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10-year note auction of 11 June 2014 (reopening)

The 10-year note sold $21 billion at a high yield of 2.648% on , with a bid-to-cover ratio of 2.88.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.648%

Median yield 2.606%

Bid-to-cover

2.88

▲ +0.25 since 7 May

Sold

$21.00 billion

$21 billion offered

Indirect bidders

36.1%

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 July 2011 to 11 June 2014; the latest at 2.648%.1.0%1.5%2.0%2.5%3.0%3.5%2011201220132014This auction, 2.648%High yield at the last 36 10-year note auctions36 auctions from 13 July 2011 to 11 June 2014; the latest at 2.648%.1.0%1.5%2.0%2.5%3.0%3.5%2012201320142.648%

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
2.6482.88
2.6122.63
2.7202.76
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.882.621 of 1211 of 12
High yield2.6482.7249 of 123 of 12
Indirect bidders' share36.146.512 of 120 of 12
Direct bidders' share19.416.34 of 128 of 12
Primary dealers' share44.537.51 of 1211 of 12
High minus median, basis points4.23.40 of 1212 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 8 May 2013 (12 auctions in between).
  • High minus median, basis points: Highest for a 10-year note since 9 January 2013 (16 auctions in between).

Who bought the 10-year note?

Primary dealers took 44.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 May 2014

Primary dealers took 44.5% of the competitive bids acceptedIndirect bidders 36.1%, Direct bidders 19.4%, Primary dealers 44.5%Indirect bidders36.1%49.3%Direct bidders19.4%21.6%Primary dealers44.5%29.1%Primary dealers took 44.5% of the competitive bids acceptedIndirect bidders 36.1%, Direct bidders 19.4%, Primary dealers 44.5%Indirect bidders36.1%49.3%Direct bidders19.4%21.6%Primary dealers44.5%29.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders36.149.3
Direct bidders19.421.6
Primary dealers44.529.1

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$60,544,562,200
Sold$21,000,066,200
Competitive bids accepted$20,959,604,000
Non-competitive bids accepted$30,462,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$10,000,000
High yield, %2.648
Median rate, %2.606
Low rate, %2.530
Interest rate (coupon), %2.500
Bids at the high rate filled, %96.96
Bid-to-cover ratio2.88
Indirect bidders accepted$7,558,860,000
Direct bidders accepted$4,069,240,000
Primary dealers accepted$9,331,504,000
Indirect bidders' share, % (ours)36.1
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)44.5
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %2.65
High yield minus that point, basis points (ours)-0.2

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 ratio2.88Last 24 auctions6 of 2418 of 242.70
Bid-to-cover ratio2.88Since 7 May 200833 of 7542 of 752.81
Bid-to-cover ratio2.88All 129 since 10 November 199937 of 12992 of 1292.61
High yield2.648Last 24 auctions9 of 2415 of 242.128
High yield2.648Since 7 May 200847 of 7528 of 752.818
High yield2.648All 211 since 31 October 1979183 of 21128 of 2114.578
Indirect bidders' share36.1Last 24 auctions20 of 244 of 2441.0
Indirect bidders' share36.1All 75 since 7 May 200851 of 7524 of 7540.2
Direct bidders' share19.4Last 24 auctions11 of 2413 of 2417.7
Direct bidders' share19.4All 75 since 7 May 200813 of 7562 of 7511.0
Primary dealers' share44.5Last 24 auctions7 of 2417 of 2437.8
Primary dealers' share44.5All 75 since 7 May 200838 of 7537 of 7545.2
High minus median, basis points4.2Last 24 auctions4 of 2420 of 243.4
High minus median, basis points4.2Since 7 May 200840 of 7534 of 754.3
High minus median, basis points4.2All 211 since 31 October 197953 of 211157 of 2113.0

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 11 June 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140611_1.pdf. Compiled by 500metrics, "10-year note auction of 11 June 2014 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2014-06-11.

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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