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

The 10-year note sold $24.204 billion at a high yield of 2.064% on , with a bid-to-cover ratio of 2.41.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.064%

Median yield 2.030%

Bid-to-cover

2.41

▼ −1.02 since 21 Jun

Sold

$24.20 billion

$24 billion offered

Indirect bidders

60.8%

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 September 2016 to 10 July 2019; the latest at 2.064%.1.5%2.0%2.5%3.0%3.5%2016201720182019This auction, 2.064%The high yield was the lowest for a 10-year note since 9 November 201636 auctions from 12 September 2016 to 10 July 2019; the latest at 2.064%.2.0%2.5%3.0%3.5%201820192.064%

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
2.0642.41
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.528 of 124 of 12
High yield2.0642.70812 of 120 of 12
Indirect bidders' share60.863.58 of 124 of 12
Direct bidders' share12.911.43 of 129 of 12
Primary dealers' share26.425.55 of 127 of 12
High minus median, basis points3.44.210 of 122 of 12

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

Who bought the 10-year note?

Indirect bidders took 60.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 21 June 2019

Indirect bidders took 60.8% of the competitive bids acceptedIndirect bidders 60.8%, Direct bidders 12.9%, Primary dealers 26.4%Indirect bidders60.8%0.0%Direct bidders12.9%0.0%Primary dealers26.4%100.0%Indirect bidders took 60.8% of the competitive bids acceptedIndirect bidders 60.8%, Direct bidders 12.9%, Primary dealers 26.4%Indirect bidders60.8%0.0%Direct bidders12.9%0.0%Primary dealers26.4%100.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.80.0
Direct bidders12.90.0
Primary dealers26.4100.0

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$57,990,456,800
Sold$24,204,348,800
Competitive bids accepted$23,995,397,000
Non-competitive bids accepted$4,620,800
Federal Reserve (SOMA) add-on$204,331,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.064
Median rate, %2.030
Low rate, %1.950
Interest rate (coupon), %2.375
Bids at the high rate filled, %2.74
Bid-to-cover ratio2.41
Indirect bidders accepted$14,579,013,000
Direct bidders accepted$3,084,000,000
Primary dealers accepted$6,332,384,000
Indirect bidders' share, % (ours)60.8
Direct bidders' share, % (ours)12.9
Primary dealers' share, % (ours)26.4
High minus median, basis points (ours)3.4
Treasury par yield curve, 10-year point, same day, %2.07
High yield minus that point, basis points (ours)-0.6

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 ratio2.41Last 24 auctions16 of 248 of 242.50
Bid-to-cover ratio2.41Since 7 May 2008113 of 13724 of 1372.62
Bid-to-cover ratio2.41All 191 since 10 November 1999133 of 19157 of 1912.58
High yield2.064Last 24 auctions24 of 240 of 242.708
High yield2.064Since 7 May 2008105 of 13732 of 1372.535
High yield2.064All 273 since 31 October 1979241 of 27332 of 2733.900
Indirect bidders' share60.8Last 24 auctions15 of 249 of 2463.5
Indirect bidders' share60.8All 137 since 7 May 200832 of 137105 of 13748.5
Direct bidders' share12.9Last 24 auctions4 of 2420 of 248.7
Direct bidders' share12.9All 137 since 7 May 200848 of 13789 of 13710.5
Primary dealers' share26.4Last 24 auctions13 of 2411 of 2427.2
Primary dealers' share26.4All 137 since 7 May 2008113 of 13724 of 13737.9
High minus median, basis points3.4Last 24 auctions22 of 242 of 244.4
High minus median, basis points3.4Since 7 May 2008108 of 13725 of 1374.4
High minus median, basis points3.4All 273 since 31 October 1979136 of 273132 of 2733.4

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 July 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190710_1.pdf. Compiled by 500metrics, "10-year note auction of 10 July 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-07-10.

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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