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10-year note auction of 11 December 2013 (reopening)

The 10-year note sold $21 billion at a high yield of 2.824% on , with a bid-to-cover ratio of 2.61.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.824%

Median yield 2.783%

Bid-to-cover

2.61

▼ −0.09 since 13 Nov

Sold

$21.00 billion

$21 billion offered

Indirect bidders

48.9%

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 12 January 2011 to 11 December 2013; the latest at 2.824%.1.0%2.0%3.0%4.0%201120122013This auction, 2.824%High yield at the last 36 10-year note auctions36 auctions from 12 January 2011 to 11 December 2013; the latest at 2.824%.1.0%1.5%2.0%2.5%3.0%201220132.824%

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
2.8242.61
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.612.708 of 124 of 12
High yield2.8242.1281 of 1211 of 12
Indirect bidders' share48.937.91 of 1211 of 12
Direct bidders' share10.619.912 of 120 of 12
Primary dealers' share40.537.54 of 128 of 12
High minus median, basis points4.13.51 of 1210 of 12

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

  • Direct bidders' share: Lowest for a 10-year note since 8 August 2012 (15 auctions in between).

Who bought the 10-year note?

Indirect bidders took 48.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 13 November 2013

Indirect bidders took 48.9% of the competitive bids acceptedIndirect bidders 48.9%, Direct bidders 10.6%, Primary dealers 40.5%Indirect bidders48.9%47.7%Direct bidders10.6%18.6%Primary dealers40.5%33.8%Indirect bidders took 48.9% of the competitive bids acceptedIndirect bidders 48.9%, Direct bidders 10.6%, Primary dealers 40.5%Indirect bidders48.9%47.7%Direct bidders10.6%18.6%Primary dealers40.5%33.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders48.947.7
Direct bidders10.618.6
Primary dealers40.533.8

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$54,722,090,000
Sold$21,000,002,000
Competitive bids accepted$20,965,762,000
Non-competitive bids accepted$34,240,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.824
Median rate, %2.783
Low rate, %2.735
Interest rate (coupon), %2.750
Bids at the high rate filled, %74.96
Bid-to-cover ratio2.61
Indirect bidders accepted$10,259,082,000
Direct bidders accepted$2,216,500,000
Primary dealers accepted$8,490,180,000
Indirect bidders' share, % (ours)48.9
Direct bidders' share, % (ours)10.6
Primary dealers' share, % (ours)40.5
High minus median, basis points (ours)4.1
Treasury par yield curve, 10-year point, same day, %2.86
High yield minus that point, basis points (ours)-3.6

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 ratio2.61Last 24 auctions18 of 246 of 242.86
Bid-to-cover ratio2.61Since 7 May 200847 of 6921 of 692.85
Bid-to-cover ratio2.61All 123 since 10 November 199960 of 12362 of 1232.59
High yield2.824Last 24 auctions1 of 2423 of 241.960
High yield2.824Since 7 May 200835 of 6934 of 692.918
High yield2.824All 205 since 31 October 1979171 of 20534 of 2054.627
Indirect bidders' share48.9Last 24 auctions2 of 2422 of 2438.7
Indirect bidders' share48.9All 69 since 7 May 20089 of 6960 of 6938.7
Direct bidders' share10.6Last 24 auctions22 of 242 of 2417.6
Direct bidders' share10.6All 69 since 7 May 200835 of 6934 of 6910.6
Primary dealers' share40.5Last 24 auctions12 of 2412 of 2441.1
Primary dealers' share40.5All 69 since 7 May 200850 of 6919 of 6946.4
High minus median, basis points4.1Last 24 auctions8 of 2415 of 243.6
High minus median, basis points4.1Since 7 May 200841 of 6927 of 694.5
High minus median, basis points4.1All 205 since 31 October 197954 of 205149 of 2052.9

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 11 December 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131211_1.pdf. Compiled by 500metrics, "10-year note auction of 11 December 2013 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2013-12-11.

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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