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10-year note auction of 12 November 2014 (new issue)

The 10-year note sold $24.032 billion at a high yield of 2.365% on , with a bid-to-cover ratio of 2.52.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.365%

Median yield 2.328%

Bid-to-cover

2.52

▬ Unchanged since 8 Oct

Sold

$24.03 billion

$24 billion offered

Indirect bidders

44.7%

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 13 December 2011 to 12 November 2014; the latest at 2.365%.1.0%1.5%2.0%2.5%3.0%3.5%201220132014This auction, 2.365%The high yield was the lowest for a 10-year note since 12 June 201336 auctions from 13 December 2011 to 12 November 2014; the latest at 2.365%.1.5%2.0%2.5%3.0%3.5%201320142.365%

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
2.3652.52
2.3812.52
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.6911 of 120 of 12
High yield2.3652.68412 of 120 of 12
Indirect bidders' share44.746.88 of 124 of 12
Direct bidders' share13.415.210 of 122 of 12
Primary dealers' share42.038.83 of 129 of 12
High minus median, basis points3.73.65 of 126 of 12

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

Who bought the 10-year note?

Indirect bidders took 44.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 October 2014

Indirect bidders took 44.7% of the competitive bids acceptedIndirect bidders 44.7%, Direct bidders 13.4%, Primary dealers 42.0%Indirect bidders44.7%44.4%Direct bidders13.4%6.6%Primary dealers42.0%49.0%Indirect bidders took 44.7% of the competitive bids acceptedIndirect bidders 44.7%, Direct bidders 13.4%, Primary dealers 42.0%Indirect bidders44.7%44.4%Direct bidders13.4%6.6%Primary dealers42.0%49.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders44.744.4
Direct bidders13.46.6
Primary dealers42.049.0

About these figures

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

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$24,000,000,000
Bids received$60,556,909,300
Sold$24,032,079,300
Competitive bids accepted$23,931,420,000
Non-competitive bids accepted$48,631,900
Federal Reserve (SOMA) add-on$32,027,400
Foreign and international (FIMA) non-competitive$20,000,000
High yield, %2.365
Median rate, %2.328
Low rate, %2.250
Interest rate (coupon), %2.250
Bids at the high rate filled, %33.00
Bid-to-cover ratio2.52
Indirect bidders accepted$10,687,310,000
Direct bidders accepted$3,204,660,000
Primary dealers accepted$10,039,450,000
Indirect bidders' share, % (ours)44.7
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)42.0
High minus median, basis points (ours)3.7
Treasury par yield curve, 10-year point, same day, %2.37
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 ratio2.52Last 24 auctions22 of 241 of 242.69
Bid-to-cover ratio2.52Since 7 May 200863 of 8016 of 802.80
Bid-to-cover ratio2.52All 134 since 10 November 199980 of 13453 of 1342.62
High yield2.365Last 24 auctions16 of 248 of 242.604
High yield2.365Since 7 May 200857 of 8023 of 802.740
High yield2.365All 216 since 31 October 1979193 of 21623 of 2164.521
Indirect bidders' share44.7Last 24 auctions11 of 2413 of 2443.9
Indirect bidders' share44.7All 80 since 7 May 200825 of 8055 of 8040.4
Direct bidders' share13.4Last 24 auctions21 of 243 of 2416.3
Direct bidders' share13.4All 80 since 7 May 200835 of 8045 of 8011.2
Primary dealers' share42.0Last 24 auctions8 of 2416 of 2439.1
Primary dealers' share42.0All 80 since 7 May 200849 of 8031 of 8044.8
High minus median, basis points3.7Last 24 auctions9 of 2414 of 243.6
High minus median, basis points3.7Since 7 May 200852 of 8027 of 804.3
High minus median, basis points3.7All 216 since 31 October 197978 of 216136 of 2163.0

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 November 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141112_3.pdf. Compiled by 500metrics, "10-year note auction of 12 November 2014 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2014-11-12.

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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