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10-year note auction of 8 June 2011 (reopening)

The 10-year note sold $21 billion at a high yield of 2.967% on , with a bid-to-cover ratio of 3.23.

Coupon
3.125%
Announced
Issued
Matures

High yield

2.967%

Median yield 2.920%

Bid-to-cover

3.23

▲ +0.23 since 11 May

Sold

$21.00 billion

$21 billion offered

Indirect bidders

50.6%

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 8 October 2008 to 8 June 2011; the latest at 2.967%.2.0%2.5%3.0%3.5%4.0%2008200920102011This auction, 2.967%High yield at the last 36 10-year note auctions36 auctions from 8 October 2008 to 8 June 2011; the latest at 2.967%.2.0%2.5%3.0%3.5%4.0%2009201020112.967%

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
2.9673.23
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.233.113 of 128 of 12
High yield2.9673.2268 of 124 of 12
Indirect bidders' share50.646.55 of 127 of 12
Direct bidders' share8.38.97 of 125 of 12
Primary dealers' share41.043.97 of 125 of 12
High minus median, basis points4.74.66 of 126 of 12

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

Who bought the 10-year note?

Indirect bidders took 50.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 May 2011

Indirect bidders took 50.6% of the competitive bids acceptedIndirect bidders 50.6%, Direct bidders 8.3%, Primary dealers 41.0%Indirect bidders50.6%47.2%Direct bidders8.3%8.4%Primary dealers41.0%44.4%Indirect bidders took 50.6% of the competitive bids acceptedIndirect bidders 50.6%, Direct bidders 8.3%, Primary dealers 41.0%Indirect bidders50.6%47.2%Direct bidders8.3%8.4%Primary dealers41.0%44.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders50.647.2
Direct bidders8.38.4
Primary dealers41.044.4

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$67,782,087,300
Sold$21,000,006,500
Competitive bids accepted$20,978,419,200
Non-competitive bids accepted$21,587,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.967
Median rate, %2.920
Low rate, %2.808
Interest rate (coupon), %3.125
Bids at the high rate filled, %3.76
Bid-to-cover ratio3.23
Indirect bidders accepted$10,622,891,200
Direct bidders accepted$1,747,000,000
Primary dealers accepted$8,608,528,000
Indirect bidders' share, % (ours)50.6
Direct bidders' share, % (ours)8.3
Primary dealers' share, % (ours)41.0
High minus median, basis points (ours)4.7
Treasury par yield curve, 10-year point, same day, %2.98
High yield minus that point, basis points (ours)-1.3

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 auctions6 of 2417 of 243.00
Bid-to-cover ratio3.23Since 7 May 20086 of 3932 of 392.77
Bid-to-cover ratio3.23All 93 since 10 November 19996 of 9386 of 932.48
High yield2.967Last 24 auctions20 of 244 of 243.459
High yield2.967Since 7 May 200831 of 398 of 393.440
High yield2.967All 175 since 31 October 1979167 of 1758 of 1755.170
Indirect bidders' share50.6Last 24 auctions6 of 2418 of 2444.2
Indirect bidders' share50.6All 39 since 7 May 20086 of 3933 of 3938.2
Direct bidders' share8.3Last 24 auctions15 of 249 of 249.3
Direct bidders' share8.3All 39 since 7 May 200815 of 3924 of 395.1
Primary dealers' share41.0Last 24 auctions17 of 247 of 2445.4
Primary dealers' share41.0All 39 since 7 May 200832 of 397 of 3952.2
High minus median, basis points4.7Last 24 auctions13 of 2411 of 244.9
High minus median, basis points4.7Since 7 May 200825 of 3914 of 395.4
High minus median, basis points4.7All 175 since 31 October 197937 of 175138 of 1752.5

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 8 June 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110608_2.pdf. Compiled by 500metrics, "10-year note auction of 8 June 2011 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2011-06-08.

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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