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10-year note auction of 8 August 2018 (new issue)

The 10-year note sold $29.496 billion at a high yield of 2.960% on , with a bid-to-cover ratio of 2.55.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.960%

Median yield 2.920%

Bid-to-cover

2.55

▼ −0.02 since 11 Jul

Sold

$29.50 billion

$26 billion offered

Indirect bidders

61.3%

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 9 September 2015 to 8 August 2018; the latest at 2.960%.1.5%2.0%2.5%3.0%2015201620172018This auction, 2.960%High yield at the last 36 10-year note auctions36 auctions from 9 September 2015 to 8 August 2018; the latest at 2.960%.1.5%2.0%2.5%3.0%201720182.960%

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
2.9602.55
2.8592.57
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.494 of 128 of 12
High yield2.9602.6872 of 1210 of 12
Indirect bidders' share61.364.07 of 125 of 12
Direct bidders' share11.37.61 of 1211 of 12
Primary dealers' share27.527.56 of 126 of 12
High minus median, basis points4.04.69 of 123 of 12

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

Who bought the 10-year note?

Indirect bidders took 61.3% of the competitive bids accepted

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

Indirect bidders took 61.3% of the competitive bids acceptedIndirect bidders 61.3%, Direct bidders 11.3%, Primary dealers 27.5%Indirect bidders61.3%65.0%Direct bidders11.3%10.5%Primary dealers27.5%24.5%Indirect bidders took 61.3% of the competitive bids acceptedIndirect bidders 61.3%, Direct bidders 11.3%, Primary dealers 27.5%Indirect bidders61.3%65.0%Direct bidders11.3%10.5%Primary dealers27.5%24.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.365.0
Direct bidders11.310.5
Primary dealers27.524.5

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$26,000,000,000
Bids received$69,684,814,000
Sold$29,495,528,000
Competitive bids accepted$25,970,654,000
Non-competitive bids accepted$29,446,300
Federal Reserve (SOMA) add-on$3,495,427,700
Foreign and international (FIMA) non-competitive$0
High yield, %2.960
Median rate, %2.920
Low rate, %2.867
Interest rate (coupon), %2.875
Bids at the high rate filled, %35.06
Bid-to-cover ratio2.55
Indirect bidders accepted$15,912,680,000
Direct bidders accepted$2,928,000,000
Primary dealers accepted$7,129,974,000
Indirect bidders' share, % (ours)61.3
Direct bidders' share, % (ours)11.3
Primary dealers' share, % (ours)27.5
High minus median, basis points (ours)4.0
Treasury par yield curve, 10-year point, same day, %2.96
High yield minus that point, basis points (ours)0.0

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 ratio2.55Last 24 auctions6 of 2418 of 242.47
Bid-to-cover ratio2.55Since 7 May 200884 of 12541 of 1252.64
Bid-to-cover ratio2.55All 179 since 10 November 199999 of 17979 of 1792.59
High yield2.960Last 24 auctions2 of 2422 of 242.344
High yield2.960Since 7 May 200835 of 12590 of 1252.475
High yield2.960All 261 since 31 October 1979171 of 26190 of 2614.060
Indirect bidders' share61.3Last 24 auctions16 of 248 of 2464.9
Indirect bidders' share61.3All 125 since 7 May 200824 of 125101 of 12547.2
Direct bidders' share11.3Last 24 auctions2 of 2422 of 246.6
Direct bidders' share11.3All 125 since 7 May 200854 of 12571 of 12510.2
Primary dealers' share27.5Last 24 auctions15 of 249 of 2429.1
Primary dealers' share27.5All 125 since 7 May 2008106 of 12519 of 12538.7
High minus median, basis points4.0Last 24 auctions21 of 243 of 244.8
High minus median, basis points4.0Since 7 May 200875 of 12546 of 1254.4
High minus median, basis points4.0All 261 since 31 October 197989 of 261157 of 2613.4

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 August 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180808_1.pdf. Compiled by 500metrics, "10-year note auction of 8 August 2018 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2018-08-08.

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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