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10-year note auction of 10 August 2011 (new issue)

The 10-year note sold $24.735 billion at a high yield of 2.140% on , with a bid-to-cover ratio of 3.22.

Coupon
2.125%
Announced
Issued
Matures

High yield

2.140%

Median yield 2.101%

Bid-to-cover

3.22

▲ +0.05 since 13 Jul

Sold

$24.73 billion

$24 billion offered

Indirect bidders

35.4%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 177 earlier auctions we hold

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note of all 177 earlier auctions we hold36 auctions from 9 October 2008 to 10 August 2011; the latest at 2.140%.2.0%2.5%3.0%3.5%4.0%2008200920102011This auction, 2.140%The high yield was the lowest for a 10-year note of all 177 earlier auctions we hold36 auctions from 9 October 2008 to 10 August 2011; the latest at 2.140%.2.0%2.5%3.0%3.5%4.0%201020112.140%

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
2.1403.22
2.9183.17
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.223.154 of 128 of 12
High yield2.1403.08812 of 120 of 12
Indirect bidders' share35.448.912 of 120 of 12
Direct bidders' share31.78.40 of 1212 of 12
Primary dealers' share33.042.311 of 121 of 12
High minus median, basis points3.94.68 of 124 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 10 March 2010 (16 auctions in between).
  • Direct bidders' share: Highest of all 41 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 35.4% of the competitive bids accepted

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

Indirect bidders took 35.4% of the competitive bids acceptedIndirect bidders 35.4%, Direct bidders 31.7%, Primary dealers 33.0%Indirect bidders35.4%42.0%Direct bidders31.7%13.9%Primary dealers33.0%44.1%Indirect bidders took 35.4% of the competitive bids acceptedIndirect bidders 35.4%, Direct bidders 31.7%, Primary dealers 33.0%Indirect bidders35.4%42.0%Direct bidders31.7%13.9%Primary dealers33.0%44.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders35.442.0
Direct bidders31.713.9
Primary dealers33.044.1

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$78,116,379,700
Sold$24,734,946,300
Competitive bids accepted$23,909,666,600
Non-competitive bids accepted$40,387,100
Federal Reserve (SOMA) add-on$734,892,600
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %2.140
Median rate, %2.101
Low rate, %2.000
Interest rate (coupon), %2.125
Bids at the high rate filled, %54.31
Bid-to-cover ratio3.22
Indirect bidders accepted$8,453,565,000
Direct bidders accepted$7,570,275,600
Primary dealers accepted$7,885,826,000
Indirect bidders' share, % (ours)35.4
Direct bidders' share, % (ours)31.7
Primary dealers' share, % (ours)33.0
High minus median, basis points (ours)3.9
Treasury par yield curve, 10-year point, same day, %2.17
High yield minus that point, basis points (ours)-3.0

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 ratio3.22Last 24 auctions7 of 2417 of 243.02
Bid-to-cover ratio3.22Since 7 May 20088 of 4133 of 412.80
Bid-to-cover ratio3.22All 95 since 10 November 19998 of 9587 of 952.49
High yield2.140Last 24 auctions24 of 240 of 243.418
High yield2.140Since 7 May 200841 of 410 of 413.388
High yield2.140All 177 since 31 October 1979177 of 1770 of 1775.140
Indirect bidders' share35.4Last 24 auctions20 of 244 of 2445.1
Indirect bidders' share35.4All 41 since 7 May 200824 of 4117 of 4140.2
Direct bidders' share31.7Last 24 auctions0 of 2424 of 249.2
Direct bidders' share31.7All 41 since 7 May 20080 of 4141 of 415.9
Primary dealers' share33.0Last 24 auctions23 of 241 of 2444.3
Primary dealers' share33.0All 41 since 7 May 200840 of 411 of 4151.7
High minus median, basis points3.9Last 24 auctions17 of 247 of 244.8
High minus median, basis points3.9Since 7 May 200831 of 4110 of 415.4
High minus median, basis points3.9All 177 since 31 October 197956 of 177120 of 1772.5

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 10 August 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110810_1.pdf. Compiled by 500metrics, "10-year note auction of 10 August 2011 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2011-08-10.

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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