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

The 10-year note sold $21.769 billion at a high yield of 2.020% on , with a bid-to-cover ratio of 3.53.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.020%

Median yield 1.989%

Bid-to-cover

3.53

▲ +0.89 since 9 Nov

Sold

$21.77 billion

$21 billion offered

Indirect bidders

61.9%

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 January 2009 to 13 December 2011; the latest at 2.020%.2.0%2.5%3.0%3.5%4.0%200920102011This auction, 2.020%High yield at the last 36 10-year note auctions36 auctions from 8 January 2009 to 13 December 2011; the latest at 2.020%.2.0%2.5%3.0%3.5%4.0%201020112.020%

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
2.0203.53
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.533.150 of 1212 of 12
High yield2.0203.08811 of 121 of 12
Indirect bidders' share61.945.81 of 1211 of 12
Direct bidders' share8.48.34 of 128 of 12
Primary dealers' share29.742.611 of 121 of 12
High minus median, basis points3.14.610 of 122 of 12

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

  • Bid-to-cover ratio: Highest for a 10-year note since 7 April 2010 (19 auctions in between).

Who bought the 10-year note?

Indirect bidders took 61.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 November 2011

Indirect bidders took 61.9% of the competitive bids acceptedIndirect bidders 61.9%, Direct bidders 8.4%, Primary dealers 29.7%Indirect bidders61.9%41.6%Direct bidders8.4%8.2%Primary dealers29.7%50.2%Indirect bidders took 61.9% of the competitive bids acceptedIndirect bidders 61.9%, Direct bidders 8.4%, Primary dealers 29.7%Indirect bidders61.9%41.6%Direct bidders8.4%8.2%Primary dealers29.7%50.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.941.6
Direct bidders8.48.2
Primary dealers29.750.2

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$74,975,423,600
Sold$21,768,614,000
Competitive bids accepted$20,966,790,400
Non-competitive bids accepted$33,267,000
Federal Reserve (SOMA) add-on$768,556,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.020
Median rate, %1.989
Low rate, %1.850
Interest rate (coupon), %2.000
Bids at the high rate filled, %67.48
Bid-to-cover ratio3.53
Indirect bidders accepted$12,971,569,600
Direct bidders accepted$1,762,674,800
Primary dealers accepted$6,232,546,000
Indirect bidders' share, % (ours)61.9
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)29.7
High minus median, basis points (ours)3.1
Treasury par yield curve, 10-year point, same day, %1.96
High yield minus that point, basis points (ours)6.0

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 ratio3.53Last 24 auctions1 of 2423 of 243.06
Bid-to-cover ratio3.53Since 7 May 20081 of 4544 of 452.81
Bid-to-cover ratio3.53All 99 since 10 November 19991 of 9998 of 992.50
High yield2.020Last 24 auctions23 of 241 of 243.226
High yield2.020Since 7 May 200844 of 451 of 453.340
High yield2.020All 181 since 31 October 1979180 of 1811 of 1815.067
Indirect bidders' share61.9Last 24 auctions1 of 2423 of 2442.2
Indirect bidders' share61.9All 45 since 7 May 20081 of 4544 of 4540.2
Direct bidders' share8.4Last 24 auctions15 of 249 of 2410.2
Direct bidders' share8.4All 45 since 7 May 200817 of 4528 of 456.5
Primary dealers' share29.7Last 24 auctions23 of 241 of 2444.2
Primary dealers' share29.7All 45 since 7 May 200844 of 451 of 4550.2
High minus median, basis points3.1Last 24 auctions21 of 243 of 244.8
High minus median, basis points3.1Since 7 May 200840 of 455 of 455.4
High minus median, basis points3.1All 181 since 31 October 197971 of 181109 of 1812.5

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 December 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20111213_3.pdf. Compiled by 500metrics, "10-year note auction of 13 December 2011 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2011-12-13.

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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