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10-year note auction of 10 November 2020 (new issue)

The 10-year note sold $52.242 billion at a high yield of 0.960% on , with a bid-to-cover ratio of 2.32.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.960%

Median yield 0.912%

Bid-to-cover

2.32

▼ −0.15 since 7 Oct

Sold

$52.24 billion

$41 billion offered

Indirect bidders

54.8%

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 7 February 2018 to 10 November 2020; the latest at 0.960%.0.0%1.0%2.0%3.0%4.0%201820192020This auction, 0.960%High yield at the last 36 10-year note auctions36 auctions from 7 February 2018 to 10 November 2020; the latest at 0.960%.0.0%1.0%2.0%3.0%201920200.960%

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
0.9602.32
0.7652.47
0.7042.30
0.6772.41
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.322.4410 of 122 of 12
High yield0.9600.8074 of 128 of 12
Indirect bidders' share54.861.212 of 120 of 12
Direct bidders' share13.114.49 of 123 of 12
Primary dealers' share32.024.20 of 1212 of 12
High minus median, basis points4.84.97 of 125 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 5 November 2019 (12 auctions in between).
  • Primary dealers' share: Highest for a 10-year note since 21 June 2019 (17 auctions in between).

Who bought the 10-year note?

Indirect bidders took 54.8% of the competitive bids accepted

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

Indirect bidders took 54.8% of the competitive bids acceptedIndirect bidders 54.8%, Direct bidders 13.1%, Primary dealers 32.0%Indirect bidders54.8%62.9%Direct bidders13.1%14.2%Primary dealers32.0%22.9%Indirect bidders took 54.8% of the competitive bids acceptedIndirect bidders 54.8%, Direct bidders 13.1%, Primary dealers 32.0%Indirect bidders54.8%62.9%Direct bidders13.1%14.2%Primary dealers32.0%22.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders54.862.9
Direct bidders13.114.2
Primary dealers32.022.9

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$41,000,000,000
Bids received$106,485,129,800
Sold$52,242,273,200
Competitive bids accepted$40,974,468,400
Non-competitive bids accepted$25,542,900
Federal Reserve (SOMA) add-on$11,242,261,900
Foreign and international (FIMA) non-competitive$0
High yield, %0.960
Median rate, %0.912
Low rate, %0.750
Interest rate (coupon), %0.875
Bids at the high rate filled, %41.37
Bid-to-cover ratio2.32
Indirect bidders accepted$22,471,180,400
Direct bidders accepted$5,380,205,500
Primary dealers accepted$13,123,082,500
Indirect bidders' share, % (ours)54.8
Direct bidders' share, % (ours)13.1
Primary dealers' share, % (ours)32.0
High minus median, basis points (ours)4.8
Treasury par yield curve, 10-year point, same day, %0.98
High yield minus that point, basis points (ours)-2.0

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 ratio2.32Last 24 auctions20 of 244 of 242.46
Bid-to-cover ratio2.32Since 7 May 2008139 of 15415 of 1542.59
Bid-to-cover ratio2.32All 208 since 10 November 1999165 of 20842 of 2082.56
High yield0.960Last 24 auctions16 of 248 of 241.704
High yield0.960Since 7 May 2008146 of 1548 of 1542.392
High yield0.960All 290 since 31 October 1979282 of 2908 of 2903.678
Indirect bidders' share54.8Last 24 auctions21 of 243 of 2460.1
Indirect bidders' share54.8All 154 since 7 May 200869 of 15485 of 15453.0
Direct bidders' share13.1Last 24 auctions13 of 2411 of 2413.3
Direct bidders' share13.1All 154 since 7 May 200857 of 15497 of 15411.2
Primary dealers' share32.0Last 24 auctions2 of 2422 of 2425.5
Primary dealers' share32.0All 154 since 7 May 200891 of 15463 of 15434.5
High minus median, basis points4.8Last 24 auctions12 of 2412 of 244.7
High minus median, basis points4.8Since 7 May 200857 of 15496 of 1544.4
High minus median, basis points4.8All 290 since 31 October 197969 of 290220 of 2903.6

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 10 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201110_1.pdf. Compiled by 500metrics, "10-year note auction of 10 November 2020 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2020-11-10.

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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