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10-year note auction of 12 September 2012 (reopening)

The 10-year note sold $21 billion at a high yield of 1.764% on , with a bid-to-cover ratio of 2.85.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.764%

Median yield 1.720%

Bid-to-cover

2.85

▲ +0.36 since 8 Aug

Sold

$21.00 billion

$21 billion offered

Indirect bidders

36.2%

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 7 October 2009 to 12 September 2012; the latest at 1.764%.1.0%2.0%3.0%4.0%2009201020112012This auction, 1.764%High yield at the last 36 10-year note auctions36 auctions from 7 October 2009 to 12 September 2012; the latest at 1.764%.1.0%2.0%3.0%4.0%201120121.764%

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
1.7642.85
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.853.0610 of 122 of 12
High yield1.7642.0109 of 123 of 12
Indirect bidders' share36.239.711 of 121 of 12
Direct bidders' share11.613.46 of 126 of 12
Primary dealers' share52.243.82 of 1210 of 12
High minus median, basis points4.44.87 of 125 of 12

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

Who bought the 10-year note?

Primary dealers took 52.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 August 2012

Primary dealers took 52.2% of the competitive bids acceptedIndirect bidders 36.2%, Direct bidders 11.6%, Primary dealers 52.2%Indirect bidders36.2%40.6%Direct bidders11.6%5.2%Primary dealers52.2%54.2%Primary dealers took 52.2% of the competitive bids acceptedIndirect bidders 36.2%, Direct bidders 11.6%, Primary dealers 52.2%Indirect bidders36.2%40.6%Direct bidders11.6%5.2%Primary dealers52.2%54.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.240.6
Direct bidders11.65.2
Primary dealers52.254.2

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$59,921,642,700
Sold$21,000,036,700
Competitive bids accepted$20,984,994,000
Non-competitive bids accepted$15,042,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.764
Median rate, %1.720
Low rate, %1.644
Interest rate (coupon), %1.625
Bids at the high rate filled, %4.46
Bid-to-cover ratio2.85
Indirect bidders accepted$7,589,600,000
Direct bidders accepted$2,435,000,000
Primary dealers accepted$10,960,394,000
Indirect bidders' share, % (ours)36.2
Direct bidders' share, % (ours)11.6
Primary dealers' share, % (ours)52.2
High minus median, basis points (ours)4.4
Treasury par yield curve, 10-year point, same day, %1.77
High yield minus that point, basis points (ours)-0.6

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 ratio2.85Last 24 auctions21 of 243 of 243.10
Bid-to-cover ratio2.85Since 7 May 200830 of 5424 of 542.94
Bid-to-cover ratio2.85All 108 since 10 November 199935 of 10872 of 1082.56
High yield1.764Last 24 auctions21 of 243 of 242.206
High yield1.764Since 7 May 200851 of 543 of 543.210
High yield1.764All 190 since 31 October 1979187 of 1903 of 1904.868
Indirect bidders' share36.2Last 24 auctions22 of 242 of 2442.0
Indirect bidders' share36.2All 54 since 7 May 200834 of 5420 of 5439.5
Direct bidders' share11.6Last 24 auctions8 of 2416 of 2410.0
Direct bidders' share11.6All 54 since 7 May 200815 of 5439 of 548.3
Primary dealers' share52.2Last 24 auctions2 of 2422 of 2442.6
Primary dealers' share52.2All 54 since 7 May 200821 of 5433 of 5448.0
High minus median, basis points4.4Last 24 auctions13 of 2411 of 244.5
High minus median, basis points4.4Since 7 May 200835 of 5419 of 545.1
High minus median, basis points4.4All 190 since 31 October 197948 of 190142 of 1902.6

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 12 September 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120912_1.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2012 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2012-09-12.

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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