500metrics

All sources checked Checked

10-year note auction of 9 May 2012 (new issue)

The 10-year note sold $25.502 billion at a high yield of 1.855% on , with a bid-to-cover ratio of 2.90.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.855%

Median yield 1.810%

Bid-to-cover

2.90

▼ −0.18 since 11 Apr

Sold

$25.50 billion

$24 billion offered

Indirect bidders

38.7%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 186 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 186 earlier auctions we hold36 auctions from 10 June 2009 to 9 May 2012; the latest at 1.855%.1.0%2.0%3.0%4.0%2009201020112012This auction, 1.855%The high yield was the lowest for a 10-year note of all 186 earlier auctions we hold36 auctions from 10 June 2009 to 9 May 2012; the latest at 1.855%.1.5%2.0%2.5%3.0%3.5%4.0%2010201120121.855%

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
1.8552.90
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.903.1210 of 122 of 12
High yield1.8552.06012 of 120 of 12
Indirect bidders' share38.740.27 of 125 of 12
Direct bidders' share15.811.04 of 128 of 12
Primary dealers' share45.543.73 of 129 of 12
High minus median, basis points4.54.46 of 126 of 12

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

Who bought the 10-year note?

Primary dealers took 45.5% of the competitive bids accepted

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

Primary dealers took 45.5% of the competitive bids acceptedIndirect bidders 38.7%, Direct bidders 15.8%, Primary dealers 45.5%Indirect bidders38.7%38.5%Direct bidders15.8%11.0%Primary dealers45.5%50.5%Primary dealers took 45.5% of the competitive bids acceptedIndirect bidders 38.7%, Direct bidders 15.8%, Primary dealers 45.5%Indirect bidders38.7%38.5%Direct bidders15.8%11.0%Primary dealers45.5%50.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders38.738.5
Direct bidders15.811.0
Primary dealers45.550.5

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$71,016,723,900
Sold$25,501,532,900
Competitive bids accepted$23,977,009,000
Non-competitive bids accepted$23,077,600
Federal Reserve (SOMA) add-on$1,501,446,300
Foreign and international (FIMA) non-competitive$0
High yield, %1.855
Median rate, %1.810
Low rate, %1.700
Interest rate (coupon), %1.750
Bids at the high rate filled, %20.18
Bid-to-cover ratio2.90
Indirect bidders accepted$9,285,694,000
Direct bidders accepted$3,786,000,000
Primary dealers accepted$10,905,315,000
Indirect bidders' share, % (ours)38.7
Direct bidders' share, % (ours)15.8
Primary dealers' share, % (ours)45.5
High minus median, basis points (ours)4.5
Treasury par yield curve, 10-year point, same day, %1.87
High yield minus that point, basis points (ours)-1.5

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 ratio2.90Last 24 auctions21 of 243 of 243.11
Bid-to-cover ratio2.90Since 7 May 200826 of 5024 of 502.94
Bid-to-cover ratio2.90All 104 since 10 November 199929 of 10474 of 1042.54
High yield1.855Last 24 auctions24 of 240 of 242.700
High yield1.855Since 7 May 200850 of 500 of 503.235
High yield1.855All 186 since 31 October 1979186 of 1860 of 1864.922
Indirect bidders' share38.7Last 24 auctions19 of 245 of 2442.2
Indirect bidders' share38.7All 50 since 7 May 200825 of 5025 of 5038.8
Direct bidders' share15.8Last 24 auctions5 of 2419 of 2410.2
Direct bidders' share15.8All 50 since 7 May 20088 of 5042 of 508.1
Primary dealers' share45.5Last 24 auctions7 of 2417 of 2443.4
Primary dealers' share45.5All 50 since 7 May 200830 of 5020 of 5048.4
High minus median, basis points4.5Last 24 auctions12 of 2411 of 244.6
High minus median, basis points4.5Since 7 May 200832 of 5017 of 505.2
High minus median, basis points4.5All 186 since 31 October 197944 of 186140 of 1862.6

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 9 May 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120509_1.pdf. Compiled by 500metrics, "10-year note auction of 9 May 2012 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2012-05-09.

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

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