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10-year note auction of 12 September 2016 (reopening)

The 10-year note sold $20 billion at a high yield of 1.699% on , with a bid-to-cover ratio of 2.35.

Coupon
1.500%
Announced
Issued
Matures

High yield

1.699%

Median yield 1.640%

Bid-to-cover

2.35

▼ −0.08 since 10 Aug

Sold

$20.00 billion

$20 billion offered

Indirect bidders

62.1%

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 October 2013 to 12 September 2016; the latest at 1.699%.1.5%2.0%2.5%3.0%3.5%2013201420152016This auction, 1.699%High yield at the last 36 10-year note auctions36 auctions from 9 October 2013 to 12 September 2016; the latest at 1.699%.1.5%1.8%2.0%2.3%2.5%201520161.699%

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
1.6992.35
1.5032.43
1.5162.33
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.6211 of 121 of 12
High yield1.6991.83010 of 122 of 12
Indirect bidders' share62.162.16 of 126 of 12
Direct bidders' share3.411.512 of 120 of 12
Primary dealers' share34.525.01 of 1211 of 12
High minus median, basis points5.94.41 of 1211 of 12

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

  • Direct bidders' share: Lowest for a 10-year note since 9 February 2011 (66 auctions in between).

Who bought the 10-year note?

Indirect bidders took 62.1% of the competitive bids accepted

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

Indirect bidders took 62.1% of the competitive bids acceptedIndirect bidders 62.1%, Direct bidders 3.4%, Primary dealers 34.5%Indirect bidders62.1%72.2%Direct bidders3.4%7.6%Primary dealers34.5%20.2%Indirect bidders took 62.1% of the competitive bids acceptedIndirect bidders 62.1%, Direct bidders 3.4%, Primary dealers 34.5%Indirect bidders62.1%72.2%Direct bidders3.4%7.6%Primary dealers34.5%20.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.172.2
Direct bidders3.47.6
Primary dealers34.520.2

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$20,000,000,000
Bids received$47,009,506,000
Sold$20,000,013,000
Competitive bids accepted$19,983,257,000
Non-competitive bids accepted$16,756,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.699
Median rate, %1.640
Low rate, %1.590
Interest rate (coupon), %1.500
Bids at the high rate filled, %31.81
Bid-to-cover ratio2.35
Indirect bidders accepted$12,412,046,500
Direct bidders accepted$678,000,000
Primary dealers accepted$6,893,210,500
Indirect bidders' share, % (ours)62.1
Direct bidders' share, % (ours)3.4
Primary dealers' share, % (ours)34.5
High minus median, basis points (ours)5.9
Treasury par yield curve, 10-year point, same day, %1.68
High yield minus that point, basis points (ours)1.9

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 ratio2.35Last 24 auctions23 of 241 of 242.63
Bid-to-cover ratio2.35Since 7 May 200893 of 1029 of 1022.70
Bid-to-cover ratio2.35All 156 since 10 November 1999115 of 15640 of 1562.62
High yield1.699Last 24 auctions22 of 242 of 242.102
High yield1.699Since 7 May 200895 of 1027 of 1022.604
High yield1.699All 238 since 31 October 1979231 of 2387 of 2384.310
Indirect bidders' share62.1Last 24 auctions6 of 2418 of 2459.1
Indirect bidders' share62.1All 102 since 7 May 20087 of 10295 of 10243.3
Direct bidders' share3.4Last 24 auctions24 of 240 of 2411.5
Direct bidders' share3.4All 102 since 7 May 200887 of 10215 of 10211.4
Primary dealers' share34.5Last 24 auctions5 of 2419 of 2429.2
Primary dealers' share34.5All 102 since 7 May 200869 of 10233 of 10241.5
High minus median, basis points5.9Last 24 auctions2 of 2422 of 244.0
High minus median, basis points5.9Since 7 May 200823 of 10279 of 1024.2
High minus median, basis points5.9All 238 since 31 October 197930 of 238208 of 2383.0

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 12 September 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160912_3.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2016-09-12.

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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