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10-year note auction of 12 March 2014 (reopening)

The 10-year note sold $21 billion at a high yield of 2.729% on , with a bid-to-cover ratio of 2.92.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.729%

Median yield 2.709%

Bid-to-cover

2.92

▲ +0.38 since 12 Feb

Sold

$21.00 billion

$21 billion offered

Indirect bidders

43.4%

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 13 April 2011 to 12 March 2014; the latest at 2.729%.1.0%2.0%3.0%4.0%2011201220132014This auction, 2.729%High yield at the last 36 10-year note auctions36 auctions from 13 April 2011 to 12 March 2014; the latest at 2.729%.1.0%1.5%2.0%2.5%3.0%3.5%2012201320142.729%

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
2.7292.92
2.7952.54
3.0092.68
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.922.641 of 1211 of 12
High yield2.7292.6645 of 127 of 12
Indirect bidders' share43.446.57 of 125 of 12
Direct bidders' share27.516.63 of 129 of 12
Primary dealers' share29.137.511 of 121 of 12
High minus median, basis points2.03.412 of 120 of 12

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

  • High minus median, basis points: Lowest for a 10-year note since 12 December 2012 (14 auctions in between).

Who bought the 10-year note?

Indirect bidders took 43.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 February 2014

Indirect bidders took 43.4% of the competitive bids acceptedIndirect bidders 43.4%, Direct bidders 27.5%, Primary dealers 29.1%Indirect bidders43.4%49.7%Direct bidders27.5%16.2%Primary dealers29.1%34.1%Indirect bidders took 43.4% of the competitive bids acceptedIndirect bidders 43.4%, Direct bidders 27.5%, Primary dealers 29.1%Indirect bidders43.4%49.7%Direct bidders27.5%16.2%Primary dealers29.1%34.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders43.449.7
Direct bidders27.516.2
Primary dealers29.134.1

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$61,272,049,500
Sold$21,000,023,900
Competitive bids accepted$20,964,124,400
Non-competitive bids accepted$35,899,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.729
Median rate, %2.709
Low rate, %2.640
Interest rate (coupon), %2.750
Bids at the high rate filled, %36.89
Bid-to-cover ratio2.92
Indirect bidders accepted$9,100,930,000
Direct bidders accepted$5,764,378,000
Primary dealers accepted$6,098,816,400
Indirect bidders' share, % (ours)43.4
Direct bidders' share, % (ours)27.5
Primary dealers' share, % (ours)29.1
High minus median, basis points (ours)2.0
Treasury par yield curve, 10-year point, same day, %2.73
High yield minus that point, basis points (ours)-0.1

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 ratio2.92Last 24 auctions7 of 2417 of 242.74
Bid-to-cover ratio2.92Since 7 May 200830 of 7241 of 722.82
Bid-to-cover ratio2.92All 126 since 10 November 199932 of 12693 of 1262.60
High yield2.729Last 24 auctions5 of 2419 of 242.036
High yield2.729Since 7 May 200841 of 7231 of 722.871
High yield2.729All 208 since 31 October 1979177 of 20831 of 2084.596
Indirect bidders' share43.4Last 24 auctions7 of 2417 of 2439.2
Indirect bidders' share43.4All 72 since 7 May 200823 of 7249 of 7239.3
Direct bidders' share27.5Last 24 auctions5 of 2419 of 2416.6
Direct bidders' share27.5All 72 since 7 May 20086 of 7266 of 7210.6
Primary dealers' share29.1Last 24 auctions22 of 242 of 2440.0
Primary dealers' share29.1All 72 since 7 May 200869 of 723 of 7245.8
High minus median, basis points2.0Last 24 auctions21 of 242 of 243.6
High minus median, basis points2.0Since 7 May 200869 of 722 of 724.4
High minus median, basis points2.0All 208 since 31 October 1979127 of 20865 of 2083.0

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 March 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140312_1.pdf. Compiled by 500metrics, "10-year note auction of 12 March 2014 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2014-03-12.

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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