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10-year note auction of 8 April 2015 (reopening)

The 10-year note sold $21 billion at a high yield of 1.925% on , with a bid-to-cover ratio of 2.62.

Coupon
2.000%
Announced
Issued
Matures

High yield

1.925%

Median yield 1.888%

Bid-to-cover

2.62

▼ −0.03 since 11 Mar

Sold

$21.00 billion

$21 billion offered

Indirect bidders

58.5%

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 9 May 2012 to 8 April 2015; the latest at 1.925%.1.0%1.5%2.0%2.5%3.0%3.5%2012201320142015This auction, 1.925%The high yield was the lowest for a 10-year note since 8 May 201336 auctions from 9 May 2012 to 8 April 2015; the latest at 1.925%.1.5%2.0%2.5%3.0%3.5%2013201420151.925%

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
1.9252.62
2.1392.65
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.647 of 124 of 12
High yield1.9252.41012 of 120 of 12
Indirect bidders' share58.548.12 of 1210 of 12
Direct bidders' share9.313.49 of 123 of 12
Primary dealers' share32.239.79 of 123 of 12
High minus median, basis points3.73.75 of 125 of 12

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

Who bought the 10-year note?

Indirect bidders took 58.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 March 2015

Indirect bidders took 58.5% of the competitive bids acceptedIndirect bidders 58.5%, Direct bidders 9.3%, Primary dealers 32.2%Indirect bidders58.5%58.6%Direct bidders9.3%10.2%Primary dealers32.2%31.2%Indirect bidders took 58.5% of the competitive bids acceptedIndirect bidders 58.5%, Direct bidders 9.3%, Primary dealers 32.2%Indirect bidders58.5%58.6%Direct bidders9.3%10.2%Primary dealers32.2%31.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.558.6
Direct bidders9.310.2
Primary dealers32.231.2

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$54,919,481,500
Sold$21,000,013,500
Competitive bids accepted$20,987,829,000
Non-competitive bids accepted$12,184,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.925
Median rate, %1.888
Low rate, %1.840
Interest rate (coupon), %2.000
Bids at the high rate filled, %74.56
Bid-to-cover ratio2.62
Indirect bidders accepted$12,268,830,000
Direct bidders accepted$1,951,567,000
Primary dealers accepted$6,767,432,000
Indirect bidders' share, % (ours)58.5
Direct bidders' share, % (ours)9.3
Primary dealers' share, % (ours)32.2
High minus median, basis points (ours)3.7
Treasury par yield curve, 10-year point, same day, %1.92
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 ratio2.62Last 24 auctions13 of 2410 of 242.64
Bid-to-cover ratio2.62Since 7 May 200854 of 8528 of 852.79
Bid-to-cover ratio2.62All 139 since 10 November 199966 of 13969 of 1392.62
High yield1.925Last 24 auctions22 of 242 of 242.604
High yield1.925Since 7 May 200873 of 8512 of 852.720
High yield1.925All 221 since 31 October 1979209 of 22112 of 2214.493
Indirect bidders' share58.5Last 24 auctions2 of 2422 of 2446.5
Indirect bidders' share58.5All 85 since 7 May 20084 of 8581 of 8541.4
Direct bidders' share9.3Last 24 auctions21 of 243 of 2415.1
Direct bidders' share9.3All 85 since 7 May 200850 of 8535 of 8511.1
Primary dealers' share32.2Last 24 auctions20 of 244 of 2438.9
Primary dealers' share32.2All 85 since 7 May 200877 of 858 of 8544.3
High minus median, basis points3.7Last 24 auctions8 of 2414 of 243.6
High minus median, basis points3.7Since 7 May 200853 of 8530 of 854.2
High minus median, basis points3.7All 221 since 31 October 197979 of 221139 of 2213.0

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 8 April 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150408_1.pdf. Compiled by 500metrics, "10-year note auction of 8 April 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2015-04-08.

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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