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10-year note auction of 9 June 2020 (reopening)

The 10-year note sold $29.412 billion at a high yield of 0.832% on , with a bid-to-cover ratio of 2.26.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.832%

Median yield 0.769%

Bid-to-cover

2.26

▼ −0.43 since 12 May

Sold

$29.41 billion

$29 billion offered

Indirect bidders

56.7%

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 12 September 2017 to 9 June 2020; the latest at 0.832%.0.0%1.0%2.0%3.0%4.0%2017201820192020This auction, 0.832%High yield at the last 36 10-year note auctions36 auctions from 12 September 2017 to 9 June 2020; the latest at 0.832%.0.0%1.0%2.0%3.0%4.0%201920200.832%

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
0.8322.26
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.262.4411 of 121 of 12
High yield0.8321.65010 of 122 of 12
Indirect bidders' share56.760.08 of 124 of 12
Direct bidders' share11.813.311 of 121 of 12
Primary dealers' share31.527.00 of 1212 of 12
High minus median, basis points6.34.72 of 1210 of 12

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

  • Primary dealers' share: Highest for a 10-year note since 21 June 2019 (12 auctions in between).

Who bought the 10-year note?

Indirect bidders took 56.7% of the competitive bids accepted

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

Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 11.8%, Primary dealers 31.5%Indirect bidders56.7%66.1%Direct bidders11.8%13.3%Primary dealers31.5%20.5%Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 11.8%, Primary dealers 31.5%Indirect bidders56.7%66.1%Direct bidders11.8%13.3%Primary dealers31.5%20.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.766.1
Direct bidders11.813.3
Primary dealers31.520.5

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$29,000,000,000
Bids received$66,064,933,400
Sold$29,412,319,200
Competitive bids accepted$28,998,725,800
Non-competitive bids accepted$1,289,100
Federal Reserve (SOMA) add-on$412,304,300
Foreign and international (FIMA) non-competitive$0
High yield, %0.832
Median rate, %0.769
Low rate, %0.700
Interest rate (coupon), %0.625
Bids at the high rate filled, %52.09
Bid-to-cover ratio2.26
Indirect bidders accepted$16,454,449,300
Direct bidders accepted$3,410,000,000
Primary dealers accepted$9,134,276,500
Indirect bidders' share, % (ours)56.7
Direct bidders' share, % (ours)11.8
Primary dealers' share, % (ours)31.5
High minus median, basis points (ours)6.3
Treasury par yield curve, 10-year point, same day, %0.84
High yield minus that point, basis points (ours)-0.8

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 ratio2.26Last 24 auctions22 of 242 of 242.48
Bid-to-cover ratio2.26Since 7 May 2008139 of 14910 of 1492.60
Bid-to-cover ratio2.26All 203 since 10 November 1999168 of 20335 of 2032.57
High yield0.832Last 24 auctions22 of 242 of 242.064
High yield0.832Since 7 May 2008147 of 1492 of 1492.439
High yield0.832All 285 since 31 October 1979283 of 2852 of 2853.734
Indirect bidders' share56.7Last 24 auctions18 of 246 of 2461.1
Indirect bidders' share56.7All 149 since 7 May 200856 of 14993 of 14951.7
Direct bidders' share11.8Last 24 auctions16 of 248 of 2412.8
Direct bidders' share11.8All 149 since 7 May 200866 of 14983 of 14911.0
Primary dealers' share31.5Last 24 auctions2 of 2422 of 2426.3
Primary dealers' share31.5All 149 since 7 May 200891 of 14958 of 14935.3
High minus median, basis points6.3Last 24 auctions2 of 2422 of 244.4
High minus median, basis points6.3Since 7 May 200824 of 149124 of 1494.4
High minus median, basis points6.3All 285 since 31 October 197930 of 285254 of 2853.5

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 9 June 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200609_3.pdf. Compiled by 500metrics, "10-year note auction of 9 June 2020 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2020-06-09.

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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