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10-year note auction of 10 February 2016 (new issue)

The 10-year note sold $24.806 billion at a high yield of 1.730% on , with a bid-to-cover ratio of 2.56.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.730%

Median yield 1.690%

Bid-to-cover

2.56

▼ −0.21 since 13 Jan

Sold

$24.81 billion

$23 billion offered

Indirect bidders

62.3%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 12 December 2012

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 12 December 201236 auctions from 13 March 2013 to 10 February 2016; the latest at 1.730%.1.5%2.0%2.5%3.0%3.5%2013201420152016This auction, 1.730%The high yield was the lowest for a 10-year note since 12 December 201236 auctions from 13 March 2013 to 10 February 2016; the latest at 1.730%.1.5%1.8%2.0%2.3%2.5%2.8%2014201520161.730%

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
1.7302.56
2.0902.77
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.6411 of 121 of 12
High yield1.7302.18212 of 120 of 12
Indirect bidders' share62.359.81 of 1211 of 12
Direct bidders' share15.312.11 of 1211 of 12
Primary dealers' share22.428.210 of 122 of 12
High minus median, basis points4.03.65 of 127 of 12

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

Who bought the 10-year note?

Indirect bidders took 62.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 13 January 2016

Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 15.3%, Primary dealers 22.4%Indirect bidders62.3%71.0%Direct bidders15.3%11.3%Primary dealers22.4%17.7%Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 15.3%, Primary dealers 22.4%Indirect bidders62.3%71.0%Direct bidders15.3%11.3%Primary dealers22.4%17.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.371.0
Direct bidders15.311.3
Primary dealers22.417.7

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$23,000,000,000
Bids received$60,686,093,700
Sold$24,806,001,500
Competitive bids accepted$22,975,657,800
Non-competitive bids accepted$24,374,000
Federal Reserve (SOMA) add-on$1,805,969,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.730
Median rate, %1.690
Low rate, %1.630
Interest rate (coupon), %1.625
Bids at the high rate filled, %4.46
Bid-to-cover ratio2.56
Indirect bidders accepted$14,315,196,000
Direct bidders accepted$3,523,586,800
Primary dealers accepted$5,136,875,000
Indirect bidders' share, % (ours)62.3
Direct bidders' share, % (ours)15.3
Primary dealers' share, % (ours)22.4
High minus median, basis points (ours)4.0
Treasury par yield curve, 10-year point, same day, %1.71
High yield minus that point, basis points (ours)2.0

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 ratio2.56Last 24 auctions20 of 244 of 242.64
Bid-to-cover ratio2.56Since 7 May 200874 of 9521 of 952.72
Bid-to-cover ratio2.56All 149 since 10 November 199988 of 14960 of 1492.62
High yield1.730Last 24 auctions24 of 240 of 242.270
High yield1.730Since 7 May 200889 of 956 of 952.648
High yield1.730All 231 since 31 October 1979225 of 2316 of 2314.360
Indirect bidders' share62.3Last 24 auctions1 of 2423 of 2455.7
Indirect bidders' share62.3All 95 since 7 May 20082 of 9593 of 9542.0
Direct bidders' share15.3Last 24 auctions5 of 2419 of 2413.0
Direct bidders' share15.3All 95 since 7 May 200826 of 9569 of 9511.4
Primary dealers' share22.4Last 24 auctions22 of 242 of 2431.7
Primary dealers' share22.4All 95 since 7 May 200891 of 954 of 9543.0
High minus median, basis points4.0Last 24 auctions8 of 2415 of 243.7
High minus median, basis points4.0Since 7 May 200851 of 9542 of 954.2
High minus median, basis points4.0All 231 since 31 October 197965 of 231153 of 2313.0

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 February 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160210_1.pdf. Compiled by 500metrics, "10-year note auction of 10 February 2016 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2016-02-10.

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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