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10-year note auction of 8 July 2020 (reopening)

The 10-year note sold $31.544 billion at a high yield of 0.653% on , with a bid-to-cover ratio of 2.62.

Coupon
0.625%
Announced
Issued
Matures

High yield

0.653%

Median yield 0.611%

Bid-to-cover

2.62

▲ +0.36 since 9 Jun

Sold

$31.54 billion

$29 billion offered

Indirect bidders

63.4%

Of competitive bids accepted

The high yield was the lowest for a 10-year note of all 286 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 286 earlier auctions we hold36 auctions from 11 October 2017 to 8 July 2020; the latest at 0.653%.0.0%1.0%2.0%3.0%4.0%2017201820192020This auction, 0.653%The high yield was the lowest for a 10-year note of all 286 earlier auctions we hold36 auctions from 11 October 2017 to 8 July 2020; the latest at 0.653%.0.0%1.0%2.0%3.0%4.0%201920200.653%

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
0.6532.62
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.441 of 1211 of 12
High yield0.6531.62612 of 120 of 12
Indirect bidders' share63.458.92 of 1210 of 12
Direct bidders' share17.013.31 of 1211 of 12
Primary dealers' share19.728.112 of 120 of 12
High minus median, basis points4.25.08 of 123 of 12

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

  • Primary dealers' share: Lowest for a 10-year note since 10 April 2019 (16 auctions in between).

Who bought the 10-year note?

Indirect bidders took 63.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 June 2020

Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 17.0%, Primary dealers 19.7%Indirect bidders63.4%56.7%Direct bidders17.0%11.8%Primary dealers19.7%31.5%Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 17.0%, Primary dealers 19.7%Indirect bidders63.4%56.7%Direct bidders17.0%11.8%Primary dealers19.7%31.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.456.7
Direct bidders17.011.8
Primary dealers19.731.5

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$29,000,000,000
Bids received$78,612,577,600
Sold$31,544,209,100
Competitive bids accepted$28,996,179,500
Non-competitive bids accepted$3,836,200
Federal Reserve (SOMA) add-on$2,544,193,400
Foreign and international (FIMA) non-competitive$0
High yield, %0.653
Median rate, %0.611
Low rate, %0.500
Interest rate (coupon), %0.625
Bids at the high rate filled, %79.05
Bid-to-cover ratio2.62
Indirect bidders accepted$18,372,984,500
Direct bidders accepted$4,915,000,000
Primary dealers accepted$5,708,195,000
Indirect bidders' share, % (ours)63.4
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)19.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %0.67
High yield minus that point, basis points (ours)-1.7

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 ratio2.62Last 24 auctions2 of 2422 of 242.46
Bid-to-cover ratio2.62Since 7 May 200867 of 15079 of 1502.60
Bid-to-cover ratio2.62All 204 since 10 November 199979 of 204120 of 2042.56
High yield0.653Last 24 auctions24 of 240 of 241.966
High yield0.653Since 7 May 2008150 of 1500 of 1502.429
High yield0.653All 286 since 31 October 1979286 of 2860 of 2863.717
Indirect bidders' share63.4Last 24 auctions8 of 2416 of 2460.9
Indirect bidders' share63.4All 150 since 7 May 200825 of 150125 of 15052.1
Direct bidders' share17.0Last 24 auctions2 of 2422 of 2412.8
Direct bidders' share17.0All 150 since 7 May 200823 of 150127 of 15011.0
Primary dealers' share19.7Last 24 auctions23 of 241 of 2426.3
Primary dealers' share19.7All 150 since 7 May 2008143 of 1507 of 15035.2
High minus median, basis points4.2Last 24 auctions14 of 249 of 244.5
High minus median, basis points4.2Since 7 May 200880 of 15063 of 1504.4
High minus median, basis points4.2All 286 since 31 October 197993 of 286186 of 2863.6

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 8 July 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200708_3.pdf. Compiled by 500metrics, "10-year note auction of 8 July 2020 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2020-07-08.

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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