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10-year note auction of 21 June 2019 (reopening)

The 10-year note sold $25 million at a high yield of 2.065% on , with a bid-to-cover ratio of 3.43.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.065%

Median yield 2.060%

Bid-to-cover

3.43

▲ +0.94 since 12 Jun

Sold

$25.00 million

$25 million offered

Indirect bidders

0.0%

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 10 August 2016 to 21 June 2019; the latest at 2.065%.1.5%2.0%2.5%3.0%3.5%2016201720182019This auction, 2.065%The high yield was the lowest for a 10-year note since 9 November 201636 auctions from 10 August 2016 to 21 June 2019; the latest at 2.065%.2.0%2.5%3.0%3.5%2017201820192.065%

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
2.0653.43
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.432.520 of 1212 of 12
High yield2.0652.79412 of 120 of 12
Indirect bidders' share0.064.212 of 120 of 12
Direct bidders' share0.011.412 of 120 of 12
Primary dealers' share100.024.70 of 1212 of 12
High minus median, basis points0.54.212 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 10-year note since 11 July 2012 (83 auctions in between).
  • Indirect bidders' share: Lowest of all 136 earlier 10-year note auctions we hold.
  • Direct bidders' share: Lowest of all 136 earlier 10-year note auctions we hold.
  • Primary dealers' share: Highest of all 136 earlier 10-year note auctions we hold.
  • High minus median, basis points: Lowest for a 10-year note since 9 July 1996 (204 auctions in between).

Who bought the 10-year note?

Primary dealers took 100.0% of the competitive bids accepted

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

Primary dealers took 100.0% of the competitive bids acceptedIndirect bidders 0.0%, Direct bidders 0.0%, Primary dealers 100.0%Indirect bidders0.0%65.6%Direct bidders0.0%13.6%Primary dealers100.0%20.8%Primary dealers took 100.0% of the competitive bids acceptedIndirect bidders 0.0%, Direct bidders 0.0%, Primary dealers 100.0%Indirect bidders0.0%65.6%Direct bidders0.0%13.6%Primary dealers100.0%20.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders0.065.6
Direct bidders0.013.6
Primary dealers100.020.8

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$25,000,000
Bids received$85,850,000
Sold$25,000,400
Competitive bids accepted$25,000,400
Non-competitive bids accepted$0
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.065
Median rate, %2.060
Low rate, %2.030
Interest rate (coupon), %2.375
Bids at the high rate filled, %98.34
Bid-to-cover ratio3.43
Indirect bidders accepted$0
Direct bidders accepted$0
Primary dealers accepted$25,000,400
Indirect bidders' share, % (ours)0.0
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)100.0
High minus median, basis points (ours)0.5
Treasury par yield curve, 10-year point, same day, %2.07
High yield minus that point, basis points (ours)-0.5

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 ratio3.43Last 24 auctions0 of 2424 of 242.50
Bid-to-cover ratio3.43Since 7 May 20084 of 136132 of 1362.62
Bid-to-cover ratio3.43All 190 since 10 November 19994 of 190186 of 1902.58
High yield2.065Last 24 auctions24 of 240 of 242.708
High yield2.065Since 7 May 2008104 of 13632 of 1362.548
High yield2.065All 272 since 31 October 1979240 of 27232 of 2723.918
Indirect bidders' share0.0Last 24 auctions24 of 240 of 2464.2
Indirect bidders' share0.0All 136 since 7 May 2008136 of 1360 of 13648.7
Direct bidders' share0.0Last 24 auctions24 of 240 of 248.7
Direct bidders' share0.0All 136 since 7 May 2008136 of 1360 of 13610.5
Primary dealers' share100.0Last 24 auctions0 of 2424 of 2427.2
Primary dealers' share100.0All 136 since 7 May 20080 of 136136 of 13637.8
High minus median, basis points0.5Last 24 auctions24 of 240 of 244.5
High minus median, basis points0.5Since 7 May 2008136 of 1360 of 1364.4
High minus median, basis points0.5All 272 since 31 October 1979252 of 27220 of 2723.4

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 21 June 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190621_1.pdf. Compiled by 500metrics, "10-year note auction of 21 June 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-06-21.

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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