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10-year note auction of 11 April 2012 (reopening)

The 10-year note sold $24.821 billion at a high yield of 2.043% on , with a bid-to-cover ratio of 3.08.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.043%

Median yield 1.979%

Bid-to-cover

3.08

▼ −0.16 since 13 Mar

Sold

$24.82 billion

$21 billion offered

Indirect bidders

38.5%

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 6 May 2009 to 11 April 2012; the latest at 2.043%.1.0%2.0%3.0%4.0%2009201020112012This auction, 2.043%High yield at the last 36 10-year note auctions36 auctions from 6 May 2009 to 11 April 2012; the latest at 2.043%.1.5%2.0%2.5%3.0%3.5%4.0%2010201120122.043%

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
2.0433.08
2.0763.24
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.083.157 of 125 of 12
High yield2.0432.1087 of 125 of 12
Indirect bidders' share38.541.89 of 123 of 12
Direct bidders' share11.09.76 of 126 of 12
Primary dealers' share50.543.72 of 1210 of 12
High minus median, basis points6.44.42 of 1210 of 12

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

Who bought the 10-year note?

Primary dealers took 50.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 13 March 2012

Primary dealers took 50.5% of the competitive bids acceptedIndirect bidders 38.5%, Direct bidders 11.0%, Primary dealers 50.5%Indirect bidders38.5%38.6%Direct bidders11.0%19.4%Primary dealers50.5%42.0%Primary dealers took 50.5% of the competitive bids acceptedIndirect bidders 38.5%, Direct bidders 11.0%, Primary dealers 50.5%Indirect bidders38.5%38.6%Direct bidders11.0%19.4%Primary dealers50.5%42.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.538.6
Direct bidders11.019.4
Primary dealers50.542.0

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$21,000,000,000
Bids received$68,528,955,400
Sold$24,821,130,400
Competitive bids accepted$20,991,225,000
Non-competitive bids accepted$8,780,800
Federal Reserve (SOMA) add-on$3,821,124,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.043
Median rate, %1.979
Low rate, %1.800
Interest rate (coupon), %2.000
Bids at the high rate filled, %75.67
Bid-to-cover ratio3.08
Indirect bidders accepted$8,080,019,000
Direct bidders accepted$2,307,835,000
Primary dealers accepted$10,603,371,000
Indirect bidders' share, % (ours)38.5
Direct bidders' share, % (ours)11.0
Primary dealers' share, % (ours)50.5
High minus median, basis points (ours)6.4
Treasury par yield curve, 10-year point, same day, %2.05
High yield minus that point, basis points (ours)-0.7

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 ratio3.08Last 24 auctions14 of 2410 of 243.15
Bid-to-cover ratio3.08Since 7 May 200816 of 4933 of 492.92
Bid-to-cover ratio3.08All 103 since 10 November 199916 of 10387 of 1032.53
High yield2.043Last 24 auctions19 of 245 of 242.824
High yield2.043Since 7 May 200844 of 495 of 493.242
High yield2.043All 185 since 31 October 1979180 of 1855 of 1854.930
Indirect bidders' share38.5Last 24 auctions21 of 243 of 2442.8
Indirect bidders' share38.5All 49 since 7 May 200826 of 4923 of 4938.9
Direct bidders' share11.0Last 24 auctions10 of 2414 of 2410.2
Direct bidders' share11.0All 49 since 7 May 200814 of 4935 of 498.0
Primary dealers' share50.5Last 24 auctions2 of 2422 of 2442.6
Primary dealers' share50.5All 49 since 7 May 200822 of 4927 of 4948.2
High minus median, basis points6.4Last 24 auctions4 of 2420 of 244.4
High minus median, basis points6.4Since 7 May 200816 of 4933 of 495.2
High minus median, basis points6.4All 185 since 31 October 197922 of 185163 of 1852.6

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 11 April 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120411_1.pdf. Compiled by 500metrics, "10-year note auction of 11 April 2012 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2012-04-11.

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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