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10-year note auction of 13 April 2016 (reopening)

The 10-year note sold $20.141 billion at a high yield of 1.765% on , with a bid-to-cover ratio of 2.75.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.765%

Median yield 1.725%

Bid-to-cover

2.75

▲ +0.26 since 9 Mar

Sold

$20.14 billion

$20 billion offered

Indirect bidders

60.0%

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 8 May 2013 to 13 April 2016; the latest at 1.765%.1.5%2.0%2.5%3.0%3.5%2013201420152016This auction, 1.765%High yield at the last 36 10-year note auctions36 auctions from 8 May 2013 to 13 April 2016; the latest at 1.765%.1.5%1.8%2.0%2.3%2.5%2.8%2014201520161.765%

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
1.7652.75
1.8952.49
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.752.631 of 1211 of 12
High yield1.7652.17011 of 121 of 12
Indirect bidders' share60.060.27 of 125 of 12
Direct bidders' share15.312.12 of 1210 of 12
Primary dealers' share24.828.19 of 123 of 12
High minus median, basis points4.04.16 of 125 of 12

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

Who bought the 10-year note?

Indirect bidders took 60.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 March 2016

Indirect bidders took 60.0% of the competitive bids acceptedIndirect bidders 60.0%, Direct bidders 15.3%, Primary dealers 24.8%Indirect bidders60.0%56.5%Direct bidders15.3%11.1%Primary dealers24.8%32.4%Indirect bidders took 60.0% of the competitive bids acceptedIndirect bidders 60.0%, Direct bidders 15.3%, Primary dealers 24.8%Indirect bidders60.0%56.5%Direct bidders15.3%11.1%Primary dealers24.8%32.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.056.5
Direct bidders15.311.1
Primary dealers24.832.4

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$20,000,000,000
Bids received$55,106,602,900
Sold$20,140,758,900
Competitive bids accepted$19,992,376,000
Non-competitive bids accepted$7,636,900
Federal Reserve (SOMA) add-on$140,746,000
Foreign and international (FIMA) non-competitive$0
High yield, %1.765
Median rate, %1.725
Low rate, %1.651
Interest rate (coupon), %1.625
Bids at the high rate filled, %98.52
Bid-to-cover ratio2.75
Indirect bidders accepted$11,988,364,400
Direct bidders accepted$3,052,000,000
Primary dealers accepted$4,952,011,600
Indirect bidders' share, % (ours)60.0
Direct bidders' share, % (ours)15.3
Primary dealers' share, % (ours)24.8
High minus median, basis points (ours)4.0
Treasury par yield curve, 10-year point, same day, %1.77
High yield minus that point, basis points (ours)-0.5

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 ratio2.75Last 24 auctions5 of 2419 of 242.64
Bid-to-cover ratio2.75Since 7 May 200846 of 9751 of 972.72
Bid-to-cover ratio2.75All 151 since 10 November 199953 of 15198 of 1512.62
High yield1.765Last 24 auctions23 of 241 of 242.234
High yield1.765Since 7 May 200889 of 978 of 972.636
High yield1.765All 233 since 31 October 1979225 of 2338 of 2334.353
Indirect bidders' share60.0Last 24 auctions7 of 2417 of 2457.7
Indirect bidders' share60.0All 97 since 7 May 20089 of 9788 of 9742.0
Direct bidders' share15.3Last 24 auctions4 of 2420 of 2412.4
Direct bidders' share15.3All 97 since 7 May 200827 of 9770 of 9711.4
Primary dealers' share24.8Last 24 auctions21 of 243 of 2431.7
Primary dealers' share24.8All 97 since 7 May 200892 of 975 of 9742.0
High minus median, basis points4.0Last 24 auctions9 of 2413 of 243.8
High minus median, basis points4.0Since 7 May 200852 of 9742 of 974.2
High minus median, basis points4.0All 233 since 31 October 197966 of 233153 of 2333.0

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 13 April 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160413_1.pdf. Compiled by 500metrics, "10-year note auction of 13 April 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2016-04-13.

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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