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10-year note auction of 8 May 2013 (new issue)

The 10-year note sold $24 billion at a high yield of 1.810% on , with a bid-to-cover ratio of 2.70.

Coupon
1.750%
Announced
Issued
Matures

High yield

1.810%

Median yield 1.774%

Bid-to-cover

2.70

▼ −0.09 since 10 Apr

Sold

$24.00 billion

$24 billion offered

Indirect bidders

33.9%

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 June 2010 to 8 May 2013; the latest at 1.810%.1.0%2.0%3.0%4.0%2010201120122013This auction, 1.810%High yield at the last 36 10-year note auctions36 auctions from 9 June 2010 to 8 May 2013; the latest at 1.810%.1.0%1.5%2.0%2.5%3.0%2011201220131.810%

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
1.8102.70
1.7952.79
2.0293.19
2.0462.68
1.8632.83
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.702.889 of 123 of 12
High yield1.8101.7324 of 128 of 12
Indirect bidders' share33.939.29 of 123 of 12
Direct bidders' share16.921.97 of 125 of 12
Primary dealers' share49.241.33 of 129 of 12
High minus median, basis points3.63.65 of 125 of 12

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

Who bought the 10-year note?

Primary dealers took 49.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 10 April 2013

Primary dealers took 49.2% of the competitive bids acceptedIndirect bidders 33.9%, Direct bidders 16.9%, Primary dealers 49.2%Indirect bidders33.9%37.3%Direct bidders16.9%29.1%Primary dealers49.2%33.6%Primary dealers took 49.2% of the competitive bids acceptedIndirect bidders 33.9%, Direct bidders 16.9%, Primary dealers 49.2%Indirect bidders33.9%37.3%Direct bidders16.9%29.1%Primary dealers49.2%33.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders33.937.3
Direct bidders16.929.1
Primary dealers49.233.6

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$64,761,788,800
Sold$24,000,037,200
Competitive bids accepted$23,981,548,400
Non-competitive bids accepted$18,488,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.810
Median rate, %1.774
Low rate, %1.699
Interest rate (coupon), %1.750
Bids at the high rate filled, %94.12
Bid-to-cover ratio2.70
Indirect bidders accepted$8,124,418,000
Direct bidders accepted$4,049,060,400
Primary dealers accepted$11,808,070,000
Indirect bidders' share, % (ours)33.9
Direct bidders' share, % (ours)16.9
Primary dealers' share, % (ours)49.2
High minus median, basis points (ours)3.6
Treasury par yield curve, 10-year point, same day, %1.81
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 ratio2.70Last 24 auctions20 of 244 of 243.04
Bid-to-cover ratio2.70Since 7 May 200839 of 6223 of 622.91
Bid-to-cover ratio2.70All 116 since 10 November 199947 of 11669 of 1162.60
High yield1.810Last 24 auctions16 of 248 of 242.010
High yield1.810Since 7 May 200854 of 628 of 623.005
High yield1.810All 198 since 31 October 1979190 of 1988 of 1984.818
Indirect bidders' share33.9Last 24 auctions21 of 243 of 2439.3
Indirect bidders' share33.9All 62 since 7 May 200847 of 6215 of 6238.8
Direct bidders' share16.9Last 24 auctions11 of 2413 of 2415.3
Direct bidders' share16.9All 62 since 7 May 200814 of 6248 of 629.1
Primary dealers' share49.2Last 24 auctions6 of 2418 of 2443.7
Primary dealers' share49.2All 62 since 7 May 200827 of 6235 of 6247.6
High minus median, basis points3.6Last 24 auctions13 of 249 of 244.0
High minus median, basis points3.6Since 7 May 200845 of 6214 of 624.8
High minus median, basis points3.6All 198 since 31 October 197972 of 198122 of 1982.6

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 May 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130508_1.pdf. Compiled by 500metrics, "10-year note auction of 8 May 2013 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2013-05-08.

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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