500metrics

All sources checked Checked

10-year note auction of 8 February 2017 (new issue)

The 10-year note sold $25.656 billion at a high yield of 2.333% on , with a bid-to-cover ratio of 2.29.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.333%

Median yield 2.260%

Bid-to-cover

2.29

▼ −0.29 since 11 Jan

Sold

$25.66 billion

$23 billion offered

Indirect bidders

65.1%

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 12 March 2014 to 8 February 2017; the latest at 2.333%.1.5%2.0%2.5%3.0%2014201520162017This auction, 2.333%High yield at the last 36 10-year note auctions36 auctions from 12 March 2014 to 8 February 2017; the latest at 2.333%.1.5%1.8%2.0%2.3%2.5%2015201620172.333%

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
2.3332.29
2.3422.58
2.4852.39
2.0202.22
1.7932.53
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.292.5111 of 121 of 12
High yield2.3331.7482 of 1210 of 12
Indirect bidders' share65.162.24 of 128 of 12
Direct bidders' share4.48.111 of 121 of 12
Primary dealers' share30.627.76 of 126 of 12
High minus median, basis points7.34.40 of 1212 of 12

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

  • High minus median, basis points: Highest for a 10-year note since 12 October 2011 (63 auctions in between).

Who bought the 10-year note?

Indirect bidders took 65.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 January 2017

Indirect bidders took 65.1% of the competitive bids acceptedIndirect bidders 65.1%, Direct bidders 4.4%, Primary dealers 30.6%Indirect bidders65.1%70.5%Direct bidders4.4%8.7%Primary dealers30.6%20.7%Indirect bidders took 65.1% of the competitive bids acceptedIndirect bidders 65.1%, Direct bidders 4.4%, Primary dealers 30.6%Indirect bidders65.1%70.5%Direct bidders4.4%8.7%Primary dealers30.6%20.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.170.5
Direct bidders4.48.7
Primary dealers30.620.7

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$55,252,662,300
Sold$25,655,599,300
Competitive bids accepted$22,965,537,000
Non-competitive bids accepted$33,470,000
Federal Reserve (SOMA) add-on$2,655,592,300
Foreign and international (FIMA) non-competitive$1,000,000
High yield, %2.333
Median rate, %2.260
Low rate, %2.201
Interest rate (coupon), %2.250
Bids at the high rate filled, %5.23
Bid-to-cover ratio2.29
Indirect bidders accepted$14,941,600,000
Direct bidders accepted$1,007,000,000
Primary dealers accepted$7,016,937,000
Indirect bidders' share, % (ours)65.1
Direct bidders' share, % (ours)4.4
Primary dealers' share, % (ours)30.6
High minus median, basis points (ours)7.3
Treasury par yield curve, 10-year point, same day, %2.34
High yield minus that point, basis points (ours)-0.7

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 ratio2.29Last 24 auctions23 of 241 of 242.60
Bid-to-cover ratio2.29Since 7 May 2008100 of 1077 of 1072.70
Bid-to-cover ratio2.29All 161 since 10 November 1999129 of 16132 of 1612.61
High yield2.333Last 24 auctions3 of 2421 of 242.043
High yield2.333Since 7 May 200861 of 10746 of 1072.485
High yield2.333All 243 since 31 October 1979197 of 24346 of 2434.225
Indirect bidders' share65.1Last 24 auctions5 of 2419 of 2460.2
Indirect bidders' share65.1All 107 since 7 May 20086 of 107101 of 10744.4
Direct bidders' share4.4Last 24 auctions23 of 241 of 2410.7
Direct bidders' share4.4All 107 since 7 May 200889 of 10718 of 10711.1
Primary dealers' share30.6Last 24 auctions9 of 2415 of 2428.2
Primary dealers' share30.6All 107 since 7 May 200886 of 10721 of 10740.6
High minus median, basis points7.3Last 24 auctions0 of 2424 of 244.2
High minus median, basis points7.3Since 7 May 200811 of 10795 of 1074.2
High minus median, basis points7.3All 243 since 31 October 197914 of 243228 of 2433.1

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 February 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170208_1.pdf. Compiled by 500metrics, "10-year note auction of 8 February 2017 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2017-02-08.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.