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10-year note auction of 10 November 2015 (new issue)

The 10-year note sold $24.122 billion at a high yield of 2.304% on , with a bid-to-cover ratio of 2.58.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.304%

Median yield 2.275%

Bid-to-cover

2.58

▼ −0.01 since 7 Oct

Sold

$24.12 billion

$24 billion offered

Indirect bidders

60.5%

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 December 2012 to 10 November 2015; the latest at 2.304%.1.5%2.0%2.5%3.0%3.5%201320142015This auction, 2.304%High yield at the last 36 10-year note auctions36 auctions from 12 December 2012 to 10 November 2015; the latest at 2.304%.1.5%2.0%2.5%3.0%3.5%201420152.304%

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
2.3042.58
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.6410 of 122 of 12
High yield2.3042.1762 of 1210 of 12
Indirect bidders' share60.558.31 of 1211 of 12
Direct bidders' share14.311.21 of 1211 of 12
Primary dealers' share25.230.611 of 121 of 12
High minus median, basis points2.93.610 of 122 of 12

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

Who bought the 10-year note?

Indirect bidders took 60.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 October 2015

Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 14.3%, Primary dealers 25.2%Indirect bidders60.5%62.2%Direct bidders14.3%10.3%Primary dealers25.2%27.5%Indirect bidders took 60.5% of the competitive bids acceptedIndirect bidders 60.5%, Direct bidders 14.3%, Primary dealers 25.2%Indirect bidders60.5%62.2%Direct bidders14.3%10.3%Primary dealers25.2%27.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.562.2
Direct bidders14.310.3
Primary dealers25.227.5

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$62,090,811,300
Sold$24,122,291,300
Competitive bids accepted$23,937,360,000
Non-competitive bids accepted$62,649,100
Federal Reserve (SOMA) add-on$122,282,200
Foreign and international (FIMA) non-competitive$0
High yield, %2.304
Median rate, %2.275
Low rate, %2.195
Interest rate (coupon), %2.250
Bids at the high rate filled, %28.95
Bid-to-cover ratio2.58
Indirect bidders accepted$14,490,410,000
Direct bidders accepted$3,414,000,000
Primary dealers accepted$6,032,950,000
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)14.3
Primary dealers' share, % (ours)25.2
High minus median, basis points (ours)2.9
Treasury par yield curve, 10-year point, same day, %2.32
High yield minus that point, basis points (ours)-1.6

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 ratio2.58Last 24 auctions19 of 245 of 242.66
Bid-to-cover ratio2.58Since 7 May 200868 of 9223 of 922.73
Bid-to-cover ratio2.58All 146 since 10 November 199982 of 14663 of 1462.62
High yield2.304Last 24 auctions14 of 2410 of 242.410
High yield2.304Since 7 May 200859 of 9233 of 922.664
High yield2.304All 228 since 31 October 1979195 of 22833 of 2284.368
Indirect bidders' share60.5Last 24 auctions1 of 2423 of 2449.9
Indirect bidders' share60.5All 92 since 7 May 20083 of 9289 of 9241.8
Direct bidders' share14.3Last 24 auctions8 of 2416 of 2413.4
Direct bidders' share14.3All 92 since 7 May 200830 of 9262 of 9211.2
Primary dealers' share25.2Last 24 auctions23 of 241 of 2433.9
Primary dealers' share25.2All 92 since 7 May 200889 of 923 of 9243.4
High minus median, basis points2.9Last 24 auctions20 of 244 of 243.6
High minus median, basis points2.9Since 7 May 200878 of 9214 of 924.2
High minus median, basis points2.9All 228 since 31 October 1979121 of 228106 of 2283.0

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 10 November 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151110_3.pdf. Compiled by 500metrics, "10-year note auction of 10 November 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2015-11-10.

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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