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10-year note auction of 11 April 2018 (reopening)

The 10-year note sold $21.036 billion at a high yield of 2.795% on , with a bid-to-cover ratio of 2.46.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.795%

Median yield 2.740%

Bid-to-cover

2.46

▼ −0.04 since 12 Mar

Sold

$21.04 billion

$21 billion offered

Indirect bidders

53.2%

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 May 2015 to 11 April 2018; the latest at 2.795%.1.5%2.0%2.5%3.0%2015201620172018This auction, 2.795%High yield at the last 36 10-year note auctions36 auctions from 13 May 2015 to 11 April 2018; the latest at 2.795%.1.5%2.0%2.5%3.0%2016201720182.795%

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
2.7952.46
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.466 of 126 of 12
High yield2.7952.3392 of 1210 of 12
Indirect bidders' share53.265.712 of 120 of 12
Direct bidders' share8.46.01 of 1211 of 12
Primary dealers' share38.429.01 of 1211 of 12
High minus median, basis points5.54.84 of 127 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 9 November 2016 (16 auctions in between).

Who bought the 10-year note?

Indirect bidders took 53.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 March 2018

Indirect bidders took 53.2% of the competitive bids acceptedIndirect bidders 53.2%, Direct bidders 8.4%, Primary dealers 38.4%Indirect bidders53.2%66.2%Direct bidders8.4%6.5%Primary dealers38.4%27.3%Indirect bidders took 53.2% of the competitive bids acceptedIndirect bidders 53.2%, Direct bidders 8.4%, Primary dealers 38.4%Indirect bidders53.2%66.2%Direct bidders8.4%6.5%Primary dealers38.4%27.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.266.2
Direct bidders8.46.5
Primary dealers38.427.3

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$21,000,000,000
Bids received$51,650,867,300
Sold$21,036,051,300
Competitive bids accepted$20,991,784,000
Non-competitive bids accepted$8,264,900
Federal Reserve (SOMA) add-on$36,002,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.795
Median rate, %2.740
Low rate, %2.188
Interest rate (coupon), %2.750
Bids at the high rate filled, %70.96
Bid-to-cover ratio2.46
Indirect bidders accepted$11,169,532,000
Direct bidders accepted$1,768,480,000
Primary dealers accepted$8,053,772,000
Indirect bidders' share, % (ours)53.2
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)38.4
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %2.79
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 ratio2.46Last 24 auctions12 of 2412 of 242.46
Bid-to-cover ratio2.46Since 7 May 200897 of 12124 of 1212.66
Bid-to-cover ratio2.46All 175 since 10 November 1999117 of 17558 of 1752.59
High yield2.795Last 24 auctions2 of 2422 of 242.320
High yield2.795Since 7 May 200840 of 12180 of 1212.439
High yield2.795All 257 since 31 October 1979176 of 25780 of 2574.095
Indirect bidders' share53.2Last 24 auctions23 of 241 of 2465.1
Indirect bidders' share53.2All 121 since 7 May 200844 of 12177 of 12146.6
Direct bidders' share8.4Last 24 auctions5 of 2419 of 246.6
Direct bidders' share8.4All 121 since 7 May 200869 of 12152 of 12110.2
Primary dealers' share38.4Last 24 auctions2 of 2422 of 2429.0
Primary dealers' share38.4All 121 since 7 May 200865 of 12156 of 12139.3
High minus median, basis points5.5Last 24 auctions7 of 2416 of 244.6
High minus median, basis points5.5Since 7 May 200830 of 12189 of 1214.4
High minus median, basis points5.5All 257 since 31 October 197937 of 257217 of 2573.2

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 11 April 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180411_1.pdf. Compiled by 500metrics, "10-year note auction of 11 April 2018 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2018-04-11.

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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