500metrics

All sources checked Checked

10-year note auction of 13 January 2015 (reopening)

The 10-year note sold $21 billion at a high yield of 1.930% on , with a bid-to-cover ratio of 2.61.

Coupon
2.250%
Announced
Issued
Matures

High yield

1.930%

Median yield 1.890%

Bid-to-cover

2.61

▼ −0.36 since 10 Dec

Sold

$21.00 billion

$21 billion offered

Indirect bidders

50.0%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 8 May 2013

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 8 May 201336 auctions from 8 February 2012 to 13 January 2015; the latest at 1.930%.1.0%1.5%2.0%2.5%3.0%3.5%2012201320142015This auction, 1.930%The high yield was the lowest for a 10-year note since 8 May 201336 auctions from 8 February 2012 to 13 January 2015; the latest at 1.930%.1.5%2.0%2.5%3.0%3.5%2013201420151.930%

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
1.9302.61
2.2142.97
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.612.708 of 124 of 12
High yield1.9302.60412 of 120 of 12
Indirect bidders' share50.045.62 of 1210 of 12
Direct bidders' share9.214.510 of 122 of 12
Primary dealers' share40.839.54 of 128 of 12
High minus median, basis points4.03.63 of 129 of 12

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

Who bought the 10-year note?

Indirect bidders took 50.0% of the competitive bids accepted

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

Indirect bidders took 50.0% of the competitive bids acceptedIndirect bidders 50.0%, Direct bidders 9.2%, Primary dealers 40.8%Indirect bidders50.0%53.8%Direct bidders9.2%6.9%Primary dealers40.8%39.3%Indirect bidders took 50.0% of the competitive bids acceptedIndirect bidders 50.0%, Direct bidders 9.2%, Primary dealers 40.8%Indirect bidders50.0%53.8%Direct bidders9.2%6.9%Primary dealers40.8%39.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders50.053.8
Direct bidders9.26.9
Primary dealers40.839.3

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$54,806,467,200
Sold$21,000,051,400
Competitive bids accepted$20,987,184,200
Non-competitive bids accepted$11,367,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$1,500,000
High yield, %1.930
Median rate, %1.890
Low rate, %1.810
Interest rate (coupon), %2.250
Bids at the high rate filled, %57.99
Bid-to-cover ratio2.61
Indirect bidders accepted$10,497,374,000
Direct bidders accepted$1,928,739,700
Primary dealers accepted$8,561,070,500
Indirect bidders' share, % (ours)50.0
Direct bidders' share, % (ours)9.2
Primary dealers' share, % (ours)40.8
High minus median, basis points (ours)4.0
Treasury par yield curve, 10-year point, same day, %1.91
High yield minus that point, basis points (ours)2.0

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 ratio2.61Last 24 auctions15 of 248 of 242.69
Bid-to-cover ratio2.61Since 7 May 200855 of 8225 of 822.80
Bid-to-cover ratio2.61All 136 since 10 November 199968 of 13666 of 1362.62
High yield1.930Last 24 auctions21 of 243 of 242.604
High yield1.930Since 7 May 200870 of 8212 of 822.730
High yield1.930All 218 since 31 October 1979206 of 21812 of 2184.512
Indirect bidders' share50.0Last 24 auctions3 of 2421 of 2444.7
Indirect bidders' share50.0All 82 since 7 May 200811 of 8271 of 8240.6
Direct bidders' share9.2Last 24 auctions22 of 242 of 2415.7
Direct bidders' share9.2All 82 since 7 May 200849 of 8233 of 8211.2
Primary dealers' share40.8Last 24 auctions8 of 2416 of 2439.5
Primary dealers' share40.8All 82 since 7 May 200852 of 8230 of 8244.5
High minus median, basis points4.0Last 24 auctions6 of 2418 of 243.6
High minus median, basis points4.0Since 7 May 200846 of 8235 of 824.2
High minus median, basis points4.0All 218 since 31 October 197960 of 218146 of 2183.0

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 13 January 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150113_2.pdf. Compiled by 500metrics, "10-year note auction of 13 January 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2015-01-13.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.