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

The 10-year note sold $21.001 billion at a high yield of 1.459% on , with a bid-to-cover ratio of 3.61.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.459%

Median yield 1.440%

Bid-to-cover

3.61

▲ +0.55 since 13 Jun

Sold

$21.00 billion

$21 billion offered

Indirect bidders

40.6%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 188 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 188 earlier auctions we hold36 auctions from 12 August 2009 to 11 July 2012; the latest at 1.459%.1.0%2.0%3.0%4.0%2009201020112012This auction, 1.459%The high yield was the lowest for a 10-year note of all 188 earlier auctions we hold36 auctions from 12 August 2009 to 11 July 2012; the latest at 1.459%.1.0%2.0%3.0%4.0%2010201120121.459%

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
1.4593.61
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.613.070 of 1212 of 12
High yield1.4592.02512 of 120 of 12
Indirect bidders' share40.638.85 of 127 of 12
Direct bidders' share45.414.80 of 1212 of 12
Primary dealers' share14.043.712 of 120 of 12
High minus median, basis points1.94.412 of 120 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 (26 auctions in between).
  • Direct bidders' share: Highest of all 52 earlier 10-year note auctions we hold.
  • Primary dealers' share: Lowest of all 52 earlier 10-year note auctions we hold.
  • High minus median, basis points: Lowest for a 10-year note since 13 September 2007 (56 auctions in between).

Who bought the 10-year note?

Direct bidders took 45.4% of the competitive bids accepted

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

Direct bidders took 45.4% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 45.4%, Primary dealers 14.0%Indirect bidders40.6%42.0%Direct bidders45.4%20.8%Primary dealers14.0%37.2%Direct bidders took 45.4% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 45.4%, Primary dealers 14.0%Indirect bidders40.6%42.0%Direct bidders45.4%20.8%Primary dealers14.0%37.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.642.0
Direct bidders45.420.8
Primary dealers14.037.2

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$75,882,716,200
Sold$21,000,540,200
Competitive bids accepted$20,993,024,000
Non-competitive bids accepted$7,516,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.459
Median rate, %1.440
Low rate, %1.360
Interest rate (coupon), %1.750
Bids at the high rate filled, %51.68
Bid-to-cover ratio3.61
Indirect bidders accepted$8,518,984,000
Direct bidders accepted$9,532,040,000
Primary dealers accepted$2,942,000,000
Indirect bidders' share, % (ours)40.6
Direct bidders' share, % (ours)45.4
Primary dealers' share, % (ours)14.0
High minus median, basis points (ours)1.9
Treasury par yield curve, 10-year point, same day, %1.54
High yield minus that point, basis points (ours)-8.1

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 ratio3.61Last 24 auctions0 of 2424 of 243.08
Bid-to-cover ratio3.61Since 7 May 20081 of 5251 of 522.94
Bid-to-cover ratio3.61All 106 since 10 November 19991 of 106105 of 1062.56
High yield1.459Last 24 auctions24 of 240 of 242.556
High yield1.459Since 7 May 200852 of 520 of 523.219
High yield1.459All 188 since 31 October 1979188 of 1880 of 1884.896
Indirect bidders' share40.6Last 24 auctions17 of 247 of 2442.2
Indirect bidders' share40.6All 52 since 7 May 200824 of 5228 of 5238.8
Direct bidders' share45.4Last 24 auctions0 of 2424 of 2410.2
Direct bidders' share45.4All 52 since 7 May 20080 of 5252 of 528.3
Primary dealers' share14.0Last 24 auctions24 of 240 of 2443.4
Primary dealers' share14.0All 52 since 7 May 200852 of 520 of 5248.0
High minus median, basis points1.9Last 24 auctions24 of 240 of 244.6
High minus median, basis points1.9Since 7 May 200852 of 520 of 525.2
High minus median, basis points1.9All 188 since 31 October 1979125 of 18862 of 1882.6

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 July 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120711_1.pdf. Compiled by 500metrics, "10-year note auction of 11 July 2012 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2012-07-11.

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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