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10-year note auction of 11 February 2015 (new issue)

The 10-year note sold $24.001 billion at a high yield of 2.000% on , with a bid-to-cover ratio of 2.62.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.000%

Median yield 1.970%

Bid-to-cover

2.62

▲ +0.01 since 13 Jan

Sold

$24.00 billion

$24 billion offered

Indirect bidders

59.5%

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 March 2012 to 11 February 2015; the latest at 2.000%.1.0%1.5%2.0%2.5%3.0%3.5%2012201320142015This auction, 2.000%High yield at the last 36 10-year note auctions36 auctions from 13 March 2012 to 11 February 2015; the latest at 2.000%.1.5%2.0%2.5%3.0%3.5%2013201420152.000%

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
2.0002.62
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.677 of 125 of 12
High yield2.0002.56611 of 121 of 12
Indirect bidders' share59.545.80 of 1212 of 12
Direct bidders' share12.714.59 of 123 of 12
Primary dealers' share27.839.712 of 120 of 12
High minus median, basis points3.03.710 of 122 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 (37 auctions in between).
  • Primary dealers' share: Lowest for a 10-year note since 13 March 2013 (22 auctions in between).

Who bought the 10-year note?

Indirect bidders took 59.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 13 January 2015

Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 12.7%, Primary dealers 27.8%Indirect bidders59.5%50.0%Direct bidders12.7%9.2%Primary dealers27.8%40.8%Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 12.7%, Primary dealers 27.8%Indirect bidders59.5%50.0%Direct bidders12.7%9.2%Primary dealers27.8%40.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.550.0
Direct bidders12.79.2
Primary dealers27.840.8

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$62,960,377,500
Sold$24,000,907,500
Competitive bids accepted$23,960,830,000
Non-competitive bids accepted$36,171,900
Federal Reserve (SOMA) add-on$905,600
Foreign and international (FIMA) non-competitive$3,000,000
High yield, %2.000
Median rate, %1.970
Low rate, %1.900
Interest rate (coupon), %2.000
Bids at the high rate filled, %88.15
Bid-to-cover ratio2.62
Indirect bidders accepted$14,259,120,000
Direct bidders accepted$3,043,407,500
Primary dealers accepted$6,658,302,500
Indirect bidders' share, % (ours)59.5
Direct bidders' share, % (ours)12.7
Primary dealers' share, % (ours)27.8
High minus median, basis points (ours)3.0
Treasury par yield curve, 10-year point, same day, %2.00
High yield minus that point, basis points (ours)0.0

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 ratio2.62Last 24 auctions14 of 2410 of 242.68
Bid-to-cover ratio2.62Since 7 May 200853 of 8328 of 832.80
Bid-to-cover ratio2.62All 137 since 10 November 199965 of 13769 of 1372.61
High yield2.000Last 24 auctions21 of 243 of 242.604
High yield2.000Since 7 May 200869 of 8313 of 832.729
High yield2.000All 219 since 31 October 1979205 of 21913 of 2194.504
Indirect bidders' share59.5Last 24 auctions0 of 2424 of 2445.5
Indirect bidders' share59.5All 83 since 7 May 20082 of 8381 of 8340.6
Direct bidders' share12.7Last 24 auctions19 of 245 of 2415.7
Direct bidders' share12.7All 83 since 7 May 200838 of 8345 of 8311.1
Primary dealers' share27.8Last 24 auctions23 of 241 of 2439.5
Primary dealers' share27.8All 83 since 7 May 200881 of 832 of 8344.4
High minus median, basis points3.0Last 24 auctions21 of 243 of 243.6
High minus median, basis points3.0Since 7 May 200871 of 8312 of 834.2
High minus median, basis points3.0All 219 since 31 October 1979103 of 219105 of 2193.0

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 February 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150211_1.pdf. Compiled by 500metrics, "10-year note auction of 11 February 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2015-02-11.

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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