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10-year note auction of 11 March 2020 (reopening)

The 10-year note sold $24.023 billion at a high yield of 0.849% on , with a bid-to-cover ratio of 2.36.

Coupon
1.500%
Announced
Issued
Matures

High yield

0.849%

Median yield 0.750%

Bid-to-cover

2.36

▼ −0.22 since 12 Feb

Sold

$24.02 billion

$24 billion offered

Indirect bidders

61.0%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 282 earlier auctions we hold

High yield at each 10-year note auction, %

The high yield was the lowest for a 10-year note of all 282 earlier auctions we hold36 auctions from 12 June 2017 to 11 March 2020; the latest at 0.849%.0.0%1.0%2.0%3.0%4.0%2017201820192020This auction, 0.849%The high yield was the lowest for a 10-year note of all 282 earlier auctions we hold36 auctions from 12 June 2017 to 11 March 2020; the latest at 0.849%.0.0%1.0%2.0%3.0%4.0%2018201920200.849%

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
0.8492.36
1.6222.58
1.8692.45
1.8422.43
1.8092.49
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.4610 of 122 of 12
High yield0.8491.82612 of 120 of 12
Indirect bidders' share61.057.34 of 128 of 12
Direct bidders' share9.213.211 of 121 of 12
Primary dealers' share29.827.53 of 129 of 12
High minus median, basis points9.94.40 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 February 2009 (134 auctions in between).

Who bought the 10-year note?

Indirect bidders took 61.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 February 2020

Indirect bidders took 61.0% of the competitive bids acceptedIndirect bidders 61.0%, Direct bidders 9.2%, Primary dealers 29.8%Indirect bidders61.0%61.3%Direct bidders9.2%14.8%Primary dealers29.8%23.9%Indirect bidders took 61.0% of the competitive bids acceptedIndirect bidders 61.0%, Direct bidders 9.2%, Primary dealers 29.8%Indirect bidders61.0%61.3%Direct bidders9.2%14.8%Primary dealers29.8%23.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.061.3
Direct bidders9.214.8
Primary dealers29.823.9

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$56,736,113,900
Sold$24,023,077,900
Competitive bids accepted$23,996,279,000
Non-competitive bids accepted$3,722,000
Federal Reserve (SOMA) add-on$23,076,900
Foreign and international (FIMA) non-competitive$0
High yield, %0.849
Median rate, %0.750
Low rate, %0.080
Interest rate (coupon), %1.500
Bids at the high rate filled, %74.94
Bid-to-cover ratio2.36
Indirect bidders accepted$14,644,315,000
Direct bidders accepted$2,206,494,000
Primary dealers accepted$7,145,470,000
Indirect bidders' share, % (ours)61.0
Direct bidders' share, % (ours)9.2
Primary dealers' share, % (ours)29.8
High minus median, basis points (ours)9.9
Treasury par yield curve, 10-year point, same day, %0.82
High yield minus that point, basis points (ours)2.9

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 ratio2.36Last 24 auctions20 of 244 of 242.50
Bid-to-cover ratio2.36Since 7 May 2008126 of 14620 of 1462.60
Bid-to-cover ratio2.36All 200 since 10 November 1999147 of 20052 of 2002.57
High yield0.849Last 24 auctions24 of 240 of 242.472
High yield0.849Since 7 May 2008146 of 1460 of 1462.464
High yield0.849All 282 since 31 October 1979282 of 2820 of 2823.744
Indirect bidders' share61.0Last 24 auctions13 of 2411 of 2461.3
Indirect bidders' share61.0All 146 since 7 May 200835 of 146111 of 14650.3
Direct bidders' share9.2Last 24 auctions19 of 245 of 2412.5
Direct bidders' share9.2All 146 since 7 May 200884 of 14662 of 14610.9
Primary dealers' share29.8Last 24 auctions4 of 2420 of 2426.3
Primary dealers' share29.8All 146 since 7 May 200898 of 14648 of 14636.1
High minus median, basis points9.9Last 24 auctions0 of 2424 of 244.2
High minus median, basis points9.9Since 7 May 20083 of 146143 of 1464.4
High minus median, basis points9.9All 282 since 31 October 19793 of 282279 of 2823.5

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 11 March 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200311_1.pdf. Compiled by 500metrics, "10-year note auction of 11 March 2020 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2020-03-11.

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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