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10-year note auction of 13 May 2015 (new issue)

The 10-year note sold $24.543 billion at a high yield of 2.237% on , with a bid-to-cover ratio of 2.72.

Coupon
2.125%
Announced
Issued
Matures

High yield

2.237%

Median yield 2.220%

Bid-to-cover

2.72

▲ +0.10 since 8 Apr

Sold

$24.54 billion

$24 billion offered

Indirect bidders

60.2%

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 June 2012 to 13 May 2015; the latest at 2.237%.1.0%1.5%2.0%2.5%3.0%3.5%2012201320142015This auction, 2.237%High yield at the last 36 10-year note auctions36 auctions from 13 June 2012 to 13 May 2015; the latest at 2.237%.1.5%2.0%2.5%3.0%3.5%2013201420152.237%

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
2.2372.72
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.722.623 of 129 of 12
High yield2.2372.3737 of 125 of 12
Indirect bidders' share60.249.60 of 1212 of 12
Direct bidders' share20.913.01 of 1211 of 12
Primary dealers' share18.938.612 of 120 of 12
High minus median, basis points1.73.712 of 120 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 (40 auctions in between).
  • Primary dealers' share: Lowest for a 10-year note since 11 July 2012 (33 auctions in between).
  • High minus median, basis points: Lowest for a 10-year note since 8 May 2007 (93 auctions in between).

Who bought the 10-year note?

Indirect bidders took 60.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 April 2015

Indirect bidders took 60.2% of the competitive bids acceptedIndirect bidders 60.2%, Direct bidders 20.9%, Primary dealers 18.9%Indirect bidders60.2%58.5%Direct bidders20.9%9.3%Primary dealers18.9%32.2%Indirect bidders took 60.2% of the competitive bids acceptedIndirect bidders 60.2%, Direct bidders 20.9%, Primary dealers 18.9%Indirect bidders60.2%58.5%Direct bidders20.9%9.3%Primary dealers18.9%32.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.258.5
Direct bidders20.99.3
Primary dealers18.932.2

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$65,841,708,500
Sold$24,543,188,500
Competitive bids accepted$23,950,105,000
Non-competitive bids accepted$46,264,900
Federal Reserve (SOMA) add-on$542,818,600
Foreign and international (FIMA) non-competitive$4,000,000
High yield, %2.237
Median rate, %2.220
Low rate, %2.190
Interest rate (coupon), %2.125
Bids at the high rate filled, %96.52
Bid-to-cover ratio2.72
Indirect bidders accepted$14,411,105,000
Direct bidders accepted$5,004,000,000
Primary dealers accepted$4,535,000,000
Indirect bidders' share, % (ours)60.2
Direct bidders' share, % (ours)20.9
Primary dealers' share, % (ours)18.9
High minus median, basis points (ours)1.7
Treasury par yield curve, 10-year point, same day, %2.27
High yield minus that point, basis points (ours)-3.3

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 ratio2.72Last 24 auctions6 of 2418 of 242.62
Bid-to-cover ratio2.72Since 7 May 200845 of 8641 of 862.78
Bid-to-cover ratio2.72All 140 since 10 November 199953 of 14087 of 1402.62
High yield2.237Last 24 auctions17 of 247 of 242.604
High yield2.237Since 7 May 200859 of 8627 of 862.695
High yield2.237All 222 since 31 October 1979195 of 22227 of 2224.492
Indirect bidders' share60.2Last 24 auctions0 of 2424 of 2446.8
Indirect bidders' share60.2All 86 since 7 May 20082 of 8684 of 8641.4
Direct bidders' share20.9Last 24 auctions4 of 2420 of 2414.5
Direct bidders' share20.9All 86 since 7 May 200812 of 8674 of 8611.0
Primary dealers' share18.9Last 24 auctions24 of 240 of 2438.9
Primary dealers' share18.9All 86 since 7 May 200885 of 861 of 8644.2
High minus median, basis points1.7Last 24 auctions24 of 240 of 243.6
High minus median, basis points1.7Since 7 May 200886 of 860 of 864.2
High minus median, basis points1.7All 222 since 31 October 1979162 of 22256 of 2223.0

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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 May 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150513_1.pdf. Compiled by 500metrics, "10-year note auction of 13 May 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2015-05-13.

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

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