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

The 10-year note sold $20.457 billion at a high yield of 2.325% on , with a bid-to-cover ratio of 2.45.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.325%

Median yield 2.280%

Bid-to-cover

2.45

▼ −0.09 since 12 Jun

Sold

$20.46 billion

$20 billion offered

Indirect bidders

64.8%

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 13 August 2014 to 12 July 2017; the latest at 2.325%.1.5%2.0%2.5%3.0%2014201520162017This auction, 2.325%High yield at the last 36 10-year note auctions36 auctions from 13 August 2014 to 12 July 2017; the latest at 2.325%.1.5%2.0%2.5%3.0%2015201620172.325%

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
2.3252.45
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.415 of 127 of 12
High yield2.3252.2646 of 126 of 12
Indirect bidders' share64.863.96 of 126 of 12
Direct bidders' share5.76.37 of 125 of 12
Primary dealers' share29.530.68 of 124 of 12
High minus median, basis points4.55.28 of 122 of 12

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

Who bought the 10-year note?

Indirect bidders took 64.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 June 2017

Indirect bidders took 64.8% of the competitive bids acceptedIndirect bidders 64.8%, Direct bidders 5.7%, Primary dealers 29.5%Indirect bidders64.8%66.1%Direct bidders5.7%5.3%Primary dealers29.5%28.6%Indirect bidders took 64.8% of the competitive bids acceptedIndirect bidders 64.8%, Direct bidders 5.7%, Primary dealers 29.5%Indirect bidders64.8%66.1%Direct bidders5.7%5.3%Primary dealers29.5%28.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.866.1
Direct bidders5.75.3
Primary dealers29.528.6

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$20,000,000,000
Bids received$49,416,256,500
Sold$20,456,565,100
Competitive bids accepted$19,988,308,600
Non-competitive bids accepted$11,744,900
Federal Reserve (SOMA) add-on$456,511,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.325
Median rate, %2.280
Low rate, %2.200
Interest rate (coupon), %2.375
Bids at the high rate filled, %5.42
Bid-to-cover ratio2.45
Indirect bidders accepted$12,952,143,600
Direct bidders accepted$1,149,000,000
Primary dealers accepted$5,887,165,000
Indirect bidders' share, % (ours)64.8
Direct bidders' share, % (ours)5.7
Primary dealers' share, % (ours)29.5
High minus median, basis points (ours)4.5
Treasury par yield curve, 10-year point, same day, %2.33
High yield minus that point, basis points (ours)-0.5

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 ratio2.45Last 24 auctions16 of 248 of 242.55
Bid-to-cover ratio2.45Since 7 May 200893 of 11218 of 1122.68
Bid-to-cover ratio2.45All 166 since 10 November 1999113 of 16652 of 1662.61
High yield2.325Last 24 auctions6 of 2418 of 242.102
High yield2.325Since 7 May 200865 of 11247 of 1122.468
High yield2.325All 248 since 31 October 1979201 of 24847 of 2484.208
Indirect bidders' share64.8Last 24 auctions9 of 2415 of 2462.2
Indirect bidders' share64.8All 112 since 7 May 200810 of 112102 of 11244.7
Direct bidders' share5.7Last 24 auctions19 of 245 of 248.5
Direct bidders' share5.7All 112 since 7 May 200886 of 11226 of 11210.8
Primary dealers' share29.5Last 24 auctions11 of 2413 of 2428.6
Primary dealers' share29.5All 112 since 7 May 200892 of 11220 of 11240.5
High minus median, basis points4.5Last 24 auctions12 of 249 of 244.6
High minus median, basis points4.5Since 7 May 200845 of 11261 of 1124.3
High minus median, basis points4.5All 248 since 31 October 197957 of 248184 of 2483.1

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 July 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170712_1.pdf. Compiled by 500metrics, "10-year note auction of 12 July 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-07-12.

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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