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

The 10-year note sold $22 billion at a high yield of 2.962% on , with a bid-to-cover ratio of 2.59.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.962%

Median yield 2.920%

Bid-to-cover

2.59

▲ +0.03 since 9 May

Sold

$22.00 billion

$22 billion offered

Indirect bidders

56.0%

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 8 July 2015 to 11 June 2018; the latest at 2.962%.1.5%2.0%2.5%3.0%2015201620172018This auction, 2.962%High yield at the last 36 10-year note auctions36 auctions from 8 July 2015 to 11 June 2018; the latest at 2.962%.1.5%2.0%2.5%3.0%2016201720182.962%

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
2.9622.59
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.592.471 of 1211 of 12
High yield2.9622.3651 of 1211 of 12
Indirect bidders' share56.065.510 of 122 of 12
Direct bidders' share16.36.50 of 1212 of 12
Primary dealers' share27.728.67 of 125 of 12
High minus median, basis points4.24.610 of 122 of 12

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

  • Direct bidders' share: Highest for a 10-year note since 13 May 2015 (36 auctions in between).

Who bought the 10-year note?

Indirect bidders took 56.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 May 2018

Indirect bidders took 56.0% of the competitive bids acceptedIndirect bidders 56.0%, Direct bidders 16.3%, Primary dealers 27.7%Indirect bidders56.0%63.0%Direct bidders16.3%8.3%Primary dealers27.7%28.7%Indirect bidders took 56.0% of the competitive bids acceptedIndirect bidders 56.0%, Direct bidders 16.3%, Primary dealers 27.7%Indirect bidders56.0%63.0%Direct bidders16.3%8.3%Primary dealers27.7%28.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.063.0
Direct bidders16.38.3
Primary dealers27.728.7

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$22,000,000,000
Bids received$57,063,382,600
Sold$22,000,050,600
Competitive bids accepted$21,989,208,000
Non-competitive bids accepted$10,842,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.962
Median rate, %2.920
Low rate, %2.830
Interest rate (coupon), %2.875
Bids at the high rate filled, %45.03
Bid-to-cover ratio2.59
Indirect bidders accepted$12,321,040,000
Direct bidders accepted$3,576,150,000
Primary dealers accepted$6,092,018,000
Indirect bidders' share, % (ours)56.0
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)27.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %2.96
High yield minus that point, basis points (ours)0.2

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 ratio2.59Last 24 auctions3 of 2421 of 242.46
Bid-to-cover ratio2.59Since 7 May 200872 of 12348 of 1232.65
Bid-to-cover ratio2.59All 177 since 10 November 199985 of 17788 of 1772.59
High yield2.962Last 24 auctions1 of 2423 of 242.332
High yield2.962Since 7 May 200834 of 12389 of 1232.461
High yield2.962All 259 since 31 October 1979170 of 25989 of 2594.075
Indirect bidders' share56.0Last 24 auctions20 of 244 of 2464.9
Indirect bidders' share56.0All 123 since 7 May 200839 of 12384 of 12347.0
Direct bidders' share16.3Last 24 auctions0 of 2424 of 246.6
Direct bidders' share16.3All 123 since 7 May 200824 of 12399 of 1239.8
Primary dealers' share27.7Last 24 auctions15 of 249 of 2429.5
Primary dealers' share27.7All 123 since 7 May 2008104 of 12319 of 12339.2
High minus median, basis points4.2Last 24 auctions20 of 242 of 244.8
High minus median, basis points4.2Since 7 May 200866 of 12352 of 1234.4
High minus median, basis points4.2All 259 since 31 October 197979 of 259175 of 2593.3

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 June 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180611_3.pdf. Compiled by 500metrics, "10-year note auction of 11 June 2018 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2018-06-11.

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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