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10-year note auction of 10 April 2019 (reopening)

The 10-year note sold $24.003 billion at a high yield of 2.466% on , with a bid-to-cover ratio of 2.55.

Coupon
2.625%
Announced
Issued
Matures

High yield

2.466%

Median yield 2.425%

Bid-to-cover

2.55

▼ −0.04 since 12 Mar

Sold

$24.00 billion

$24 billion offered

Indirect bidders

68.4%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 11 December 2017

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 11 December 201736 auctions from 11 May 2016 to 10 April 2019; the latest at 2.466%.1.5%2.0%2.5%3.0%3.5%2016201720182019This auction, 2.466%The high yield was the lowest for a 10-year note since 11 December 201736 auctions from 11 May 2016 to 10 April 2019; the latest at 2.466%.2.0%2.5%3.0%3.5%2017201820192.466%

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
2.4662.55
2.6152.59
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.545 of 126 of 12
High yield2.4662.93612 of 120 of 12
Indirect bidders' share68.463.12 of 1210 of 12
Direct bidders' share12.010.64 of 128 of 12
Primary dealers' share19.626.812 of 120 of 12
High minus median, basis points4.14.37 of 124 of 12

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

  • Primary dealers' share: Lowest for a 10-year note since 8 March 2017 (24 auctions in between).

Who bought the 10-year note?

Indirect bidders took 68.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 March 2019

Indirect bidders took 68.4% of the competitive bids acceptedIndirect bidders 68.4%, Direct bidders 12.0%, Primary dealers 19.6%Indirect bidders68.4%69.4%Direct bidders12.0%9.1%Primary dealers19.6%21.5%Indirect bidders took 68.4% of the competitive bids acceptedIndirect bidders 68.4%, Direct bidders 12.0%, Primary dealers 19.6%Indirect bidders68.4%69.4%Direct bidders12.0%9.1%Primary dealers19.6%21.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.469.4
Direct bidders12.09.1
Primary dealers19.621.5

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$61,292,055,000
Sold$24,003,370,500
Competitive bids accepted$23,982,300,500
Non-competitive bids accepted$17,735,300
Federal Reserve (SOMA) add-on$3,334,700
Foreign and international (FIMA) non-competitive$0
High yield, %2.466
Median rate, %2.425
Low rate, %2.088
Interest rate (coupon), %2.625
Bids at the high rate filled, %93.21
Bid-to-cover ratio2.55
Indirect bidders accepted$16,395,763,000
Direct bidders accepted$2,880,000,000
Primary dealers accepted$4,706,537,500
Indirect bidders' share, % (ours)68.4
Direct bidders' share, % (ours)12.0
Primary dealers' share, % (ours)19.6
High minus median, basis points (ours)4.1
Treasury par yield curve, 10-year point, same day, %2.48
High yield minus that point, basis points (ours)-1.4

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 2417 of 242.49
Bid-to-cover ratio2.55Since 7 May 200886 of 13346 of 1332.62
Bid-to-cover ratio2.55All 187 since 10 November 1999101 of 18784 of 1872.58
High yield2.466Last 24 auctions15 of 249 of 242.708
High yield2.466Since 7 May 200871 of 13362 of 1332.579
High yield2.466All 269 since 31 October 1979207 of 26962 of 2693.960
Indirect bidders' share68.4Last 24 auctions4 of 2420 of 2464.2
Indirect bidders' share68.4All 133 since 7 May 200810 of 133123 of 13347.7
Direct bidders' share12.0Last 24 auctions4 of 2420 of 247.6
Direct bidders' share12.0All 133 since 7 May 200852 of 13381 of 13310.3
Primary dealers' share19.6Last 24 auctions24 of 240 of 2427.6
Primary dealers' share19.6All 133 since 7 May 2008127 of 1336 of 13338.3
High minus median, basis points4.1Last 24 auctions17 of 246 of 244.5
High minus median, basis points4.1Since 7 May 200876 of 13353 of 1334.4
High minus median, basis points4.1All 269 since 31 October 197989 of 269175 of 2693.4

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 10 April 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190410_1.pdf. Compiled by 500metrics, "10-year note auction of 10 April 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-04-10.

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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