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10-year note auction of 7 October 2015 (reopening)

The 10-year note sold $21 billion at a high yield of 2.066% on , with a bid-to-cover ratio of 2.59.

Coupon
2.000%
Announced
Issued
Matures

High yield

2.066%

Median yield 2.020%

Bid-to-cover

2.59

▼ −0.11 since 9 Sep

Sold

$21.00 billion

$21 billion offered

Indirect bidders

62.2%

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 7 November 2012 to 7 October 2015; the latest at 2.066%.1.5%2.0%2.5%3.0%3.5%201320142015This auction, 2.066%High yield at the last 36 10-year note auctions36 auctions from 7 November 2012 to 7 October 2015; the latest at 2.066%.1.5%2.0%2.5%3.0%3.5%201420152.066%

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
2.0662.59
2.2352.70
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.592.649 of 123 of 12
High yield2.0662.2209 of 123 of 12
Indirect bidders' share62.258.00 of 1212 of 12
Direct bidders' share10.311.16 of 126 of 12
Primary dealers' share27.531.711 of 121 of 12
High minus median, basis points4.63.61 of 1211 of 12

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

  • Indirect bidders' share: Highest for a 10-year note since 9 February 2011 (55 auctions in between).

Who bought the 10-year note?

Indirect bidders took 62.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 September 2015

Indirect bidders took 62.2% of the competitive bids acceptedIndirect bidders 62.2%, Direct bidders 10.3%, Primary dealers 27.5%Indirect bidders62.2%57.5%Direct bidders10.3%13.8%Primary dealers27.5%28.7%Indirect bidders took 62.2% of the competitive bids acceptedIndirect bidders 62.2%, Direct bidders 10.3%, Primary dealers 27.5%Indirect bidders62.2%57.5%Direct bidders10.3%13.8%Primary dealers27.5%28.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.257.5
Direct bidders10.313.8
Primary dealers27.528.7

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$54,469,702,200
Sold$21,000,001,700
Competitive bids accepted$20,992,429,500
Non-competitive bids accepted$7,572,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.066
Median rate, %2.020
Low rate, %1.945
Interest rate (coupon), %2.000
Bids at the high rate filled, %25.03
Bid-to-cover ratio2.59
Indirect bidders accepted$13,059,175,000
Direct bidders accepted$2,152,000,000
Primary dealers accepted$5,781,254,500
Indirect bidders' share, % (ours)62.2
Direct bidders' share, % (ours)10.3
Primary dealers' share, % (ours)27.5
High minus median, basis points (ours)4.6
Treasury par yield curve, 10-year point, same day, %2.08
High yield minus that point, basis points (ours)-1.4

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 ratio2.59Last 24 auctions18 of 246 of 242.66
Bid-to-cover ratio2.59Since 7 May 200865 of 9124 of 912.74
Bid-to-cover ratio2.59All 145 since 10 November 199978 of 14564 of 1452.62
High yield2.066Last 24 auctions21 of 243 of 242.450
High yield2.066Since 7 May 200869 of 9122 of 912.670
High yield2.066All 227 since 31 October 1979205 of 22722 of 2274.370
Indirect bidders' share62.2Last 24 auctions0 of 2424 of 2449.5
Indirect bidders' share62.2All 91 since 7 May 20081 of 9190 of 9141.7
Direct bidders' share10.3Last 24 auctions18 of 246 of 2413.5
Direct bidders' share10.3All 91 since 7 May 200851 of 9140 of 9111.4
Primary dealers' share27.5Last 24 auctions23 of 241 of 2434.0
Primary dealers' share27.5All 91 since 7 May 200888 of 913 of 9143.6
High minus median, basis points4.6Last 24 auctions1 of 2423 of 243.5
High minus median, basis points4.6Since 7 May 200833 of 9157 of 914.1
High minus median, basis points4.6All 227 since 31 October 197945 of 227181 of 2273.0

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 7 October 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151007_1.pdf. Compiled by 500metrics, "10-year note auction of 7 October 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2015-10-07.

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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