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10-year note auction of 10 October 2012 (reopening)

The 10-year note sold $21 billion at a high yield of 1.700% on , with a bid-to-cover ratio of 3.26.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.700%

Median yield 1.680%

Bid-to-cover

3.26

▲ +0.41 since 12 Sep

Sold

$21.00 billion

$21 billion offered

Indirect bidders

41.4%

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 10 November 2009 to 10 October 2012; the latest at 1.700%.1.0%2.0%3.0%4.0%201020112012This auction, 1.700%High yield at the last 36 10-year note auctions36 auctions from 10 November 2009 to 10 October 2012; the latest at 1.700%.1.0%2.0%3.0%4.0%201120121.700%

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
1.7003.26
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.263.063 of 129 of 12
High yield1.7001.9609 of 123 of 12
Indirect bidders' share41.438.83 of 129 of 12
Direct bidders' share22.913.71 of 1211 of 12
Primary dealers' share35.744.910 of 122 of 12
High minus median, basis points2.04.411 of 121 of 12

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

Who bought the 10-year note?

Indirect bidders took 41.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 September 2012

Indirect bidders took 41.4% of the competitive bids acceptedIndirect bidders 41.4%, Direct bidders 22.9%, Primary dealers 35.7%Indirect bidders41.4%36.2%Direct bidders22.9%11.6%Primary dealers35.7%52.2%Indirect bidders took 41.4% of the competitive bids acceptedIndirect bidders 41.4%, Direct bidders 22.9%, Primary dealers 35.7%Indirect bidders41.4%36.2%Direct bidders22.9%11.6%Primary dealers35.7%52.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders41.436.2
Direct bidders22.911.6
Primary dealers35.752.2

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$68,364,486,900
Sold$21,000,029,300
Competitive bids accepted$20,987,142,400
Non-competitive bids accepted$12,886,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.700
Median rate, %1.680
Low rate, %1.614
Interest rate (coupon), %1.625
Bids at the high rate filled, %6.04
Bid-to-cover ratio3.26
Indirect bidders accepted$8,681,620,000
Direct bidders accepted$4,811,000,000
Primary dealers accepted$7,494,522,400
Indirect bidders' share, % (ours)41.4
Direct bidders' share, % (ours)22.9
Primary dealers' share, % (ours)35.7
High minus median, basis points (ours)2.0
Treasury par yield curve, 10-year point, same day, %1.72
High yield minus that point, basis points (ours)-2.0

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 ratio3.26Last 24 auctions5 of 2419 of 243.07
Bid-to-cover ratio3.26Since 7 May 20088 of 5547 of 552.92
Bid-to-cover ratio3.26All 109 since 10 November 19998 of 109101 of 1092.56
High yield1.700Last 24 auctions21 of 243 of 242.108
High yield1.700Since 7 May 200852 of 553 of 553.210
High yield1.700All 191 since 31 October 1979188 of 1913 of 1914.855
Indirect bidders' share41.4Last 24 auctions14 of 2410 of 2441.8
Indirect bidders' share41.4All 55 since 7 May 200824 of 5531 of 5538.9
Direct bidders' share22.9Last 24 auctions2 of 2422 of 2410.8
Direct bidders' share22.9All 55 since 7 May 20083 of 5552 of 558.3
Primary dealers' share35.7Last 24 auctions19 of 245 of 2443.7
Primary dealers' share35.7All 55 since 7 May 200849 of 556 of 5548.2
High minus median, basis points2.0Last 24 auctions23 of 241 of 244.5
High minus median, basis points2.0Since 7 May 200854 of 551 of 555.1
High minus median, basis points2.0All 191 since 31 October 1979112 of 19164 of 1912.6

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 10 October 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121010_2.pdf. Compiled by 500metrics, "10-year note auction of 10 October 2012 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2012-10-10.

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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