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

The 10-year note sold $24 billion at a high yield of 1.680% on , with a bid-to-cover ratio of 2.49.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.680%

Median yield 1.630%

Bid-to-cover

2.49

▼ −1.12 since 11 Jul

Sold

$24.00 billion

$24 billion offered

Indirect bidders

40.6%

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 9 September 2009 to 8 August 2012; the latest at 1.680%.1.0%2.0%3.0%4.0%2009201020112012This auction, 1.680%High yield at the last 36 10-year note auctions36 auctions from 9 September 2009 to 8 August 2012; the latest at 1.680%.1.0%2.0%3.0%4.0%201120121.680%

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
1.6802.49
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.493.0712 of 120 of 12
High yield1.6802.02010 of 122 of 12
Indirect bidders' share40.638.84 of 128 of 12
Direct bidders' share5.216.612 of 120 of 12
Primary dealers' share54.242.61 of 1211 of 12
High minus median, basis points5.04.45 of 127 of 12

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

  • Bid-to-cover ratio: Lowest for a 10-year note since 12 August 2009 (35 auctions in between).
  • Direct bidders' share: Lowest for a 10-year note since 9 February 2011 (17 auctions in between).

Who bought the 10-year note?

Primary dealers took 54.2% of the competitive bids accepted

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

Primary dealers took 54.2% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 5.2%, Primary dealers 54.2%Indirect bidders40.6%40.6%Direct bidders5.2%45.4%Primary dealers54.2%14.0%Primary dealers took 54.2% of the competitive bids acceptedIndirect bidders 40.6%, Direct bidders 5.2%, Primary dealers 54.2%Indirect bidders40.6%40.6%Direct bidders5.2%45.4%Primary dealers54.2%14.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.640.6
Direct bidders5.245.4
Primary dealers54.214.0

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$59,791,036,100
Sold$24,000,045,500
Competitive bids accepted$23,919,409,400
Non-competitive bids accepted$30,636,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.680
Median rate, %1.630
Low rate, %1.550
Interest rate (coupon), %1.625
Bids at the high rate filled, %72.94
Bid-to-cover ratio2.49
Indirect bidders accepted$9,713,229,200
Direct bidders accepted$1,247,305,200
Primary dealers accepted$12,958,875,000
Indirect bidders' share, % (ours)40.6
Direct bidders' share, % (ours)5.2
Primary dealers' share, % (ours)54.2
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %1.68
High yield minus that point, basis points (ours)0.0

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 ratio2.49Last 24 auctions24 of 240 of 243.10
Bid-to-cover ratio2.49Since 7 May 200840 of 5311 of 532.96
Bid-to-cover ratio2.49All 107 since 10 November 199958 of 10747 of 1072.56
High yield1.680Last 24 auctions22 of 242 of 242.373
High yield1.680Since 7 May 200851 of 532 of 533.210
High yield1.680All 189 since 31 October 1979187 of 1892 of 1894.880
Indirect bidders' share40.6Last 24 auctions16 of 248 of 2442.2
Indirect bidders' share40.6All 53 since 7 May 200824 of 5329 of 5338.9
Direct bidders' share5.2Last 24 auctions23 of 241 of 2410.6
Direct bidders' share5.2All 53 since 7 May 200833 of 5320 of 538.3
Primary dealers' share54.2Last 24 auctions1 of 2423 of 2442.6
Primary dealers' share54.2All 53 since 7 May 200818 of 5335 of 5347.8
High minus median, basis points5.0Last 24 auctions10 of 2414 of 244.5
High minus median, basis points5.0Since 7 May 200828 of 5324 of 535.1
High minus median, basis points5.0All 189 since 31 October 197936 of 189150 of 1892.6

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 8 August 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120808_1.pdf. Compiled by 500metrics, "10-year note auction of 8 August 2012 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2012-08-08.

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

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