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10-year note auction of 13 September 2011 (reopening)

The 10-year note sold $21 billion at a high yield of 2.000% on , with a bid-to-cover ratio of 3.03.

Coupon
2.125%
Announced
Issued
Matures

High yield

2.000%

Median yield 1.947%

Bid-to-cover

3.03

▼ −0.19 since 10 Aug

Sold

$21.00 billion

$21 billion offered

Indirect bidders

48.5%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 178 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 178 earlier auctions we hold36 auctions from 9 October 2008 to 13 September 2011; the latest at 2.000%.2.0%2.5%3.0%3.5%4.0%2008200920102011This auction, 2.000%The high yield was the lowest for a 10-year note of all 178 earlier auctions we hold36 auctions from 9 October 2008 to 13 September 2011; the latest at 2.000%.2.0%2.5%3.0%3.5%4.0%201020112.000%

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
2.0003.03
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.033.198 of 124 of 12
High yield2.0003.08812 of 120 of 12
Indirect bidders' share48.548.96 of 126 of 12
Direct bidders' share11.18.43 of 129 of 12
Primary dealers' share40.440.87 of 125 of 12
High minus median, basis points5.34.24 of 128 of 12

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

Who bought the 10-year note?

Indirect bidders took 48.5% of the competitive bids accepted

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

Indirect bidders took 48.5% of the competitive bids acceptedIndirect bidders 48.5%, Direct bidders 11.1%, Primary dealers 40.4%Indirect bidders48.5%35.4%Direct bidders11.1%31.7%Primary dealers40.4%33.0%Indirect bidders took 48.5% of the competitive bids acceptedIndirect bidders 48.5%, Direct bidders 11.1%, Primary dealers 40.4%Indirect bidders48.5%35.4%Direct bidders11.1%31.7%Primary dealers40.4%33.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders48.535.4
Direct bidders11.131.7
Primary dealers40.433.0

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$63,677,106,900
Sold$21,000,026,900
Competitive bids accepted$20,986,620,000
Non-competitive bids accepted$13,406,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.000
Median rate, %1.947
Low rate, %1.860
Interest rate (coupon), %2.125
Bids at the high rate filled, %45.20
Bid-to-cover ratio3.03
Indirect bidders accepted$10,182,960,000
Direct bidders accepted$2,320,140,000
Primary dealers accepted$8,483,520,000
Indirect bidders' share, % (ours)48.5
Direct bidders' share, % (ours)11.1
Primary dealers' share, % (ours)40.4
High minus median, basis points (ours)5.3
Treasury par yield curve, 10-year point, same day, %2.00
High yield minus that point, basis points (ours)0.0

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 ratio3.03Last 24 auctions13 of 2411 of 243.06
Bid-to-cover ratio3.03Since 7 May 200814 of 4228 of 422.80
Bid-to-cover ratio3.03All 96 since 10 November 199914 of 9682 of 962.49
High yield2.000Last 24 auctions24 of 240 of 243.364
High yield2.000Since 7 May 200842 of 420 of 423.376
High yield2.000All 178 since 31 October 1979178 of 1780 of 1785.109
Indirect bidders' share48.5Last 24 auctions7 of 2417 of 2443.7
Indirect bidders' share48.5All 42 since 7 May 20087 of 4235 of 4239.2
Direct bidders' share11.1Last 24 auctions9 of 2415 of 249.6
Direct bidders' share11.1All 42 since 7 May 200810 of 4232 of 426.2
Primary dealers' share40.4Last 24 auctions18 of 246 of 2444.2
Primary dealers' share40.4All 42 since 7 May 200836 of 426 of 4250.1
High minus median, basis points5.3Last 24 auctions8 of 2416 of 244.6
High minus median, basis points5.3Since 7 May 200821 of 4221 of 425.3
High minus median, basis points5.3All 178 since 31 October 197929 of 178149 of 1782.5

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 13 September 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110913_2.pdf. Compiled by 500metrics, "10-year note auction of 13 September 2011 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2011-09-13.

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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