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10-year note auction of 9 January 2019 (reopening)

The 10-year note sold $24 billion at a high yield of 2.728% on , with a bid-to-cover ratio of 2.51.

Coupon
3.125%
Announced
Issued
Matures

High yield

2.728%

Median yield 2.690%

Bid-to-cover

2.51

▲ +0.16 since 12 Dec

Sold

$24.00 billion

$24 billion offered

Indirect bidders

56.9%

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 10 February 2016 to 9 January 2019; the latest at 2.728%.1.5%2.0%2.5%3.0%3.5%2016201720182019This auction, 2.728%High yield at the last 36 10-year note auctions36 auctions from 10 February 2016 to 9 January 2019; the latest at 2.728%.2.0%2.5%3.0%3.5%2017201820192.728%

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
2.7282.51
2.9152.35
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.547 of 125 of 12
High yield2.7282.93611 of 121 of 12
Indirect bidders' share56.964.210 of 122 of 12
Direct bidders' share20.88.40 of 1212 of 12
Primary dealers' share22.327.211 of 121 of 12
High minus median, basis points3.84.312 of 120 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 (43 auctions in between).
  • High minus median, basis points: Lowest for a 10-year note since 11 May 2016 (31 auctions in between).

Who bought the 10-year note?

Indirect bidders took 56.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 December 2018

Indirect bidders took 56.9% of the competitive bids acceptedIndirect bidders 56.9%, Direct bidders 20.8%, Primary dealers 22.3%Indirect bidders56.9%63.1%Direct bidders20.8%10.8%Primary dealers22.3%26.1%Indirect bidders took 56.9% of the competitive bids acceptedIndirect bidders 56.9%, Direct bidders 20.8%, Primary dealers 22.3%Indirect bidders56.9%63.1%Direct bidders20.8%10.8%Primary dealers22.3%26.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.963.1
Direct bidders20.810.8
Primary dealers22.326.1

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$24,000,000,000
Bids received$60,237,325,500
Sold$24,000,004,600
Competitive bids accepted$23,994,624,100
Non-competitive bids accepted$5,380,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.728
Median rate, %2.690
Low rate, %2.288
Interest rate (coupon), %3.125
Bids at the high rate filled, %81.02
Bid-to-cover ratio2.51
Indirect bidders accepted$13,656,624,100
Direct bidders accepted$4,981,000,000
Primary dealers accepted$5,357,000,000
Indirect bidders' share, % (ours)56.9
Direct bidders' share, % (ours)20.8
Primary dealers' share, % (ours)22.3
High minus median, basis points (ours)3.8
Treasury par yield curve, 10-year point, same day, %2.74
High yield minus that point, basis points (ours)-1.2

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 ratio2.51Last 24 auctions11 of 2413 of 242.49
Bid-to-cover ratio2.51Since 7 May 200894 of 13035 of 1302.62
Bid-to-cover ratio2.51All 184 since 10 November 1999111 of 18472 of 1842.58
High yield2.728Last 24 auctions11 of 2413 of 242.570
High yield2.728Since 7 May 200853 of 13077 of 1302.548
High yield2.728All 266 since 31 October 1979189 of 26677 of 2663.990
Indirect bidders' share56.9Last 24 auctions21 of 243 of 2464.9
Indirect bidders' share56.9All 130 since 7 May 200843 of 13087 of 13047.6
Direct bidders' share20.8Last 24 auctions0 of 2424 of 246.7
Direct bidders' share20.8All 130 since 7 May 200814 of 130116 of 13010.2
Primary dealers' share22.3Last 24 auctions21 of 243 of 2427.6
Primary dealers' share22.3All 130 since 7 May 2008120 of 13010 of 13038.4
High minus median, basis points3.8Last 24 auctions24 of 240 of 244.5
High minus median, basis points3.8Since 7 May 200889 of 13038 of 1304.4
High minus median, basis points3.8All 266 since 31 October 1979115 of 266148 of 2663.4

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 9 January 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190109_1.pdf. Compiled by 500metrics, "10-year note auction of 9 January 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-01-09.

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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