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

The 10-year note sold $21 billion at a high yield of 1.652% on , with a bid-to-cover ratio of 2.95.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.652%

Median yield 1.634%

Bid-to-cover

2.95

▲ +0.36 since 7 Nov

Sold

$21.00 billion

$21 billion offered

Indirect bidders

24.2%

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 13 January 2010 to 12 December 2012; the latest at 1.652%.1.0%2.0%3.0%4.0%201020112012This auction, 1.652%High yield at the last 36 10-year note auctions36 auctions from 13 January 2010 to 12 December 2012; the latest at 1.652%.1.0%2.0%3.0%4.0%201120121.652%

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
1.6522.95
1.6752.59
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.953.078 of 124 of 12
High yield1.6521.81010 of 122 of 12
Indirect bidders' share24.239.312 of 120 of 12
Direct bidders' share42.716.61 of 1211 of 12
Primary dealers' share33.143.810 of 122 of 12
High minus median, basis points1.84.312 of 120 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 9 April 2009 (43 auctions in between).
  • High minus median, basis points: Lowest for a 10-year note since 13 September 2007 (61 auctions in between).

Who bought the 10-year note?

Direct bidders took 42.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 November 2012

Direct bidders took 42.7% of the competitive bids acceptedIndirect bidders 24.2%, Direct bidders 42.7%, Primary dealers 33.1%Indirect bidders24.2%39.7%Direct bidders42.7%14.1%Primary dealers33.1%46.2%Direct bidders took 42.7% of the competitive bids acceptedIndirect bidders 24.2%, Direct bidders 42.7%, Primary dealers 33.1%Indirect bidders24.2%39.7%Direct bidders42.7%14.1%Primary dealers33.1%46.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders24.239.7
Direct bidders42.714.1
Primary dealers33.146.2

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$61,987,845,500
Sold$21,000,045,500
Competitive bids accepted$20,980,100,000
Non-competitive bids accepted$19,945,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.652
Median rate, %1.634
Low rate, %1.599
Interest rate (coupon), %1.625
Bids at the high rate filled, %84.32
Bid-to-cover ratio2.95
Indirect bidders accepted$5,074,900,000
Direct bidders accepted$8,960,200,000
Primary dealers accepted$6,945,000,000
Indirect bidders' share, % (ours)24.2
Direct bidders' share, % (ours)42.7
Primary dealers' share, % (ours)33.1
High minus median, basis points (ours)1.8
Treasury par yield curve, 10-year point, same day, %1.72
High yield minus that point, basis points (ours)-6.8

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 ratio2.95Last 24 auctions17 of 247 of 243.10
Bid-to-cover ratio2.95Since 7 May 200828 of 5729 of 572.92
Bid-to-cover ratio2.95All 111 since 10 November 199928 of 11182 of 1112.59
High yield1.652Last 24 auctions22 of 242 of 242.036
High yield1.652Since 7 May 200855 of 572 of 573.190
High yield1.652All 193 since 31 October 1979191 of 1932 of 1934.848
Indirect bidders' share24.2Last 24 auctions24 of 240 of 2441.5
Indirect bidders' share24.2All 57 since 7 May 200850 of 577 of 5739.7
Direct bidders' share42.7Last 24 auctions1 of 2423 of 2411.2
Direct bidders' share42.7All 57 since 7 May 20081 of 5756 of 578.4
Primary dealers' share33.1Last 24 auctions20 of 244 of 2443.7
Primary dealers' share33.1All 57 since 7 May 200853 of 574 of 5747.8
High minus median, basis points1.8Last 24 auctions24 of 240 of 244.4
High minus median, basis points1.8Since 7 May 200857 of 570 of 575.0
High minus median, basis points1.8All 193 since 31 October 1979131 of 19360 of 1932.6

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 December 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20121212_1.pdf. Compiled by 500metrics, "10-year note auction of 12 December 2012 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2012-12-12.

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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