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10-year note auction of 9 August 2017 (new issue)

The 10-year note sold $29.92 billion at a high yield of 2.250% on , with a bid-to-cover ratio of 2.23.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.250%

Median yield 2.200%

Bid-to-cover

2.23

▼ −0.22 since 12 Jul

Sold

$29.92 billion

$23 billion offered

Indirect bidders

57.9%

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 10 September 2014 to 9 August 2017; the latest at 2.250%.1.5%2.0%2.5%3.0%2014201520162017This auction, 2.250%High yield at the last 36 10-year note auctions36 auctions from 10 September 2014 to 9 August 2017; the latest at 2.250%.1.5%2.0%2.5%3.0%201620172.250%

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
2.2502.23
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.232.4411 of 121 of 12
High yield2.2502.3287 of 125 of 12
Indirect bidders' share57.964.910 of 122 of 12
Direct bidders' share6.85.94 of 128 of 12
Primary dealers' share35.330.02 of 1210 of 12
High minus median, basis points5.05.26 of 125 of 12

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

Who bought the 10-year note?

Indirect bidders took 57.9% of the competitive bids accepted

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

Indirect bidders took 57.9% of the competitive bids acceptedIndirect bidders 57.9%, Direct bidders 6.8%, Primary dealers 35.3%Indirect bidders57.9%64.8%Direct bidders6.8%5.7%Primary dealers35.3%29.5%Indirect bidders took 57.9% of the competitive bids acceptedIndirect bidders 57.9%, Direct bidders 6.8%, Primary dealers 35.3%Indirect bidders57.9%64.8%Direct bidders6.8%5.7%Primary dealers35.3%29.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.964.8
Direct bidders6.85.7
Primary dealers35.329.5

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$58,295,430,700
Sold$29,920,439,700
Competitive bids accepted$22,972,220,000
Non-competitive bids accepted$27,816,500
Federal Reserve (SOMA) add-on$6,920,403,200
Foreign and international (FIMA) non-competitive$0
High yield, %2.250
Median rate, %2.200
Low rate, %2.100
Interest rate (coupon), %2.250
Bids at the high rate filled, %54.53
Bid-to-cover ratio2.23
Indirect bidders accepted$13,307,525,500
Direct bidders accepted$1,564,301,000
Primary dealers accepted$8,100,393,500
Indirect bidders' share, % (ours)57.9
Direct bidders' share, % (ours)6.8
Primary dealers' share, % (ours)35.3
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %2.24
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 ratio2.23Last 24 auctions23 of 241 of 242.54
Bid-to-cover ratio2.23Since 7 May 2008106 of 1137 of 1132.68
Bid-to-cover ratio2.23All 167 since 10 November 1999136 of 16728 of 1672.61
High yield2.250Last 24 auctions8 of 2416 of 242.102
High yield2.250Since 7 May 200868 of 11345 of 1132.461
High yield2.250All 249 since 31 October 1979204 of 24945 of 2494.195
Indirect bidders' share57.9Last 24 auctions19 of 245 of 2462.3
Indirect bidders' share57.9All 113 since 7 May 200826 of 11387 of 11344.7
Direct bidders' share6.8Last 24 auctions15 of 249 of 248.1
Direct bidders' share6.8All 113 since 7 May 200879 of 11334 of 11310.7
Primary dealers' share35.3Last 24 auctions3 of 2421 of 2428.6
Primary dealers' share35.3All 113 since 7 May 200871 of 11342 of 11340.4
High minus median, basis points5.0Last 24 auctions9 of 2414 of 244.6
High minus median, basis points5.0Since 7 May 200837 of 11373 of 1134.3
High minus median, basis points5.0All 249 since 31 October 197945 of 249199 of 2493.1

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 9 August 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170809_1.pdf. Compiled by 500metrics, "10-year note auction of 9 August 2017 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2017-08-09.

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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