500metrics

All sources checked Checked

10-year note auction of 8 February 2012 (new issue)

The 10-year note sold $26.926 billion at a high yield of 2.020% on , with a bid-to-cover ratio of 3.05.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.020%

Median yield 1.978%

Bid-to-cover

3.05

▼ −0.24 since 11 Jan

Sold

$26.93 billion

$24 billion offered

Indirect bidders

38.9%

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 11 March 2009 to 8 February 2012; the latest at 2.020%.1.0%2.0%3.0%4.0%2009201020112012This auction, 2.020%High yield at the last 36 10-year note auctions36 auctions from 11 March 2009 to 8 February 2012; the latest at 2.020%.1.5%2.0%2.5%3.0%3.5%4.0%2010201120122.020%

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
2.0203.05
1.9003.29
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.053.208 of 124 of 12
High yield2.0202.5949 of 122 of 12
Indirect bidders' share38.944.89 of 123 of 12
Direct bidders' share17.98.41 of 1211 of 12
Primary dealers' share43.342.66 of 126 of 12
High minus median, basis points4.24.26 of 126 of 12

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

Who bought the 10-year note?

Primary dealers took 43.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 January 2012

Primary dealers took 43.3% of the competitive bids acceptedIndirect bidders 38.9%, Direct bidders 17.9%, Primary dealers 43.3%Indirect bidders38.9%38.3%Direct bidders17.9%17.4%Primary dealers43.3%44.3%Primary dealers took 43.3% of the competitive bids acceptedIndirect bidders 38.9%, Direct bidders 17.9%, Primary dealers 43.3%Indirect bidders38.9%38.3%Direct bidders17.9%17.4%Primary dealers43.3%44.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.938.3
Direct bidders17.917.4
Primary dealers43.344.3

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$76,191,650,000
Sold$26,926,334,000
Competitive bids accepted$23,872,684,000
Non-competitive bids accepted$47,322,600
Federal Reserve (SOMA) add-on$2,926,327,400
Foreign and international (FIMA) non-competitive$80,000,000
High yield, %2.020
Median rate, %1.978
Low rate, %1.900
Interest rate (coupon), %2.000
Bids at the high rate filled, %32.03
Bid-to-cover ratio3.05
Indirect bidders accepted$9,279,319,500
Direct bidders accepted$4,266,304,500
Primary dealers accepted$10,327,060,000
Indirect bidders' share, % (ours)38.9
Direct bidders' share, % (ours)17.9
Primary dealers' share, % (ours)43.3
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %2.01
High yield minus that point, basis points (ours)1.0

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 ratio3.05Last 24 auctions14 of 2410 of 243.15
Bid-to-cover ratio3.05Since 7 May 200815 of 4732 of 472.86
Bid-to-cover ratio3.05All 101 since 10 November 199915 of 10186 of 1012.51
High yield2.020Last 24 auctions21 of 242 of 243.043
High yield2.020Since 7 May 200844 of 472 of 473.310
High yield2.020All 183 since 31 October 1979180 of 1832 of 1834.975
Indirect bidders' share38.9Last 24 auctions19 of 245 of 2442.8
Indirect bidders' share38.9All 47 since 7 May 200824 of 4723 of 4740.2
Direct bidders' share17.9Last 24 auctions2 of 2422 of 2410.2
Direct bidders' share17.9All 47 since 7 May 20082 of 4745 of 476.9
Primary dealers' share43.3Last 24 auctions13 of 2411 of 2443.8
Primary dealers' share43.3All 47 since 7 May 200834 of 4713 of 4748.6
High minus median, basis points4.2Last 24 auctions13 of 2411 of 244.4
High minus median, basis points4.2Since 7 May 200833 of 4714 of 475.3
High minus median, basis points4.2All 183 since 31 October 197946 of 183137 of 1832.5

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 February 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120208_1.pdf. Compiled by 500metrics, "10-year note auction of 8 February 2012 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2012-02-08.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.