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

The 10-year note sold $20 billion at a high yield of 2.180% on , with a bid-to-cover ratio of 2.28.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.180%

Median yield 2.125%

Bid-to-cover

2.28

▲ +0.05 since 9 Aug

Sold

$20.00 billion

$20 billion offered

Indirect bidders

55.3%

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 8 October 2014 to 12 September 2017; the latest at 2.180%.1.5%2.0%2.5%3.0%2014201520162017This auction, 2.180%High yield at the last 36 10-year note auctions36 auctions from 8 October 2014 to 12 September 2017; the latest at 2.180%.1.5%2.0%2.5%3.0%201620172.180%

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
2.1802.28
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.282.4210 of 122 of 12
High yield2.1802.3289 of 123 of 12
Indirect bidders' share55.363.811 of 121 of 12
Direct bidders' share6.05.95 of 127 of 12
Primary dealers' share38.730.61 of 1211 of 12
High minus median, basis points5.55.05 of 127 of 12

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

Who bought the 10-year note?

Indirect bidders took 55.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 August 2017

Indirect bidders took 55.3% of the competitive bids acceptedIndirect bidders 55.3%, Direct bidders 6.0%, Primary dealers 38.7%Indirect bidders55.3%57.9%Direct bidders6.0%6.8%Primary dealers38.7%35.3%Indirect bidders took 55.3% of the competitive bids acceptedIndirect bidders 55.3%, Direct bidders 6.0%, Primary dealers 38.7%Indirect bidders55.3%57.9%Direct bidders6.0%6.8%Primary dealers38.7%35.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders55.357.9
Direct bidders6.06.8
Primary dealers38.735.3

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$45,666,555,700
Sold$20,000,010,700
Competitive bids accepted$19,989,855,000
Non-competitive bids accepted$10,155,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.180
Median rate, %2.125
Low rate, %2.065
Interest rate (coupon), %2.250
Bids at the high rate filled, %97.85
Bid-to-cover ratio2.28
Indirect bidders accepted$11,050,755,000
Direct bidders accepted$1,209,000,000
Primary dealers accepted$7,730,100,000
Indirect bidders' share, % (ours)55.3
Direct bidders' share, % (ours)6.0
Primary dealers' share, % (ours)38.7
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %2.17
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 ratio2.28Last 24 auctions22 of 242 of 242.54
Bid-to-cover ratio2.28Since 7 May 2008106 of 1148 of 1142.68
Bid-to-cover ratio2.28All 168 since 10 November 1999135 of 16833 of 1682.60
High yield2.180Last 24 auctions12 of 2412 of 242.142
High yield2.180Since 7 May 200876 of 11438 of 1142.450
High yield2.180All 250 since 31 October 1979212 of 25038 of 2504.180
Indirect bidders' share55.3Last 24 auctions22 of 242 of 2462.3
Indirect bidders' share55.3All 114 since 7 May 200833 of 11481 of 11445.2
Direct bidders' share6.0Last 24 auctions17 of 247 of 248.1
Direct bidders' share6.0All 114 since 7 May 200884 of 11430 of 11410.6
Primary dealers' share38.7Last 24 auctions1 of 2423 of 2428.6
Primary dealers' share38.7All 114 since 7 May 200862 of 11452 of 11440.3
High minus median, basis points5.5Last 24 auctions6 of 2418 of 244.6
High minus median, basis points5.5Since 7 May 200828 of 11485 of 1144.3
High minus median, basis points5.5All 250 since 31 October 197935 of 250213 of 2503.1

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 September 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170912_3.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-09-12.

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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