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10-year note auction of 12 March 2018 (reopening)

The 10-year note sold $21 billion at a high yield of 2.889% on , with a bid-to-cover ratio of 2.50.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.889%

Median yield 2.850%

Bid-to-cover

2.50

▲ +0.16 since 7 Feb

Sold

$21.00 billion

$21 billion offered

Indirect bidders

66.2%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 8 January 2014

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 8 January 201436 auctions from 8 April 2015 to 12 March 2018; the latest at 2.889%.1.5%2.0%2.5%3.0%2015201620172018This auction, 2.889%The high yield was the highest for a 10-year note since 8 January 201436 auctions from 8 April 2015 to 12 March 2018; the latest at 2.889%.1.5%2.0%2.5%3.0%2016201720182.889%

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
2.8892.50
2.8112.34
2.5792.69
2.3842.37
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.464 of 128 of 12
High yield2.8892.3390 of 1212 of 12
Indirect bidders' share66.265.54 of 128 of 12
Direct bidders' share6.56.05 of 127 of 12
Primary dealers' share27.329.07 of 125 of 12
High minus median, basis points3.95.011 of 120 of 12

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

Who bought the 10-year note?

Indirect bidders took 66.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 February 2018

Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 6.5%, Primary dealers 27.3%Indirect bidders66.2%67.5%Direct bidders6.5%5.4%Primary dealers27.3%27.1%Indirect bidders took 66.2% of the competitive bids acceptedIndirect bidders 66.2%, Direct bidders 6.5%, Primary dealers 27.3%Indirect bidders66.2%67.5%Direct bidders6.5%5.4%Primary dealers27.3%27.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.267.5
Direct bidders6.55.4
Primary dealers27.327.1

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$21,000,000,000
Bids received$52,412,291,900
Sold$21,000,005,900
Competitive bids accepted$20,983,754,000
Non-competitive bids accepted$16,251,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.889
Median rate, %2.850
Low rate, %2.781
Interest rate (coupon), %2.750
Bids at the high rate filled, %43.16
Bid-to-cover ratio2.50
Indirect bidders accepted$13,898,278,000
Direct bidders accepted$1,358,896,000
Primary dealers accepted$5,726,580,000
Indirect bidders' share, % (ours)66.2
Direct bidders' share, % (ours)6.5
Primary dealers' share, % (ours)27.3
High minus median, basis points (ours)3.9
Treasury par yield curve, 10-year point, same day, %2.87
High yield minus that point, basis points (ours)1.9

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 ratio2.50Last 24 auctions9 of 2415 of 242.46
Bid-to-cover ratio2.50Since 7 May 200889 of 12031 of 1202.66
Bid-to-cover ratio2.50All 174 since 10 November 1999106 of 17467 of 1742.59
High yield2.889Last 24 auctions0 of 2424 of 242.282
High yield2.889Since 7 May 200836 of 12084 of 1202.429
High yield2.889All 256 since 31 October 1979172 of 25684 of 2564.114
Indirect bidders' share66.2Last 24 auctions8 of 2416 of 2464.9
Indirect bidders' share66.2All 120 since 7 May 200810 of 120110 of 12046.5
Direct bidders' share6.5Last 24 auctions14 of 2410 of 246.7
Direct bidders' share6.5All 120 since 7 May 200886 of 12034 of 12010.2
Primary dealers' share27.3Last 24 auctions14 of 2410 of 2429.5
Primary dealers' share27.3All 120 since 7 May 2008103 of 12017 of 12039.5
High minus median, basis points3.9Last 24 auctions22 of 241 of 244.8
High minus median, basis points3.9Since 7 May 200876 of 12041 of 1204.4
High minus median, basis points3.9All 256 since 31 October 1979101 of 256151 of 2563.2

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 12 March 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180312_4.pdf. Compiled by 500metrics, "10-year note auction of 12 March 2018 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2018-03-12.

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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