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10-year note auction of 5 November 2019 (reopening)

The 10-year note sold $55.993 billion at a high yield of 1.630% on , with a bid-to-cover ratio of 2.60.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.630%

Median yield 1.600%

Bid-to-cover

2.60

▲ +0.17 since 9 Oct

Sold

$55.99 billion

$38 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 11 January 2017 to 5 November 2019; the latest at 1.630%.1.5%2.0%2.5%3.0%3.5%201720182019This auction, 1.630%High yield at the last 36 10-year note auctions36 auctions from 11 January 2017 to 5 November 2019; the latest at 1.630%.1.5%2.0%2.5%3.0%3.5%201820191.630%

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
1.6302.60
1.5902.43
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.602.441 of 1211 of 12
High yield1.6302.29811 of 121 of 12
Indirect bidders' share53.360.111 of 121 of 12
Direct bidders' share16.912.51 of 1211 of 12
Primary dealers' share29.726.33 of 129 of 12
High minus median, basis points3.04.310 of 121 of 12

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

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, 9 October 2019

Indirect bidders took 53.3% of the competitive bids acceptedIndirect bidders 53.3%, Direct bidders 16.9%, Primary dealers 29.7%Indirect bidders53.3%58.5%Direct bidders16.9%12.8%Primary dealers29.7%28.7%Indirect bidders took 53.3% of the competitive bids acceptedIndirect bidders 53.3%, Direct bidders 16.9%, Primary dealers 29.7%Indirect bidders53.3%58.5%Direct bidders16.9%12.8%Primary dealers29.7%28.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.358.5
Direct bidders16.912.8
Primary dealers29.728.7

About these figures

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

Treasury's published result

FieldValue
Offered as3-Year, reopening
Offering amount$38,000,000,000
Bids received$116,634,481,300
Sold$55,993,381,300
Competitive bids accepted$37,851,001,000
Non-competitive bids accepted$49,057,800
Federal Reserve (SOMA) add-on$17,993,322,500
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.630
Median rate, %1.600
Low rate, %1.530
Interest rate (coupon), %1.625
Bids at the high rate filled, %42.86
Bid-to-cover ratio2.60
Indirect bidders accepted$20,181,111,000
Direct bidders accepted$6,409,572,000
Primary dealers accepted$11,260,318,000
Indirect bidders' share, % (ours)53.3
Direct bidders' share, % (ours)16.9
Primary dealers' share, % (ours)29.7
High minus median, basis points (ours)3.0
Treasury par yield curve, 3-year point, same day, %1.63
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 (3-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 ratio2.60Last 24 auctions2 of 2422 of 242.50
Bid-to-cover ratio2.60Since 7 May 200873 of 14168 of 1412.61
Bid-to-cover ratio2.60All 195 since 10 November 199986 of 195109 of 1952.57
High yield1.630Last 24 auctions23 of 241 of 242.708
High yield1.630Since 7 May 2008136 of 1415 of 1412.479
High yield1.630All 277 since 31 October 1979272 of 2775 of 2773.783
Indirect bidders' share53.3Last 24 auctions22 of 242 of 2462.8
Indirect bidders' share53.3All 141 since 7 May 200862 of 14179 of 14149.3
Direct bidders' share16.9Last 24 auctions1 of 2423 of 2411.0
Direct bidders' share16.9All 141 since 7 May 200822 of 141119 of 14110.6
Primary dealers' share29.7Last 24 auctions6 of 2418 of 2427.2
Primary dealers' share29.7All 141 since 7 May 200898 of 14143 of 14137.2
High minus median, basis points3.0Last 24 auctions22 of 241 of 244.3
High minus median, basis points3.0Since 7 May 2008122 of 14116 of 1414.4
High minus median, basis points3.0All 277 since 31 October 1979154 of 277109 of 2773.5

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 5 November 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191105_2.pdf. Compiled by 500metrics, "10-year note auction of 5 November 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-11-05.

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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