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10-year note auction of 13 June 2012 (reopening)

The 10-year note sold $22.483 billion at a high yield of 1.622% on , with a bid-to-cover ratio of 3.06.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.622%

Median yield 1.598%

Bid-to-cover

3.06

▲ +0.16 since 9 May

Sold

$22.48 billion

$21 billion offered

Indirect bidders

42.0%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 187 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 187 earlier auctions we hold36 auctions from 8 July 2009 to 13 June 2012; the latest at 1.622%.1.0%2.0%3.0%4.0%2009201020112012This auction, 1.622%The high yield was the lowest for a 10-year note of all 187 earlier auctions we hold36 auctions from 8 July 2009 to 13 June 2012; the latest at 1.622%.1.0%2.0%3.0%4.0%2010201120121.622%

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
1.6223.06
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.063.127 of 125 of 12
High yield1.6222.03612 of 120 of 12
Indirect bidders' share42.038.83 of 129 of 12
Direct bidders' share20.812.51 of 1211 of 12
Primary dealers' share37.243.710 of 122 of 12
High minus median, basis points2.44.612 of 120 of 12

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

  • High minus median, basis points: Lowest for a 10-year note since 9 March 2011 (14 auctions in between).

Who bought the 10-year note?

Indirect bidders took 42.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 May 2012

Indirect bidders took 42.0% of the competitive bids acceptedIndirect bidders 42.0%, Direct bidders 20.8%, Primary dealers 37.2%Indirect bidders42.0%38.7%Direct bidders20.8%15.8%Primary dealers37.2%45.5%Indirect bidders took 42.0% of the competitive bids acceptedIndirect bidders 42.0%, Direct bidders 20.8%, Primary dealers 37.2%Indirect bidders42.0%38.7%Direct bidders20.8%15.8%Primary dealers37.2%45.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders42.038.7
Direct bidders20.815.8
Primary dealers37.245.5

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$65,757,261,900
Sold$22,482,717,900
Competitive bids accepted$20,989,206,000
Non-competitive bids accepted$10,809,100
Federal Reserve (SOMA) add-on$1,482,702,800
Foreign and international (FIMA) non-competitive$0
High yield, %1.622
Median rate, %1.598
Low rate, %1.530
Interest rate (coupon), %1.750
Bids at the high rate filled, %33.76
Bid-to-cover ratio3.06
Indirect bidders accepted$8,818,126,000
Direct bidders accepted$4,369,000,000
Primary dealers accepted$7,802,080,000
Indirect bidders' share, % (ours)42.0
Direct bidders' share, % (ours)20.8
Primary dealers' share, % (ours)37.2
High minus median, basis points (ours)2.4
Treasury par yield curve, 10-year point, same day, %1.61
High yield minus that point, basis points (ours)1.2

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 ratio3.06Last 24 auctions14 of 2410 of 243.11
Bid-to-cover ratio3.06Since 7 May 200817 of 5134 of 512.92
Bid-to-cover ratio3.06All 105 since 10 November 199917 of 10588 of 1052.55
High yield1.622Last 24 auctions24 of 240 of 242.653
High yield1.622Since 7 May 200851 of 510 of 513.228
High yield1.622All 187 since 31 October 1979187 of 1870 of 1874.913
Indirect bidders' share42.0Last 24 auctions12 of 2412 of 2442.2
Indirect bidders' share42.0All 51 since 7 May 200818 of 5133 of 5138.7
Direct bidders' share20.8Last 24 auctions1 of 2423 of 2410.2
Direct bidders' share20.8All 51 since 7 May 20082 of 5149 of 518.2
Primary dealers' share37.2Last 24 auctions20 of 244 of 2443.8
Primary dealers' share37.2All 51 since 7 May 200846 of 515 of 5148.2
High minus median, basis points2.4Last 24 auctions23 of 240 of 244.6
High minus median, basis points2.4Since 7 May 200850 of 510 of 515.2
High minus median, basis points2.4All 187 since 31 October 1979103 of 18782 of 1872.6

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 13 June 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120613_1.pdf. Compiled by 500metrics, "10-year note auction of 13 June 2012 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2012-06-13.

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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