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10-year note auction of 12 May 2020 (new issue)

The 10-year note sold $48.923 billion at a high yield of 0.700% on , with a bid-to-cover ratio of 2.69.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.700%

Median yield 0.650%

Bid-to-cover

2.69

▲ +0.26 since 7 Apr

Sold

$48.92 billion

$32 billion offered

Indirect bidders

66.1%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 284 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 284 earlier auctions we hold36 auctions from 9 August 2017 to 12 May 2020; the latest at 0.700%.0.0%1.0%2.0%3.0%4.0%2017201820192020This auction, 0.700%The high yield was the lowest for a 10-year note of all 284 earlier auctions we hold36 auctions from 9 August 2017 to 12 May 2020; the latest at 0.700%.0.0%1.0%2.0%3.0%4.0%2018201920200.700%

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
0.7002.69
0.7822.43
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.692.441 of 1211 of 12
High yield0.7001.70412 of 120 of 12
Indirect bidders' share66.158.90 of 1212 of 12
Direct bidders' share13.313.05 of 127 of 12
Primary dealers' share20.528.112 of 120 of 12
High minus median, basis points5.04.44 of 128 of 12

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

  • Indirect bidders' share: Highest for a 10-year note since 10 April 2019 (14 auctions in between).
  • Primary dealers' share: Lowest for a 10-year note since 10 April 2019 (14 auctions in between).

Who bought the 10-year note?

Indirect bidders took 66.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 April 2020

Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 13.3%, Primary dealers 20.5%Indirect bidders66.1%59.2%Direct bidders13.3%13.2%Primary dealers20.5%27.6%Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 13.3%, Primary dealers 20.5%Indirect bidders66.1%59.2%Direct bidders13.3%13.2%Primary dealers20.5%27.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.159.2
Direct bidders13.313.2
Primary dealers20.527.6

About these figures

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

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$32,000,000,000
Bids received$102,886,970,600
Sold$48,923,196,400
Competitive bids accepted$31,988,685,800
Non-competitive bids accepted$11,349,600
Federal Reserve (SOMA) add-on$16,923,161,000
Foreign and international (FIMA) non-competitive$0
High yield, %0.700
Median rate, %0.650
Low rate, %0.590
Interest rate (coupon), %0.625
Bids at the high rate filled, %28.91
Bid-to-cover ratio2.69
Indirect bidders accepted$21,159,048,300
Direct bidders accepted$4,266,000,000
Primary dealers accepted$6,563,637,500
Indirect bidders' share, % (ours)66.1
Direct bidders' share, % (ours)13.3
Primary dealers' share, % (ours)20.5
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %0.69
High yield minus that point, basis points (ours)1.0

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 (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 ratio2.69Last 24 auctions1 of 2423 of 242.48
Bid-to-cover ratio2.69Since 7 May 200856 of 14891 of 1482.60
Bid-to-cover ratio2.69All 202 since 10 November 199964 of 202137 of 2022.56
High yield0.700Last 24 auctions24 of 240 of 242.098
High yield0.700Since 7 May 2008148 of 1480 of 1482.450
High yield0.700All 284 since 31 October 1979284 of 2840 of 2843.734
Indirect bidders' share66.1Last 24 auctions3 of 2421 of 2461.1
Indirect bidders' share66.1All 148 since 7 May 200814 of 148134 of 14851.2
Direct bidders' share13.3Last 24 auctions8 of 2416 of 2412.5
Direct bidders' share13.3All 148 since 7 May 200851 of 14897 of 14810.9
Primary dealers' share20.5Last 24 auctions23 of 241 of 2426.3
Primary dealers' share20.5All 148 since 7 May 2008140 of 1488 of 14835.5
High minus median, basis points5.0Last 24 auctions5 of 2419 of 244.3
High minus median, basis points5.0Since 7 May 200846 of 14898 of 1484.4
High minus median, basis points5.0All 284 since 31 October 197954 of 284224 of 2843.5

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 12 May 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200512_3.pdf. Compiled by 500metrics, "10-year note auction of 12 May 2020 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2020-05-12.

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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