011This auction, 3.210%High yield at the last 36 10-year note auctions36 auctions from 11 September 2008 to 11 May 2011; the latest at 3.210%.2.0%2.5%3.0%3.5%4.0%2009201020113.210%

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
3.2103.00
3.4943.13
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.003.118 of 124 of 12
High yield3.2103.2917 of 125 of 12
Indirect bidders' share47.245.15 of 127 of 12
Direct bidders' share8.49.67 of 125 of 12
Primary dealers' share44.442.04 of 128 of 12
High minus median, basis points3.54.611 of 121 of 12

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

Who bought the 10-year note?

Indirect bidders took 47.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 13 April 2011

Indirect bidders took 47.2% of the competitive bids acceptedIndirect bidders 47.2%, Direct bidders 8.4%, Primary dealers 44.4%Indirect bidders47.2%42.4%Direct bidders8.4%5.9%Primary dealers44.4%51.7%Indirect bidders took 47.2% of the competitive bids acceptedIndirect bidders 47.2%, Direct bidders 8.4%, Primary dealers 44.4%Indirect bidders47.2%42.4%Direct bidders8.4%5.9%Primary dealers44.4%51.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.242.4
Direct bidders8.45.9
Primary dealers44.451.7

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$72,032,881,200
Sold$24,000,044,200
Competitive bids accepted$23,898,363,000
Non-competitive bids accepted$61,681,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$40,000,000
High yield, %3.210
Median rate, %3.175
Low rate, %3.096
Interest rate (coupon), %3.125
Bids at the high rate filled, %18.26
Bid-to-cover ratio3.00
Indirect bidders accepted$11,274,371,000
Direct bidders accepted$2,007,000,000
Primary dealers accepted$10,616,992,000
Indirect bidders' share, % (ours)47.2
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)44.4
High minus median, basis points (ours)3.5
Treasury par yield curve, 10-year point, same day, %3.19
High yield minus that point, basis points (ours)2.0

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 ratio3.00Last 24 auctions12 of 2411 of 243.00
Bid-to-cover ratio3.00Since 7 May 200812 of 3825 of 382.72
Bid-to-cover ratio3.00All 92 since 10 November 199912 of 9279 of 922.48
High yield3.210Last 24 auctions17 of 246 of 243.459
High yield3.210Since 7 May 200826 of 3811 of 383.444
High yield3.210All 174 since 31 October 1979162 of 17411 of 1745.180
Indirect bidders' share47.2Last 24 auctions8 of 2416 of 2443.5
Indirect bidders' share47.2All 38 since 7 May 20088 of 3830 of 3838.0
Direct bidders' share8.4Last 24 auctions14 of 2410 of 249.3
Direct bidders' share8.4All 38 since 7 May 200814 of 3824 of 384.9
Primary dealers' share44.4Last 24 auctions13 of 2411 of 2446.8
Primary dealers' share44.4All 38 since 7 May 200827 of 3811 of 3852.9
High minus median, basis points3.5Last 24 auctions20 of 243 of 245.0
High minus median, basis points3.5Since 7 May 200833 of 384 of 385.4
High minus median, basis points3.5All 174 since 31 October 197961 of 174112 of 1742.5

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 11 May 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110511_1.pdf. Compiled by 500metrics, "10-year note auction of 11 May 2011 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2011-05-11.

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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