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

The 10-year note sold $39.619 billion at a high yield of 0.951% on , with a bid-to-cover ratio of 2.33.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.951%

Median yield 0.904%

Bid-to-cover

2.33

▲ +0.01 since 10 Nov

Sold

$39.62 billion

$38 billion offered

Indirect bidders

62.3%

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 March 2018 to 9 December 2020; the latest at 0.951%.0.0%1.0%2.0%3.0%4.0%201820192020This auction, 0.951%High yield at the last 36 10-year note auctions36 auctions from 12 March 2018 to 9 December 2020; the latest at 0.951%.0.5%1.0%1.5%2.0%2.5%3.0%201920200.951%

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
0.9512.33
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.439 of 123 of 12
High yield0.9510.8074 of 128 of 12
Indirect bidders' share62.360.14 of 128 of 12
Direct bidders' share14.714.45 of 127 of 12
Primary dealers' share23.025.88 of 124 of 12
High minus median, basis points4.74.98 of 124 of 12

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

Who bought the 10-year note?

Indirect bidders took 62.3% of the competitive bids accepted

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

Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 14.7%, Primary dealers 23.0%Indirect bidders62.3%54.8%Direct bidders14.7%13.1%Primary dealers23.0%32.0%Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 14.7%, Primary dealers 23.0%Indirect bidders62.3%54.8%Direct bidders14.7%13.1%Primary dealers23.0%32.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.354.8
Direct bidders14.713.1
Primary dealers23.032.0

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$38,000,000,000
Bids received$90,118,342,500
Sold$39,618,559,500
Competitive bids accepted$37,994,217,000
Non-competitive bids accepted$5,800,100
Federal Reserve (SOMA) add-on$1,618,542,400
Foreign and international (FIMA) non-competitive$0
High yield, %0.951
Median rate, %0.904
Low rate, %0.080
Interest rate (coupon), %0.875
Bids at the high rate filled, %88.79
Bid-to-cover ratio2.33
Indirect bidders accepted$23,672,548,000
Direct bidders accepted$5,587,000,000
Primary dealers accepted$8,734,669,000
Indirect bidders' share, % (ours)62.3
Direct bidders' share, % (ours)14.7
Primary dealers' share, % (ours)23.0
High minus median, basis points (ours)4.7
Treasury par yield curve, 10-year point, same day, %0.95
High yield minus that point, basis points (ours)0.1

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 ratio2.33Last 24 auctions19 of 245 of 242.44
Bid-to-cover ratio2.33Since 7 May 2008136 of 15516 of 1552.59
Bid-to-cover ratio2.33All 209 since 10 November 1999161 of 20944 of 2092.56
High yield0.951Last 24 auctions16 of 248 of 241.650
High yield0.951Since 7 May 2008147 of 1558 of 1552.384
High yield0.951All 291 since 31 October 1979283 of 2918 of 2913.665
Indirect bidders' share62.3Last 24 auctions9 of 2415 of 2460.1
Indirect bidders' share62.3All 155 since 7 May 200833 of 155122 of 15553.0
Direct bidders' share14.7Last 24 auctions6 of 2418 of 2413.2
Direct bidders' share14.7All 155 since 7 May 200841 of 155114 of 15511.3
Primary dealers' share23.0Last 24 auctions17 of 247 of 2426.8
Primary dealers' share23.0All 155 since 7 May 2008134 of 15521 of 15534.4
High minus median, basis points4.7Last 24 auctions13 of 2411 of 244.8
High minus median, basis points4.7Since 7 May 200859 of 15595 of 1554.4
High minus median, basis points4.7All 291 since 31 October 197971 of 291219 of 2913.6

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 9 December 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201209_3.pdf. Compiled by 500metrics, "10-year note auction of 9 December 2020 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2020-12-09.

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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