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10-year note auction of 9 November 2011 (new issue)

The 10-year note sold $25.836 billion at a high yield of 2.030% on , with a bid-to-cover ratio of 2.64.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.030%

Median yield 1.969%

Bid-to-cover

2.64

▼ −0.22 since 12 Oct

Sold

$25.84 billion

$24 billion offered

Indirect bidders

41.6%

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 11 December 2008 to 9 November 2011; the latest at 2.030%.2.0%2.5%3.0%3.5%4.0%200920102011This auction, 2.030%High yield at the last 36 10-year note auctions36 auctions from 11 December 2008 to 9 November 2011; the latest at 2.030%.2.0%2.5%3.0%3.5%4.0%201020112.030%

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
2.0302.64
2.2712.86
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.643.1512 of 120 of 12
High yield2.0303.08811 of 121 of 12
Indirect bidders' share41.647.810 of 122 of 12
Direct bidders' share8.28.47 of 125 of 12
Primary dealers' share50.240.82 of 1210 of 12
High minus median, basis points6.14.64 of 128 of 12

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

  • Bid-to-cover ratio: Lowest for a 10-year note since 9 December 2009 (22 auctions in between).

Who bought the 10-year note?

Primary dealers took 50.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 October 2011

Primary dealers took 50.2% of the competitive bids acceptedIndirect bidders 41.6%, Direct bidders 8.2%, Primary dealers 50.2%Indirect bidders41.6%35.0%Direct bidders8.2%6.4%Primary dealers50.2%58.5%Primary dealers took 50.2% of the competitive bids acceptedIndirect bidders 41.6%, Direct bidders 8.2%, Primary dealers 50.2%Indirect bidders41.6%35.0%Direct bidders8.2%6.4%Primary dealers50.2%58.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders41.635.0
Direct bidders8.26.4
Primary dealers50.258.5

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$65,104,069,600
Sold$25,836,407,100
Competitive bids accepted$23,970,837,500
Non-competitive bids accepted$29,204,100
Federal Reserve (SOMA) add-on$1,836,365,500
Foreign and international (FIMA) non-competitive$0
High yield, %2.030
Median rate, %1.969
Low rate, %1.865
Interest rate (coupon), %2.000
Bids at the high rate filled, %62.35
Bid-to-cover ratio2.64
Indirect bidders accepted$9,961,500,000
Direct bidders accepted$1,975,175,000
Primary dealers accepted$12,034,162,500
Indirect bidders' share, % (ours)41.6
Direct bidders' share, % (ours)8.2
Primary dealers' share, % (ours)50.2
High minus median, basis points (ours)6.1
Treasury par yield curve, 10-year point, same day, %2.00
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 ratio2.64Last 24 auctions23 of 241 of 243.06
Bid-to-cover ratio2.64Since 7 May 200826 of 4418 of 442.84
Bid-to-cover ratio2.64All 98 since 10 November 199936 of 9861 of 982.50
High yield2.030Last 24 auctions23 of 241 of 243.291
High yield2.030Since 7 May 200843 of 441 of 443.352
High yield2.030All 180 since 31 October 1979179 of 1801 of 1805.072
Indirect bidders' share41.6Last 24 auctions16 of 248 of 2442.8
Indirect bidders' share41.6All 44 since 7 May 200820 of 4424 of 4439.2
Direct bidders' share8.2Last 24 auctions17 of 247 of 2410.2
Direct bidders' share8.2All 44 since 7 May 200819 of 4425 of 446.5
Primary dealers' share50.2Last 24 auctions5 of 2419 of 2444.2
Primary dealers' share50.2All 44 since 7 May 200822 of 4422 of 4450.1
High minus median, basis points6.1Last 24 auctions5 of 2418 of 244.8
High minus median, basis points6.1Since 7 May 200817 of 4426 of 445.4
High minus median, basis points6.1All 180 since 31 October 197923 of 180156 of 1802.5

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 November 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20111109_1.pdf. Compiled by 500metrics, "10-year note auction of 9 November 2011 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2011-11-09.

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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