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10-year note auction of 6 November 2018 (new issue)

The 10-year note sold $32.506 billion at a high yield of 3.209% on , with a bid-to-cover ratio of 2.54.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.209%

Median yield 3.165%

Bid-to-cover

2.54

▲ +0.15 since 10 Oct

Sold

$32.51 billion

$27 billion offered

Indirect bidders

73.8%

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 December 2015 to 6 November 2018; the latest at 3.209%.1.5%2.0%2.5%3.0%3.5%201620172018This auction, 3.209%High yield at the last 36 10-year note auctions36 auctions from 9 December 2015 to 6 November 2018; the latest at 3.209%.2.0%2.5%3.0%3.5%201720183.209%

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
3.2092.54
3.2252.39
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.526 of 126 of 12
High yield3.2092.8741 of 1211 of 12
Indirect bidders' share73.864.20 of 1212 of 12
Direct bidders' share1.28.412 of 120 of 12
Primary dealers' share25.027.48 of 124 of 12
High minus median, basis points4.44.35 of 126 of 12

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

  • Indirect bidders' share: Highest of all 128 earlier 10-year note auctions we hold.
  • Direct bidders' share: Lowest for a 10-year note since 9 February 2011 (92 auctions in between).

Who bought the 10-year note?

Indirect bidders took 73.8% of the competitive bids accepted

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

Indirect bidders took 73.8% of the competitive bids acceptedIndirect bidders 73.8%, Direct bidders 1.2%, Primary dealers 25.0%Indirect bidders73.8%64.5%Direct bidders1.2%5.4%Primary dealers25.0%30.1%Indirect bidders took 73.8% of the competitive bids acceptedIndirect bidders 73.8%, Direct bidders 1.2%, Primary dealers 25.0%Indirect bidders73.8%64.5%Direct bidders1.2%5.4%Primary dealers25.0%30.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.864.5
Direct bidders1.25.4
Primary dealers25.030.1

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$27,000,000,000
Bids received$73,952,552,800
Sold$32,506,247,900
Competitive bids accepted$26,952,935,100
Non-competitive bids accepted$47,182,000
Federal Reserve (SOMA) add-on$5,506,130,800
Foreign and international (FIMA) non-competitive$0
High yield, %3.209
Median rate, %3.165
Low rate, %3.100
Interest rate (coupon), %3.125
Bids at the high rate filled, %18.43
Bid-to-cover ratio2.54
Indirect bidders accepted$19,898,471,100
Direct bidders accepted$328,000,000
Primary dealers accepted$6,726,464,000
Indirect bidders' share, % (ours)73.8
Direct bidders' share, % (ours)1.2
Primary dealers' share, % (ours)25.0
High minus median, basis points (ours)4.4
Treasury par yield curve, 10-year point, same day, %3.22
High yield minus that point, basis points (ours)-1.1

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 ratio2.54Last 24 auctions8 of 2414 of 242.48
Bid-to-cover ratio2.54Since 7 May 200886 of 12839 of 1282.64
Bid-to-cover ratio2.54All 182 since 10 November 1999102 of 18277 of 1822.58
High yield3.209Last 24 auctions1 of 2423 of 242.442
High yield3.209Since 7 May 200829 of 12899 of 1282.510
High yield3.209All 264 since 31 October 1979165 of 26499 of 2644.020
Indirect bidders' share73.8Last 24 auctions0 of 2424 of 2464.6
Indirect bidders' share73.8All 128 since 7 May 20080 of 128128 of 12847.4
Direct bidders' share1.2Last 24 auctions24 of 240 of 246.7
Direct bidders' share1.2All 128 since 7 May 2008117 of 12811 of 12810.2
Primary dealers' share25.0Last 24 auctions17 of 247 of 2428.6
Primary dealers' share25.0All 128 since 7 May 2008112 of 12816 of 12838.5
High minus median, basis points4.4Last 24 auctions16 of 247 of 244.5
High minus median, basis points4.4Since 7 May 200860 of 12864 of 1284.4
High minus median, basis points4.4All 264 since 31 October 197973 of 264187 of 2643.4

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 6 November 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20181106_4.pdf. Compiled by 500metrics, "10-year note auction of 6 November 2018 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2018-11-06.

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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