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

The 10-year note sold $21 billion at a high yield of 2.225% on , with a bid-to-cover ratio of 2.72.

Coupon
2.125%
Announced
Issued
Matures

High yield

2.225%

Median yield 2.190%

Bid-to-cover

2.72

▼ −0.02 since 10 Jun

Sold

$21.00 billion

$21 billion offered

Indirect bidders

58.1%

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 8 August 2012 to 8 July 2015; the latest at 2.225%.1.5%2.0%2.5%3.0%3.5%2012201320142015This auction, 2.225%High yield at the last 36 10-year note auctions36 auctions from 8 August 2012 to 8 July 2015; the latest at 2.225%.1.5%2.0%2.5%3.0%3.5%2013201420152.225%

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
2.2252.72
2.4612.74
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.722.643 of 128 of 12
High yield2.2252.3017 of 125 of 12
Indirect bidders' share58.153.44 of 128 of 12
Direct bidders' share12.112.47 of 125 of 12
Primary dealers' share29.835.710 of 122 of 12
High minus median, basis points3.53.77 of 124 of 12

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

Who bought the 10-year note?

Indirect bidders took 58.1% of the competitive bids accepted

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

Indirect bidders took 58.1% of the competitive bids acceptedIndirect bidders 58.1%, Direct bidders 12.1%, Primary dealers 29.8%Indirect bidders58.1%57.9%Direct bidders12.1%12.1%Primary dealers29.8%30.0%Indirect bidders took 58.1% of the competitive bids acceptedIndirect bidders 58.1%, Direct bidders 12.1%, Primary dealers 29.8%Indirect bidders58.1%57.9%Direct bidders12.1%12.1%Primary dealers29.8%30.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.157.9
Direct bidders12.112.1
Primary dealers29.830.0

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$57,141,244,500
Sold$21,000,007,000
Competitive bids accepted$20,962,212,500
Non-competitive bids accepted$37,794,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.225
Median rate, %2.190
Low rate, %2.120
Interest rate (coupon), %2.125
Bids at the high rate filled, %22.75
Bid-to-cover ratio2.72
Indirect bidders accepted$12,183,587,500
Direct bidders accepted$2,533,000,000
Primary dealers accepted$6,245,625,000
Indirect bidders' share, % (ours)58.1
Direct bidders' share, % (ours)12.1
Primary dealers' share, % (ours)29.8
High minus median, basis points (ours)3.5
Treasury par yield curve, 10-year point, same day, %2.22
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 ratio2.72Last 24 auctions7 of 2416 of 242.64
Bid-to-cover ratio2.72Since 7 May 200846 of 8841 of 882.76
Bid-to-cover ratio2.72All 142 since 10 November 199954 of 14287 of 1422.62
High yield2.225Last 24 auctions19 of 245 of 242.604
High yield2.225Since 7 May 200861 of 8827 of 882.670
High yield2.225All 224 since 31 October 1979197 of 22427 of 2244.440
Indirect bidders' share58.1Last 24 auctions4 of 2420 of 2447.3
Indirect bidders' share58.1All 88 since 7 May 20086 of 8882 of 8841.5
Direct bidders' share12.1Last 24 auctions18 of 246 of 2414.5
Direct bidders' share12.1All 88 since 7 May 200841 of 8847 of 8811.2
Primary dealers' share29.8Last 24 auctions20 of 244 of 2438.2
Primary dealers' share29.8All 88 since 7 May 200880 of 888 of 8844.2
High minus median, basis points3.5Last 24 auctions10 of 2413 of 243.4
High minus median, basis points3.5Since 7 May 200860 of 8825 of 884.1
High minus median, basis points3.5All 224 since 31 October 197988 of 224133 of 2243.0

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 July 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150708_1.pdf. Compiled by 500metrics, "10-year note auction of 8 July 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2015-07-08.

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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