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10-year note auction of 6 February 2019 (new issue)

The 10-year note sold $33.502 billion at a high yield of 2.689% on , with a bid-to-cover ratio of 2.35.

Coupon
2.625%
Announced
Issued
Matures

High yield

2.689%

Median yield 2.640%

Bid-to-cover

2.35

▼ −0.16 since 9 Jan

Sold

$33.50 billion

$27 billion offered

Indirect bidders

59.5%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 10 January 2018

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 10 January 201836 auctions from 9 March 2016 to 6 February 2019; the latest at 2.689%.1.5%2.0%2.5%3.0%3.5%2016201720182019This auction, 2.689%The high yield was the lowest for a 10-year note since 10 January 201836 auctions from 9 March 2016 to 6 February 2019; the latest at 2.689%.2.0%2.5%3.0%3.5%2017201820192.689%

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
2.6892.35
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.5210 of 121 of 12
High yield2.6892.93612 of 120 of 12
Indirect bidders' share59.563.59 of 123 of 12
Direct bidders' share12.29.43 of 129 of 12
Primary dealers' share28.427.23 of 129 of 12
High minus median, basis points4.94.32 of 1210 of 12

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

Who bought the 10-year note?

Indirect bidders took 59.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 January 2019

Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 12.2%, Primary dealers 28.4%Indirect bidders59.5%56.9%Direct bidders12.2%20.8%Primary dealers28.4%22.3%Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 12.2%, Primary dealers 28.4%Indirect bidders59.5%56.9%Direct bidders12.2%20.8%Primary dealers28.4%22.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.556.9
Direct bidders12.220.8
Primary dealers28.422.3

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$69,926,736,100
Sold$33,502,200,100
Competitive bids accepted$26,969,069,000
Non-competitive bids accepted$30,936,400
Federal Reserve (SOMA) add-on$6,502,194,700
Foreign and international (FIMA) non-competitive$0
High yield, %2.689
Median rate, %2.640
Low rate, %2.585
Interest rate (coupon), %2.625
Bids at the high rate filled, %50.52
Bid-to-cover ratio2.35
Indirect bidders accepted$16,034,659,000
Direct bidders accepted$3,286,000,000
Primary dealers accepted$7,648,410,000
Indirect bidders' share, % (ours)59.5
Direct bidders' share, % (ours)12.2
Primary dealers' share, % (ours)28.4
High minus median, basis points (ours)4.9
Treasury par yield curve, 10-year point, same day, %2.70
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 ratio2.35Last 24 auctions18 of 245 of 242.49
Bid-to-cover ratio2.35Since 7 May 2008114 of 13115 of 1312.62
Bid-to-cover ratio2.35All 185 since 10 November 1999136 of 18546 of 1852.58
High yield2.689Last 24 auctions12 of 2412 of 242.654
High yield2.689Since 7 May 200855 of 13176 of 1312.560
High yield2.689All 267 since 31 October 1979191 of 26776 of 2673.990
Indirect bidders' share59.5Last 24 auctions18 of 246 of 2464.6
Indirect bidders' share59.5All 131 since 7 May 200835 of 13196 of 13147.7
Direct bidders' share12.2Last 24 auctions4 of 2420 of 246.7
Direct bidders' share12.2All 131 since 7 May 200848 of 13183 of 13110.3
Primary dealers' share28.4Last 24 auctions11 of 2413 of 2427.6
Primary dealers' share28.4All 131 since 7 May 2008103 of 13128 of 13138.4
High minus median, basis points4.9Last 24 auctions9 of 2415 of 244.5
High minus median, basis points4.9Since 7 May 200845 of 13186 of 1314.4
High minus median, basis points4.9All 267 since 31 October 197955 of 267210 of 2673.4

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 February 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190206_2.pdf. Compiled by 500metrics, "10-year note auction of 6 February 2019 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2019-02-06.

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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