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10-year note auction of 13 November 2013 (new issue)

The 10-year note sold $24 billion at a high yield of 2.750% on , with a bid-to-cover ratio of 2.70.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.750%

Median yield 2.719%

Bid-to-cover

2.70

▲ +0.12 since 9 Oct

Sold

$24.00 billion

$24 billion offered

Indirect bidders

47.7%

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 8 December 2010 to 13 November 2013; the latest at 2.750%.1.0%2.0%3.0%4.0%201120122013This auction, 2.750%High yield at the last 36 10-year note auctions36 auctions from 8 December 2010 to 13 November 2013; the latest at 2.750%.1.0%1.5%2.0%2.5%3.0%201220132.750%

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
2.7502.70
2.6572.58
2.9462.86
2.6202.45
2.6702.57
2.2092.53
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.702.695 of 126 of 12
High yield2.7502.0381 of 1211 of 12
Indirect bidders' share47.737.92 of 1210 of 12
Direct bidders' share18.619.06 of 126 of 12
Primary dealers' share33.839.49 of 123 of 12
High minus median, basis points3.13.69 of 122 of 12

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

Who bought the 10-year note?

Indirect bidders took 47.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 October 2013

Indirect bidders took 47.7% of the competitive bids acceptedIndirect bidders 47.7%, Direct bidders 18.6%, Primary dealers 33.8%Indirect bidders47.7%38.6%Direct bidders18.6%21.2%Primary dealers33.8%40.2%Indirect bidders took 47.7% of the competitive bids acceptedIndirect bidders 47.7%, Direct bidders 18.6%, Primary dealers 33.8%Indirect bidders47.7%38.6%Direct bidders18.6%21.2%Primary dealers33.8%40.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.738.6
Direct bidders18.621.2
Primary dealers33.840.2

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$64,694,096,500
Sold$24,000,124,300
Competitive bids accepted$23,953,527,800
Non-competitive bids accepted$46,596,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.750
Median rate, %2.719
Low rate, %2.650
Interest rate (coupon), %2.750
Bids at the high rate filled, %62.67
Bid-to-cover ratio2.70
Indirect bidders accepted$11,418,420,900
Direct bidders accepted$4,446,084,400
Primary dealers accepted$8,089,022,500
Indirect bidders' share, % (ours)47.7
Direct bidders' share, % (ours)18.6
Primary dealers' share, % (ours)33.8
High minus median, basis points (ours)3.1
Treasury par yield curve, 10-year point, same day, %2.75
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 auctions15 of 248 of 242.86
Bid-to-cover ratio2.70Since 7 May 200840 of 6827 of 682.86
Bid-to-cover ratio2.70All 122 since 10 November 199948 of 12273 of 1222.59
High yield2.750Last 24 auctions1 of 2423 of 241.960
High yield2.750Since 7 May 200836 of 6832 of 682.932
High yield2.750All 204 since 31 October 1979172 of 20432 of 2044.684
Indirect bidders' share47.7Last 24 auctions3 of 2421 of 2438.7
Indirect bidders' share47.7All 68 since 7 May 200811 of 6857 of 6838.7
Direct bidders' share18.6Last 24 auctions10 of 2414 of 2417.1
Direct bidders' share18.6All 68 since 7 May 200812 of 6856 of 6810.2
Primary dealers' share33.8Last 24 auctions19 of 245 of 2442.6
Primary dealers' share33.8All 68 since 7 May 200860 of 688 of 6846.8
High minus median, basis points3.1Last 24 auctions16 of 245 of 243.6
High minus median, basis points3.1Since 7 May 200855 of 6810 of 684.5
High minus median, basis points3.1All 204 since 31 October 197986 of 204114 of 2042.8

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 13 November 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131113_3.pdf. Compiled by 500metrics, "10-year note auction of 13 November 2013 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2013-11-13.

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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