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

The 10-year note sold $23 billion at a high yield of 2.957% on , with a bid-to-cover ratio of 2.58.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.957%

Median yield 2.916%

Bid-to-cover

2.58

▲ +0.03 since 8 Aug

Sold

$23.00 billion

$23 billion offered

Indirect bidders

63.9%

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 7 October 2015 to 12 September 2018; the latest at 2.957%.1.5%2.0%2.5%3.0%2015201620172018This auction, 2.957%High yield at the last 36 10-year note auctions36 auctions from 7 October 2015 to 12 September 2018; the latest at 2.957%.1.5%2.0%2.5%3.0%201720182.957%

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
2.9572.58
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.522 of 1210 of 12
High yield2.9572.8033 of 129 of 12
Indirect bidders' share63.964.06 of 126 of 12
Direct bidders' share13.48.31 of 1211 of 12
Primary dealers' share22.627.411 of 121 of 12
High minus median, basis points4.14.48 of 124 of 12

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

Who bought the 10-year note?

Indirect bidders took 63.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 August 2018

Indirect bidders took 63.9% of the competitive bids acceptedIndirect bidders 63.9%, Direct bidders 13.4%, Primary dealers 22.6%Indirect bidders63.9%61.3%Direct bidders13.4%11.3%Primary dealers22.6%27.5%Indirect bidders took 63.9% of the competitive bids acceptedIndirect bidders 63.9%, Direct bidders 13.4%, Primary dealers 22.6%Indirect bidders63.9%61.3%Direct bidders13.4%11.3%Primary dealers22.6%27.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.961.3
Direct bidders13.411.3
Primary dealers22.627.5

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$23,000,000,000
Bids received$59,328,814,800
Sold$23,000,004,800
Competitive bids accepted$22,984,575,000
Non-competitive bids accepted$15,429,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.957
Median rate, %2.916
Low rate, %2.800
Interest rate (coupon), %2.875
Bids at the high rate filled, %19.38
Bid-to-cover ratio2.58
Indirect bidders accepted$14,691,575,000
Direct bidders accepted$3,090,000,000
Primary dealers accepted$5,203,000,000
Indirect bidders' share, % (ours)63.9
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)22.6
High minus median, basis points (ours)4.1
Treasury par yield curve, 10-year point, same day, %2.97
High yield minus that point, basis points (ours)-1.3

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 ratio2.58Last 24 auctions3 of 2420 of 242.48
Bid-to-cover ratio2.58Since 7 May 200876 of 12647 of 1262.64
Bid-to-cover ratio2.58All 180 since 10 November 199990 of 18087 of 1802.58
High yield2.957Last 24 auctions3 of 2421 of 242.365
High yield2.957Since 7 May 200836 of 12690 of 1262.480
High yield2.957All 262 since 31 October 1979172 of 26290 of 2624.054
Indirect bidders' share63.9Last 24 auctions12 of 2412 of 2463.9
Indirect bidders' share63.9All 126 since 7 May 200817 of 126109 of 12647.2
Direct bidders' share13.4Last 24 auctions2 of 2422 of 246.6
Direct bidders' share13.4All 126 since 7 May 200842 of 12684 of 12610.2
Primary dealers' share22.6Last 24 auctions21 of 243 of 2429.1
Primary dealers' share22.6All 126 since 7 May 2008115 of 12611 of 12638.6
High minus median, basis points4.1Last 24 auctions20 of 244 of 244.6
High minus median, basis points4.1Since 7 May 200872 of 12651 of 1264.4
High minus median, basis points4.1All 262 since 31 October 197985 of 262173 of 2623.4

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 12 September 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180912_1.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2018 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2018-09-12.

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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