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10-year note auction of 11 September 2019 (reopening)

The 10-year note sold $24 billion at a high yield of 1.739% on , with a bid-to-cover ratio of 2.46.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.739%

Median yield 1.700%

Bid-to-cover

2.46

▲ +0.26 since 7 Aug

Sold

$24.00 billion

$24 billion offered

Indirect bidders

62.6%

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 9 November 2016 to 11 September 2019; the latest at 1.739%.1.5%2.0%2.5%3.0%3.5%201720182019This auction, 1.739%High yield at the last 36 10-year note auctions36 auctions from 9 November 2016 to 11 September 2019; the latest at 1.739%.1.5%2.0%2.5%3.0%3.5%201820191.739%

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
1.7392.46
1.6702.20
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.456 of 126 of 12
High yield1.7392.54711 of 121 of 12
Indirect bidders' share62.661.96 of 126 of 12
Direct bidders' share12.711.74 of 128 of 12
Primary dealers' share24.726.38 of 124 of 12
High minus median, basis points3.94.48 of 124 of 12

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

Who bought the 10-year note?

Indirect bidders took 62.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 August 2019

Indirect bidders took 62.6% of the competitive bids acceptedIndirect bidders 62.6%, Direct bidders 12.7%, Primary dealers 24.7%Indirect bidders62.6%55.7%Direct bidders12.7%13.6%Primary dealers24.7%30.7%Indirect bidders took 62.6% of the competitive bids acceptedIndirect bidders 62.6%, Direct bidders 12.7%, Primary dealers 24.7%Indirect bidders62.6%55.7%Direct bidders12.7%13.6%Primary dealers24.7%30.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.655.7
Direct bidders12.713.6
Primary dealers24.730.7

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$59,124,129,600
Sold$24,000,000,400
Competitive bids accepted$23,997,675,800
Non-competitive bids accepted$2,324,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.739
Median rate, %1.700
Low rate, %0.880
Interest rate (coupon), %1.625
Bids at the high rate filled, %46.67
Bid-to-cover ratio2.46
Indirect bidders accepted$15,025,675,800
Direct bidders accepted$3,052,000,000
Primary dealers accepted$5,920,000,000
Indirect bidders' share, % (ours)62.6
Direct bidders' share, % (ours)12.7
Primary dealers' share, % (ours)24.7
High minus median, basis points (ours)3.9
Treasury par yield curve, 10-year point, same day, %1.75
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 ratio2.46Last 24 auctions15 of 248 of 242.50
Bid-to-cover ratio2.46Since 7 May 2008108 of 13930 of 1392.62
Bid-to-cover ratio2.46All 193 since 10 November 1999128 of 19364 of 1932.57
High yield1.739Last 24 auctions23 of 241 of 242.708
High yield1.739Since 7 May 2008126 of 13913 of 1392.485
High yield1.739All 275 since 31 October 1979262 of 27513 of 2753.790
Indirect bidders' share62.6Last 24 auctions14 of 2410 of 2463.5
Indirect bidders' share62.6All 139 since 7 May 200826 of 139113 of 13948.9
Direct bidders' share12.7Last 24 auctions6 of 2418 of 249.8
Direct bidders' share12.7All 139 since 7 May 200850 of 13989 of 13910.6
Primary dealers' share24.7Last 24 auctions16 of 248 of 2426.8
Primary dealers' share24.7All 139 since 7 May 2008121 of 13918 of 13937.7
High minus median, basis points3.9Last 24 auctions17 of 244 of 244.4
High minus median, basis points3.9Since 7 May 200889 of 13945 of 1394.4
High minus median, basis points3.9All 275 since 31 October 1979114 of 275155 of 2753.4

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 11 September 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190911_1.pdf. Compiled by 500metrics, "10-year note auction of 11 September 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-09-11.

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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