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10-year note auction of 8 June 2016 (reopening)

The 10-year note sold $20 billion at a high yield of 1.702% on , with a bid-to-cover ratio of 2.70.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.702%

Median yield 1.660%

Bid-to-cover

2.70

▲ +0.02 since 11 May

Sold

$20.00 billion

$20 billion offered

Indirect bidders

73.6%

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 10 July 2013 to 8 June 2016; the latest at 1.702%.1.5%2.0%2.5%3.0%3.5%2013201420152016This auction, 1.702%The high yield was the lowest for a 10-year note since 12 December 201236 auctions from 10 July 2013 to 8 June 2016; the latest at 1.702%.1.5%1.8%2.0%2.3%2.5%2.8%2014201520161.702%

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
1.7022.70
1.7102.68
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.702.664 of 127 of 12
High yield1.7022.10212 of 120 of 12
Indirect bidders' share73.660.30 of 1212 of 12
Direct bidders' share7.212.111 of 121 of 12
Primary dealers' share19.226.810 of 122 of 12
High minus median, basis points4.24.15 of 126 of 12

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

  • Indirect bidders' share: Highest of all 99 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 73.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 May 2016

Indirect bidders took 73.6% of the competitive bids acceptedIndirect bidders 73.6%, Direct bidders 7.2%, Primary dealers 19.2%Indirect bidders73.6%73.5%Direct bidders7.2%11.8%Primary dealers19.2%14.7%Indirect bidders took 73.6% of the competitive bids acceptedIndirect bidders 73.6%, Direct bidders 7.2%, Primary dealers 19.2%Indirect bidders73.6%73.5%Direct bidders7.2%11.8%Primary dealers19.2%14.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.673.5
Direct bidders7.211.8
Primary dealers19.214.7

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$20,000,000,000
Bids received$54,019,494,100
Sold$20,000,015,600
Competitive bids accepted$19,987,961,500
Non-competitive bids accepted$12,054,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.702
Median rate, %1.660
Low rate, %1.595
Interest rate (coupon), %1.625
Bids at the high rate filled, %11.21
Bid-to-cover ratio2.70
Indirect bidders accepted$14,717,266,000
Direct bidders accepted$1,430,000,000
Primary dealers accepted$3,840,695,500
Indirect bidders' share, % (ours)73.6
Direct bidders' share, % (ours)7.2
Primary dealers' share, % (ours)19.2
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %1.71
High yield minus that point, basis points (ours)-0.8

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 ratio2.70Last 24 auctions9 of 2414 of 242.64
Bid-to-cover ratio2.70Since 7 May 200851 of 9945 of 992.72
Bid-to-cover ratio2.70All 153 since 10 November 199959 of 15391 of 1532.62
High yield1.702Last 24 auctions24 of 240 of 242.220
High yield1.702Since 7 May 200893 of 996 of 992.620
High yield1.702All 235 since 31 October 1979229 of 2356 of 2354.350
Indirect bidders' share73.6Last 24 auctions0 of 2424 of 2458.3
Indirect bidders' share73.6All 99 since 7 May 20080 of 9999 of 9942.4
Direct bidders' share7.2Last 24 auctions21 of 243 of 2412.1
Direct bidders' share7.2All 99 since 7 May 200871 of 9928 of 9911.6
Primary dealers' share19.2Last 24 auctions21 of 243 of 2430.6
Primary dealers' share19.2All 99 since 7 May 200895 of 994 of 9942.0
High minus median, basis points4.2Last 24 auctions6 of 2416 of 244.0
High minus median, basis points4.2Since 7 May 200846 of 9950 of 994.1
High minus median, basis points4.2All 235 since 31 October 197959 of 235173 of 2353.0

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 8 June 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160608_1.pdf. Compiled by 500metrics, "10-year note auction of 8 June 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2016-06-08.

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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