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10-year note auction of 12 August 2015 (new issue)

The 10-year note sold $24.482 billion at a high yield of 2.115% on , with a bid-to-cover ratio of 2.40.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.115%

Median yield 2.050%

Bid-to-cover

2.40

▼ −0.32 since 8 Jul

Sold

$24.48 billion

$24 billion offered

Indirect bidders

60.1%

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 12 September 2012 to 12 August 2015; the latest at 2.115%.1.5%2.0%2.5%3.0%3.5%2012201320142015This auction, 2.115%High yield at the last 36 10-year note auctions36 auctions from 12 September 2012 to 12 August 2015; the latest at 2.115%.1.5%2.0%2.5%3.0%3.5%201420152.115%

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
2.1152.40
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.6812 of 120 of 12
High yield2.1152.2319 of 123 of 12
Indirect bidders' share60.155.91 of 1211 of 12
Direct bidders' share5.812.112 of 120 of 12
Primary dealers' share34.032.95 of 127 of 12
High minus median, basis points6.53.60 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 10-year note since 11 March 2009 (76 auctions in between).
  • Direct bidders' share: Lowest for a 10-year note since 8 August 2012 (35 auctions in between).
  • High minus median, basis points: Highest for a 10-year note since 12 October 2011 (45 auctions in between).

Who bought the 10-year note?

Indirect bidders took 60.1% of the competitive bids accepted

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

Indirect bidders took 60.1% of the competitive bids acceptedIndirect bidders 60.1%, Direct bidders 5.8%, Primary dealers 34.0%Indirect bidders60.1%58.1%Direct bidders5.8%12.1%Primary dealers34.0%29.8%Indirect bidders took 60.1% of the competitive bids acceptedIndirect bidders 60.1%, Direct bidders 5.8%, Primary dealers 34.0%Indirect bidders60.1%58.1%Direct bidders5.8%12.1%Primary dealers34.0%29.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.158.1
Direct bidders5.812.1
Primary dealers34.029.8

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$57,989,693,000
Sold$24,482,477,000
Competitive bids accepted$23,964,984,000
Non-competitive bids accepted$35,032,600
Federal Reserve (SOMA) add-on$482,460,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.115
Median rate, %2.050
Low rate, %1.950
Interest rate (coupon), %2.000
Bids at the high rate filled, %38.64
Bid-to-cover ratio2.40
Indirect bidders accepted$14,411,800,000
Direct bidders accepted$1,394,000,000
Primary dealers accepted$8,159,184,000
Indirect bidders' share, % (ours)60.1
Direct bidders' share, % (ours)5.8
Primary dealers' share, % (ours)34.0
High minus median, basis points (ours)6.5
Treasury par yield curve, 10-year point, same day, %2.14
High yield minus that point, basis points (ours)-2.5

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 ratio2.40Last 24 auctions24 of 240 of 242.66
Bid-to-cover ratio2.40Since 7 May 200880 of 899 of 892.76
Bid-to-cover ratio2.40All 143 since 10 November 1999101 of 14342 of 1432.62
High yield2.115Last 24 auctions21 of 243 of 242.566
High yield2.115Since 7 May 200866 of 8923 of 892.670
High yield2.115All 225 since 31 October 1979202 of 22523 of 2254.390
Indirect bidders' share60.1Last 24 auctions1 of 2423 of 2448.3
Indirect bidders' share60.1All 89 since 7 May 20083 of 8986 of 8941.6
Direct bidders' share5.8Last 24 auctions24 of 240 of 2413.8
Direct bidders' share5.8All 89 since 7 May 200868 of 8921 of 8911.4
Primary dealers' share34.0Last 24 auctions13 of 2411 of 2436.0
Primary dealers' share34.0All 89 since 7 May 200869 of 8920 of 8944.1
High minus median, basis points6.5Last 24 auctions0 of 2424 of 243.4
High minus median, basis points6.5Since 7 May 200815 of 8973 of 894.1
High minus median, basis points6.5All 225 since 31 October 197920 of 225203 of 2253.0

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 12 August 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150812_1.pdf. Compiled by 500metrics, "10-year note auction of 12 August 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2015-08-12.

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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