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10-year note auction of 10 September 2014 (reopening)

The 10-year note sold $21 billion at a high yield of 2.535% on , with a bid-to-cover ratio of 2.71.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.535%

Median yield 2.491%

Bid-to-cover

2.71

▼ −0.12 since 13 Aug

Sold

$21.00 billion

$21 billion offered

Indirect bidders

53.0%

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 October 2011 to 10 September 2014; the latest at 2.535%.1.0%1.5%2.0%2.5%3.0%3.5%2011201220132014This auction, 2.535%High yield at the last 36 10-year note auctions36 auctions from 12 October 2011 to 10 September 2014; the latest at 2.535%.1.5%2.0%2.5%3.0%3.5%201320142.535%

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
2.5352.71
2.4392.83
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.712.695 of 127 of 12
High yield2.5352.72411 of 121 of 12
Indirect bidders' share53.045.60 of 1212 of 12
Direct bidders' share13.517.411 of 121 of 12
Primary dealers' share33.538.810 of 122 of 12
High minus median, basis points4.43.40 of 1212 of 12

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

  • Indirect bidders' share: Highest for a 10-year note since 13 December 2011 (32 auctions in between).
  • High minus median, basis points: Highest for a 10-year note since 7 November 2012 (21 auctions in between).

Who bought the 10-year note?

Indirect bidders took 53.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 13 August 2014

Indirect bidders took 53.0% of the competitive bids acceptedIndirect bidders 53.0%, Direct bidders 13.5%, Primary dealers 33.5%Indirect bidders53.0%47.0%Direct bidders13.5%15.1%Primary dealers33.5%37.9%Indirect bidders took 53.0% of the competitive bids acceptedIndirect bidders 53.0%, Direct bidders 13.5%, Primary dealers 33.5%Indirect bidders53.0%47.0%Direct bidders13.5%15.1%Primary dealers33.5%37.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.047.0
Direct bidders13.515.1
Primary dealers33.537.9

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$56,809,745,700
Sold$21,000,022,700
Competitive bids accepted$20,985,427,000
Non-competitive bids accepted$14,595,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.535
Median rate, %2.491
Low rate, %2.430
Interest rate (coupon), %2.375
Bids at the high rate filled, %26.18
Bid-to-cover ratio2.71
Indirect bidders accepted$11,125,330,000
Direct bidders accepted$2,826,613,000
Primary dealers accepted$7,033,484,000
Indirect bidders' share, % (ours)53.0
Direct bidders' share, % (ours)13.5
Primary dealers' share, % (ours)33.5
High minus median, basis points (ours)4.4
Treasury par yield curve, 10-year point, same day, %2.54
High yield minus that point, basis points (ours)-0.5

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 ratio2.71Last 24 auctions11 of 2413 of 242.70
Bid-to-cover ratio2.71Since 7 May 200844 of 7834 of 782.82
Bid-to-cover ratio2.71All 132 since 10 November 199952 of 13280 of 1322.62
High yield2.535Last 24 auctions13 of 2411 of 242.604
High yield2.535Since 7 May 200852 of 7826 of 782.772
High yield2.535All 214 since 31 October 1979188 of 21426 of 2144.532
Indirect bidders' share53.0Last 24 auctions0 of 2424 of 2440.5
Indirect bidders' share53.0All 78 since 7 May 20087 of 7871 of 7839.9
Direct bidders' share13.5Last 24 auctions21 of 243 of 2416.6
Direct bidders' share13.5All 78 since 7 May 200834 of 7844 of 7811.2
Primary dealers' share33.5Last 24 auctions20 of 244 of 2439.1
Primary dealers' share33.5All 78 since 7 May 200869 of 789 of 7844.8
High minus median, basis points4.4Last 24 auctions1 of 2422 of 243.5
High minus median, basis points4.4Since 7 May 200836 of 7841 of 784.3
High minus median, basis points4.4All 214 since 31 October 197949 of 214164 of 2143.0

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 10 September 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140910_1.pdf. Compiled by 500metrics, "10-year note auction of 10 September 2014 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2014-09-10.

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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