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10-year note auction of 9 December 2015 (reopening)

The 10-year note sold $21 billion at a high yield of 2.233% on , with a bid-to-cover ratio of 2.64.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.233%

Median yield 2.180%

Bid-to-cover

2.64

▲ +0.06 since 10 Nov

Sold

$21.00 billion

$21 billion offered

Indirect bidders

62.0%

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 9 January 2013 to 9 December 2015; the latest at 2.233%.1.5%2.0%2.5%3.0%3.5%201320142015This auction, 2.233%High yield at the last 36 10-year note auctions36 auctions from 9 January 2013 to 9 December 2015; the latest at 2.233%.1.5%2.0%2.5%3.0%3.5%201420152.233%

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
2.2332.64
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.646 of 126 of 12
High yield2.2332.1764 of 128 of 12
Indirect bidders' share62.058.51 of 1211 of 12
Direct bidders' share12.111.26 of 126 of 12
Primary dealers' share26.029.910 of 122 of 12
High minus median, basis points5.33.51 of 1211 of 12

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

Who bought the 10-year note?

Indirect bidders took 62.0% of the competitive bids accepted

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

Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 12.1%, Primary dealers 26.0%Indirect bidders62.0%60.5%Direct bidders12.1%14.3%Primary dealers26.0%25.2%Indirect bidders took 62.0% of the competitive bids acceptedIndirect bidders 62.0%, Direct bidders 12.1%, Primary dealers 26.0%Indirect bidders62.0%60.5%Direct bidders12.1%14.3%Primary dealers26.0%25.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.060.5
Direct bidders12.114.3
Primary dealers26.025.2

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 11-Month, reopening
Offering amount$21,000,000,000
Bids received$55,507,598,300
Sold$21,000,010,800
Competitive bids accepted$20,985,272,500
Non-competitive bids accepted$14,738,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.233
Median rate, %2.180
Low rate, %2.050
Interest rate (coupon), %2.250
Bids at the high rate filled, %29.93
Bid-to-cover ratio2.64
Indirect bidders accepted$13,001,742,500
Direct bidders accepted$2,531,000,000
Primary dealers accepted$5,452,530,000
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)12.1
Primary dealers' share, % (ours)26.0
High minus median, basis points (ours)5.3
Treasury par yield curve, 10-year point, same day, %2.22
High yield minus that point, basis points (ours)1.3

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 ratio2.64Last 24 auctions12 of 2412 of 242.64
Bid-to-cover ratio2.64Since 7 May 200856 of 9336 of 932.72
Bid-to-cover ratio2.64All 147 since 10 November 199966 of 14779 of 1472.62
High yield2.233Last 24 auctions16 of 248 of 242.373
High yield2.233Since 7 May 200863 of 9330 of 932.657
High yield2.233All 229 since 31 October 1979199 of 22930 of 2294.365
Indirect bidders' share62.0Last 24 auctions1 of 2423 of 2451.5
Indirect bidders' share62.0All 93 since 7 May 20082 of 9391 of 9341.9
Direct bidders' share12.1Last 24 auctions16 of 248 of 2413.4
Direct bidders' share12.1All 93 since 7 May 200844 of 9349 of 9311.4
Primary dealers' share26.0Last 24 auctions22 of 242 of 2433.8
Primary dealers' share26.0All 93 since 7 May 200889 of 934 of 9343.3
High minus median, basis points5.3Last 24 auctions1 of 2423 of 243.6
High minus median, basis points5.3Since 7 May 200825 of 9367 of 934.1
High minus median, basis points5.3All 229 since 31 October 197933 of 229195 of 2293.0

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 9 December 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151209_1.pdf. Compiled by 500metrics, "10-year note auction of 9 December 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2015-12-09.

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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