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10-year note auction of 8 November 2017 (new issue)

The 10-year note sold $25.797 billion at a high yield of 2.314% on , with a bid-to-cover ratio of 2.48.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.314%

Median yield 2.255%

Bid-to-cover

2.48

▼ −0.06 since 11 Oct

Sold

$25.80 billion

$23 billion offered

Indirect bidders

68.0%

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 December 2014 to 8 November 2017; the latest at 2.314%.1.5%2.0%2.5%3.0%201520162017This auction, 2.314%High yield at the last 36 10-year note auctions36 auctions from 10 December 2014 to 8 November 2017; the latest at 2.314%.1.5%2.0%2.5%3.0%201620172.314%

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
2.3142.48
2.3462.54
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.482.424 of 127 of 12
High yield2.3142.3328 of 124 of 12
Indirect bidders' share68.064.92 of 1210 of 12
Direct bidders' share9.06.01 of 1211 of 12
Primary dealers' share23.030.010 of 122 of 12
High minus median, basis points5.95.03 of 129 of 12

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

Who bought the 10-year note?

Indirect bidders took 68.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 October 2017

Indirect bidders took 68.0% of the competitive bids acceptedIndirect bidders 68.0%, Direct bidders 9.0%, Primary dealers 23.0%Indirect bidders68.0%69.1%Direct bidders9.0%6.0%Primary dealers23.0%24.9%Indirect bidders took 68.0% of the competitive bids acceptedIndirect bidders 68.0%, Direct bidders 9.0%, Primary dealers 23.0%Indirect bidders68.0%69.1%Direct bidders9.0%6.0%Primary dealers23.0%24.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.069.1
Direct bidders9.06.0
Primary dealers23.024.9

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$59,734,467,000
Sold$25,796,784,000
Competitive bids accepted$22,968,866,000
Non-competitive bids accepted$31,145,600
Federal Reserve (SOMA) add-on$2,796,772,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.314
Median rate, %2.255
Low rate, %2.200
Interest rate (coupon), %2.250
Bids at the high rate filled, %94.01
Bid-to-cover ratio2.48
Indirect bidders accepted$15,618,663,000
Direct bidders accepted$2,076,000,000
Primary dealers accepted$5,274,203,000
Indirect bidders' share, % (ours)68.0
Direct bidders' share, % (ours)9.0
Primary dealers' share, % (ours)23.0
High minus median, basis points (ours)5.9
Treasury par yield curve, 10-year point, same day, %2.32
High yield minus that point, basis points (ours)-0.6

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 ratio2.48Last 24 auctions13 of 2410 of 242.51
Bid-to-cover ratio2.48Since 7 May 200892 of 11623 of 1162.68
Bid-to-cover ratio2.48All 170 since 10 November 1999110 of 17057 of 1702.59
High yield2.314Last 24 auctions8 of 2416 of 242.188
High yield2.314Since 7 May 200867 of 11649 of 1162.429
High yield2.314All 252 since 31 October 1979203 of 25249 of 2524.157
Indirect bidders' share68.0Last 24 auctions6 of 2418 of 2462.5
Indirect bidders' share68.0All 116 since 7 May 20087 of 116109 of 11645.8
Direct bidders' share9.0Last 24 auctions8 of 2416 of 247.4
Direct bidders' share9.0All 116 since 7 May 200866 of 11650 of 11610.6
Primary dealers' share23.0Last 24 auctions17 of 247 of 2429.0
Primary dealers' share23.0All 116 since 7 May 2008106 of 11610 of 11640.2
High minus median, basis points5.9Last 24 auctions4 of 2419 of 244.6
High minus median, basis points5.9Since 7 May 200826 of 11689 of 1164.4
High minus median, basis points5.9All 252 since 31 October 197933 of 252218 of 2523.2

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 November 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20171108_1.pdf. Compiled by 500metrics, "10-year note auction of 8 November 2017 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2017-11-08.

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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