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10-year note auction of 9 May 2018 (new issue)

The 10-year note sold $31.027 billion at a high yield of 2.995% on , with a bid-to-cover ratio of 2.56.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.995%

Median yield 2.950%

Bid-to-cover

2.56

▲ +0.10 since 11 Apr

Sold

$31.03 billion

$25 billion offered

Indirect bidders

63.0%

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 10 June 2015 to 9 May 2018; the latest at 2.995%.1.5%2.0%2.5%3.0%2015201620172018This auction, 2.995%The high yield was the highest for a 10-year note since 8 January 201436 auctions from 10 June 2015 to 9 May 2018; the latest at 2.995%.1.5%2.0%2.5%3.0%2016201720182.995%

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
2.9952.56
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.461 of 1211 of 12
High yield2.9952.3650 of 1212 of 12
Indirect bidders' share63.065.57 of 125 of 12
Direct bidders' share8.36.33 of 129 of 12
Primary dealers' share28.729.06 of 126 of 12
High minus median, basis points4.54.87 of 123 of 12

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

Who bought the 10-year note?

Indirect bidders took 63.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 April 2018

Indirect bidders took 63.0% of the competitive bids acceptedIndirect bidders 63.0%, Direct bidders 8.3%, Primary dealers 28.7%Indirect bidders63.0%53.2%Direct bidders8.3%8.4%Primary dealers28.7%38.4%Indirect bidders took 63.0% of the competitive bids acceptedIndirect bidders 63.0%, Direct bidders 8.3%, Primary dealers 28.7%Indirect bidders63.0%53.2%Direct bidders8.3%8.4%Primary dealers28.7%38.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.053.2
Direct bidders8.38.4
Primary dealers28.738.4

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$25,000,000,000
Bids received$70,079,763,300
Sold$31,026,732,300
Competitive bids accepted$24,954,719,000
Non-competitive bids accepted$45,314,200
Federal Reserve (SOMA) add-on$6,026,699,100
Foreign and international (FIMA) non-competitive$0
High yield, %2.995
Median rate, %2.950
Low rate, %2.890
Interest rate (coupon), %2.875
Bids at the high rate filled, %50.13
Bid-to-cover ratio2.56
Indirect bidders accepted$15,726,075,500
Direct bidders accepted$2,076,325,000
Primary dealers accepted$7,152,318,500
Indirect bidders' share, % (ours)63.0
Direct bidders' share, % (ours)8.3
Primary dealers' share, % (ours)28.7
High minus median, basis points (ours)4.5
Treasury par yield curve, 10-year point, same day, %3.00
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 ratio2.56Last 24 auctions5 of 2419 of 242.46
Bid-to-cover ratio2.56Since 7 May 200880 of 12241 of 1222.66
Bid-to-cover ratio2.56All 176 since 10 November 199994 of 17680 of 1762.59
High yield2.995Last 24 auctions0 of 2424 of 242.328
High yield2.995Since 7 May 200832 of 12290 of 1222.450
High yield2.995All 258 since 31 October 1979168 of 25890 of 2584.085
Indirect bidders' share63.0Last 24 auctions14 of 2410 of 2465.1
Indirect bidders' share63.0All 122 since 7 May 200816 of 122106 of 12246.8
Direct bidders' share8.3Last 24 auctions7 of 2417 of 246.6
Direct bidders' share8.3All 122 since 7 May 200875 of 12247 of 12210.0
Primary dealers' share28.7Last 24 auctions13 of 2411 of 2429.5
Primary dealers' share28.7All 122 since 7 May 200899 of 12223 of 12239.2
High minus median, basis points4.5Last 24 auctions14 of 247 of 244.8
High minus median, basis points4.5Since 7 May 200851 of 12264 of 1224.4
High minus median, basis points4.5All 258 since 31 October 197963 of 258187 of 2583.2

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 9 May 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180509_1.pdf. Compiled by 500metrics, "10-year note auction of 9 May 2018 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2018-05-09.

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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