500metrics

All sources checked Checked

10-year note auction of 12 June 2017 (reopening)

The 10-year note sold $20 billion at a high yield of 2.195% on , with a bid-to-cover ratio of 2.54.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.195%

Median yield 2.150%

Bid-to-cover

2.54

▲ +0.21 since 10 May

Sold

$20.00 billion

$20 billion offered

Indirect bidders

66.1%

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 July 2014 to 12 June 2017; the latest at 2.195%.1.5%2.0%2.5%3.0%2014201520162017This auction, 2.195%High yield at the last 36 10-year note auctions36 auctions from 9 July 2014 to 12 June 2017; the latest at 2.195%.1.5%2.0%2.5%3.0%2015201620172.195%

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
2.1952.54
2.4002.33
2.3322.48
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.413 of 129 of 12
High yield2.1952.1766 of 126 of 12
Indirect bidders' share66.163.93 of 129 of 12
Direct bidders' share5.36.99 of 123 of 12
Primary dealers' share28.630.68 of 124 of 12
High minus median, basis points4.55.28 of 123 of 12

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

Who bought the 10-year note?

Indirect bidders took 66.1% of the competitive bids accepted

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

Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 5.3%, Primary dealers 28.6%Indirect bidders66.1%60.7%Direct bidders5.3%5.1%Primary dealers28.6%34.2%Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 5.3%, Primary dealers 28.6%Indirect bidders66.1%60.7%Direct bidders5.3%5.1%Primary dealers28.6%34.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.160.7
Direct bidders5.35.1
Primary dealers28.634.2

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$50,877,745,100
Sold$20,000,060,600
Competitive bids accepted$19,990,115,500
Non-competitive bids accepted$9,945,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.195
Median rate, %2.150
Low rate, %2.090
Interest rate (coupon), %2.375
Bids at the high rate filled, %0.63
Bid-to-cover ratio2.54
Indirect bidders accepted$13,221,357,500
Direct bidders accepted$1,061,063,000
Primary dealers accepted$5,707,695,000
Indirect bidders' share, % (ours)66.1
Direct bidders' share, % (ours)5.3
Primary dealers' share, % (ours)28.6
High minus median, basis points (ours)4.5
Treasury par yield curve, 10-year point, same day, %2.21
High yield minus that point, basis points (ours)-1.5

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 ratio2.54Last 24 auctions13 of 2411 of 242.57
Bid-to-cover ratio2.54Since 7 May 200880 of 11130 of 1112.68
Bid-to-cover ratio2.54All 165 since 10 November 199996 of 16568 of 1652.61
High yield2.195Last 24 auctions11 of 2413 of 242.102
High yield2.195Since 7 May 200873 of 11138 of 1112.475
High yield2.195All 247 since 31 October 1979209 of 24738 of 2474.220
Indirect bidders' share66.1Last 24 auctions5 of 2419 of 2462.0
Indirect bidders' share66.1All 111 since 7 May 20086 of 111105 of 11144.7
Direct bidders' share5.3Last 24 auctions21 of 243 of 249.5
Direct bidders' share5.3All 111 since 7 May 200887 of 11124 of 11111.0
Primary dealers' share28.6Last 24 auctions13 of 2411 of 2429.1
Primary dealers' share28.6All 111 since 7 May 200895 of 11116 of 11140.5
High minus median, basis points4.5Last 24 auctions12 of 2410 of 244.6
High minus median, basis points4.5Since 7 May 200845 of 11161 of 1114.3
High minus median, basis points4.5All 247 since 31 October 197957 of 247184 of 2473.1

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 12 June 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170612_4.pdf. Compiled by 500metrics, "10-year note auction of 12 June 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-06-12.

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

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