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10-year note auction of 8 May 2019 (new issue)

The 10-year note sold $36.198 billion at a high yield of 2.479% on , with a bid-to-cover ratio of 2.17.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.479%

Median yield 2.430%

Bid-to-cover

2.17

▼ −0.38 since 10 Apr

Sold

$36.20 billion

$27 billion offered

Indirect bidders

53.3%

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 8 June 2016 to 8 May 2019; the latest at 2.479%.1.5%2.0%2.5%3.0%3.5%2016201720182019This auction, 2.479%High yield at the last 36 10-year note auctions36 auctions from 8 June 2016 to 8 May 2019; the latest at 2.479%.2.0%2.5%3.0%3.5%2017201820192.479%

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
2.4792.17
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.172.5512 of 120 of 12
High yield2.4792.93611 of 121 of 12
Indirect bidders' share53.363.512 of 120 of 12
Direct bidders' share11.511.05 of 127 of 12
Primary dealers' share35.225.50 of 1212 of 12
High minus median, basis points4.94.20 of 1211 of 12

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

  • Bid-to-cover ratio: Lowest for a 10-year note since 11 March 2009 (121 auctions in between).
  • Indirect bidders' share: Lowest for a 10-year note since 11 April 2018 (12 auctions in between).
  • Primary dealers' share: Highest for a 10-year note since 11 April 2018 (12 auctions in between).

Who bought the 10-year note?

Indirect bidders took 53.3% of the competitive bids accepted

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

Indirect bidders took 53.3% of the competitive bids acceptedIndirect bidders 53.3%, Direct bidders 11.5%, Primary dealers 35.2%Indirect bidders53.3%68.4%Direct bidders11.5%12.0%Primary dealers35.2%19.6%Indirect bidders took 53.3% of the competitive bids acceptedIndirect bidders 53.3%, Direct bidders 11.5%, Primary dealers 35.2%Indirect bidders53.3%68.4%Direct bidders11.5%12.0%Primary dealers35.2%19.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.368.4
Direct bidders11.512.0
Primary dealers35.219.6

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$67,751,080,200
Sold$36,197,798,200
Competitive bids accepted$26,978,718,000
Non-competitive bids accepted$21,324,300
Federal Reserve (SOMA) add-on$9,197,755,900
Foreign and international (FIMA) non-competitive$0
High yield, %2.479
Median rate, %2.430
Low rate, %2.357
Interest rate (coupon), %2.375
Bids at the high rate filled, %3.82
Bid-to-cover ratio2.17
Indirect bidders accepted$14,390,898,000
Direct bidders accepted$3,090,000,000
Primary dealers accepted$9,497,820,000
Indirect bidders' share, % (ours)53.3
Direct bidders' share, % (ours)11.5
Primary dealers' share, % (ours)35.2
High minus median, basis points (ours)4.9
Treasury par yield curve, 10-year point, same day, %2.49
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 ratio2.17Last 24 auctions24 of 240 of 242.50
Bid-to-cover ratio2.17Since 7 May 2008131 of 1343 of 1342.62
Bid-to-cover ratio2.17All 188 since 10 November 1999166 of 18822 of 1882.58
High yield2.479Last 24 auctions15 of 249 of 242.708
High yield2.479Since 7 May 200870 of 13464 of 1342.570
High yield2.479All 270 since 31 October 1979206 of 27064 of 2703.948
Indirect bidders' share53.3Last 24 auctions23 of 241 of 2464.2
Indirect bidders' share53.3All 134 since 7 May 200856 of 13478 of 13448.1
Direct bidders' share11.5Last 24 auctions5 of 2419 of 248.3
Direct bidders' share11.5All 134 since 7 May 200856 of 13478 of 13410.4
Primary dealers' share35.2Last 24 auctions3 of 2421 of 2427.4
Primary dealers' share35.2All 134 since 7 May 200874 of 13460 of 13438.1
High minus median, basis points4.9Last 24 auctions6 of 2417 of 244.5
High minus median, basis points4.9Since 7 May 200845 of 13488 of 1344.4
High minus median, basis points4.9All 270 since 31 October 197955 of 270212 of 2703.4

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 8 May 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190508_1.pdf. Compiled by 500metrics, "10-year note auction of 8 May 2019 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2019-05-08.

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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