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10-year note auction of 9 July 2014 (reopening)

The 10-year note sold $21 billion at a high yield of 2.597% on , with a bid-to-cover ratio of 2.57.

Coupon
2.500%
Announced
Issued
Matures

High yield

2.597%

Median yield 2.560%

Bid-to-cover

2.57

▼ −0.31 since 11 Jun

Sold

$21.00 billion

$21 billion offered

Indirect bidders

39.6%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 12 June 2013

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 12 June 201336 auctions from 10 August 2011 to 9 July 2014; the latest at 2.597%.1.0%1.5%2.0%2.5%3.0%3.5%2011201220132014This auction, 2.597%The high yield was the lowest for a 10-year note since 12 June 201336 auctions from 10 August 2011 to 9 July 2014; the latest at 2.597%.1.5%2.0%2.5%3.0%3.5%2012201320142.597%

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
2.5972.57
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.572.669 of 122 of 12
High yield2.5972.72412 of 120 of 12
Indirect bidders' share39.645.58 of 124 of 12
Direct bidders' share13.917.410 of 122 of 12
Primary dealers' share46.539.10 of 1212 of 12
High minus median, basis points3.73.43 of 129 of 12

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

  • Primary dealers' share: Highest for a 10-year note since 8 May 2013 (13 auctions in between).

Who bought the 10-year note?

Primary dealers took 46.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 June 2014

Primary dealers took 46.5% of the competitive bids acceptedIndirect bidders 39.6%, Direct bidders 13.9%, Primary dealers 46.5%Indirect bidders39.6%36.1%Direct bidders13.9%19.4%Primary dealers46.5%44.5%Primary dealers took 46.5% of the competitive bids acceptedIndirect bidders 39.6%, Direct bidders 13.9%, Primary dealers 46.5%Indirect bidders39.6%36.1%Direct bidders13.9%19.4%Primary dealers46.5%44.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders39.636.1
Direct bidders13.919.4
Primary dealers46.544.5

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$21,000,000,000
Bids received$54,008,906,800
Sold$21,000,026,800
Competitive bids accepted$20,983,520,000
Non-competitive bids accepted$16,506,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.597
Median rate, %2.560
Low rate, %2.491
Interest rate (coupon), %2.500
Bids at the high rate filled, %14.04
Bid-to-cover ratio2.57
Indirect bidders accepted$8,316,400,000
Direct bidders accepted$2,919,000,000
Primary dealers accepted$9,748,120,000
Indirect bidders' share, % (ours)39.6
Direct bidders' share, % (ours)13.9
Primary dealers' share, % (ours)46.5
High minus median, basis points (ours)3.7
Treasury par yield curve, 10-year point, same day, %2.57
High yield minus that point, basis points (ours)2.7

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 ratio2.57Last 24 auctions19 of 244 of 242.70
Bid-to-cover ratio2.57Since 7 May 200857 of 7618 of 762.82
Bid-to-cover ratio2.57All 130 since 10 November 199971 of 13058 of 1302.62
High yield2.597Last 24 auctions12 of 2412 of 242.410
High yield2.597Since 7 May 200851 of 7625 of 762.806
High yield2.597All 212 since 31 October 1979187 of 21225 of 2124.559
Indirect bidders' share39.6Last 24 auctions14 of 2410 of 2440.6
Indirect bidders' share39.6All 76 since 7 May 200839 of 7637 of 7639.9
Direct bidders' share13.9Last 24 auctions19 of 245 of 2417.7
Direct bidders' share13.9All 76 since 7 May 200829 of 7647 of 7611.0
Primary dealers' share46.5Last 24 auctions5 of 2419 of 2439.1
Primary dealers' share46.5All 76 since 7 May 200834 of 7642 of 7644.8
High minus median, basis points3.7Last 24 auctions8 of 2416 of 243.4
High minus median, basis points3.7Since 7 May 200849 of 7627 of 764.3
High minus median, basis points3.7All 212 since 31 October 197975 of 212136 of 2123.0

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 9 July 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140709_1.pdf. Compiled by 500metrics, "10-year note auction of 9 July 2014 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2014-07-09.

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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