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10-year note auction of 8 March 2017 (reopening)

The 10-year note sold $20 billion at a high yield of 2.560% on , with a bid-to-cover ratio of 2.66.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.560%

Median yield 2.510%

Bid-to-cover

2.66

▲ +0.37 since 8 Feb

Sold

$20.00 billion

$20 billion offered

Indirect bidders

65.8%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 9 July 2014

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 9 July 201436 auctions from 9 April 2014 to 8 March 2017; the latest at 2.560%.1.5%2.0%2.5%3.0%2014201520162017This auction, 2.560%The high yield was the highest for a 10-year note since 9 July 201436 auctions from 9 April 2014 to 8 March 2017; the latest at 2.560%.1.5%2.0%2.5%3.0%2015201620172.560%

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
2.5602.66
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.662.463 of 129 of 12
High yield2.5601.7790 of 1212 of 12
Indirect bidders' share65.862.44 of 128 of 12
Direct bidders' share15.77.80 of 1212 of 12
Primary dealers' share18.630.611 of 121 of 12
High minus median, basis points5.04.65 of 127 of 12

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

  • Direct bidders' share: Highest for a 10-year note since 13 May 2015 (21 auctions in between).

Who bought the 10-year note?

Indirect bidders took 65.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 February 2017

Indirect bidders took 65.8% of the competitive bids acceptedIndirect bidders 65.8%, Direct bidders 15.7%, Primary dealers 18.6%Indirect bidders65.8%65.1%Direct bidders15.7%4.4%Primary dealers18.6%30.6%Indirect bidders took 65.8% of the competitive bids acceptedIndirect bidders 65.8%, Direct bidders 15.7%, Primary dealers 18.6%Indirect bidders65.8%65.1%Direct bidders15.7%4.4%Primary dealers18.6%30.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.865.1
Direct bidders15.74.4
Primary dealers18.630.6

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$53,109,571,600
Sold$20,000,066,600
Competitive bids accepted$19,990,395,000
Non-competitive bids accepted$9,671,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.560
Median rate, %2.510
Low rate, %2.449
Interest rate (coupon), %2.250
Bids at the high rate filled, %85.47
Bid-to-cover ratio2.66
Indirect bidders accepted$13,145,267,500
Direct bidders accepted$3,136,025,000
Primary dealers accepted$3,709,102,500
Indirect bidders' share, % (ours)65.8
Direct bidders' share, % (ours)15.7
Primary dealers' share, % (ours)18.6
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %2.57
High yield minus that point, basis points (ours)-1.0

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 ratio2.66Last 24 auctions8 of 2416 of 242.58
Bid-to-cover ratio2.66Since 7 May 200859 of 10849 of 1082.70
Bid-to-cover ratio2.66All 162 since 10 November 199969 of 16293 of 1622.61
High yield2.560Last 24 auctions0 of 2424 of 242.078
High yield2.560Since 7 May 200852 of 10856 of 1082.480
High yield2.560All 244 since 31 October 1979188 of 24456 of 2444.222
Indirect bidders' share65.8Last 24 auctions5 of 2419 of 2460.4
Indirect bidders' share65.8All 108 since 7 May 20086 of 108102 of 10844.4
Direct bidders' share15.7Last 24 auctions1 of 2423 of 2410.2
Direct bidders' share15.7All 108 since 7 May 200826 of 10882 of 10811.0
Primary dealers' share18.6Last 24 auctions22 of 242 of 2429.2
Primary dealers' share18.6All 108 since 7 May 2008105 of 1083 of 10840.5
High minus median, basis points5.0Last 24 auctions7 of 2417 of 244.3
High minus median, basis points5.0Since 7 May 200835 of 10871 of 1084.2
High minus median, basis points5.0All 244 since 31 October 197943 of 244197 of 2443.1

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 March 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170308_1.pdf. Compiled by 500metrics, "10-year note auction of 8 March 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-03-08.

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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