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10-year note auction of 12 June 2019 (reopening)

The 10-year note sold $24 billion at a high yield of 2.130% on , with a bid-to-cover ratio of 2.49.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.130%

Median yield 2.075%

Bid-to-cover

2.49

▲ +0.32 since 8 May

Sold

$24.00 billion

$24 billion offered

Indirect bidders

65.6%

Of competitive bids accepted

The high yield was the lowest for a 10-year note since 9 November 2016

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note since 9 November 201636 auctions from 12 July 2016 to 12 June 2019; the latest at 2.130%.1.5%2.0%2.5%3.0%3.5%2016201720182019This auction, 2.130%The high yield was the lowest for a 10-year note since 9 November 201636 auctions from 12 July 2016 to 12 June 2019; the latest at 2.130%.2.0%2.5%3.0%3.5%2017201820192.130%

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
2.1302.49
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.548 of 124 of 12
High yield2.1302.88712 of 120 of 12
Indirect bidders' share65.663.53 of 129 of 12
Direct bidders' share13.611.42 of 1210 of 12
Primary dealers' share20.825.511 of 121 of 12
High minus median, basis points5.54.20 of 1212 of 12

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

  • High minus median, basis points: Highest for a 10-year note since 11 April 2018 (13 auctions in between).

Who bought the 10-year note?

Indirect bidders took 65.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 May 2019

Indirect bidders took 65.6% of the competitive bids acceptedIndirect bidders 65.6%, Direct bidders 13.6%, Primary dealers 20.8%Indirect bidders65.6%53.3%Direct bidders13.6%11.5%Primary dealers20.8%35.2%Indirect bidders took 65.6% of the competitive bids acceptedIndirect bidders 65.6%, Direct bidders 13.6%, Primary dealers 20.8%Indirect bidders65.6%53.3%Direct bidders13.6%11.5%Primary dealers20.8%35.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.653.3
Direct bidders13.611.5
Primary dealers20.835.2

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 11-Month, reopening
Offering amount$24,000,000,000
Bids received$59,652,330,600
Sold$24,000,002,600
Competitive bids accepted$23,990,062,000
Non-competitive bids accepted$9,940,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.130
Median rate, %2.075
Low rate, %2.000
Interest rate (coupon), %2.375
Bids at the high rate filled, %93.68
Bid-to-cover ratio2.49
Indirect bidders accepted$15,730,390,000
Direct bidders accepted$3,264,840,000
Primary dealers accepted$4,994,832,000
Indirect bidders' share, % (ours)65.6
Direct bidders' share, % (ours)13.6
Primary dealers' share, % (ours)20.8
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %2.13
High yield minus that point, basis points (ours)0.0

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 ratio2.49Last 24 auctions13 of 2411 of 242.50
Bid-to-cover ratio2.49Since 7 May 200899 of 13532 of 1352.62
Bid-to-cover ratio2.49All 189 since 10 November 1999117 of 18968 of 1892.58
High yield2.130Last 24 auctions24 of 240 of 242.708
High yield2.130Since 7 May 200899 of 13536 of 1352.560
High yield2.130All 271 since 31 October 1979235 of 27136 of 2713.937
Indirect bidders' share65.6Last 24 auctions9 of 2415 of 2464.2
Indirect bidders' share65.6All 135 since 7 May 200816 of 135119 of 13548.5
Direct bidders' share13.6Last 24 auctions2 of 2422 of 248.4
Direct bidders' share13.6All 135 since 7 May 200841 of 13594 of 13510.5
Primary dealers' share20.8Last 24 auctions23 of 241 of 2427.4
Primary dealers' share20.8All 135 since 7 May 2008126 of 1359 of 13537.9
High minus median, basis points5.5Last 24 auctions2 of 2420 of 244.5
High minus median, basis points5.5Since 7 May 200830 of 135102 of 1354.4
High minus median, basis points5.5All 271 since 31 October 197937 of 271230 of 2713.4

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 12 June 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190612_1.pdf. Compiled by 500metrics, "10-year note auction of 12 June 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-06-12.

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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