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10-year note auction of 12 January 2021 (reopening)

The 10-year note sold $41.82 billion at a high yield of 1.164% on , with a bid-to-cover ratio of 2.47.

Coupon
0.875%
Announced
Issued
Matures

High yield

1.164%

Median yield 1.120%

Bid-to-cover

2.47

▲ +0.14 since 9 Dec

Sold

$41.82 billion

$38 billion offered

Indirect bidders

62.2%

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 11 April 2018 to 12 January 2021; the latest at 1.164%.0.0%1.0%2.0%3.0%4.0%2018201920202021This auction, 1.164%High yield at the last 36 10-year note auctions36 auctions from 11 April 2018 to 12 January 2021; the latest at 1.164%.0.5%1.0%1.5%2.0%2.5%2019202020211.164%

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
1.1642.47
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.423 of 128 of 12
High yield1.1640.8072 of 1210 of 12
Indirect bidders' share62.261.25 of 127 of 12
Direct bidders' share17.814.40 of 1212 of 12
Primary dealers' share20.025.510 of 122 of 12
High minus median, basis points4.44.910 of 122 of 12

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

  • Direct bidders' share: Highest for a 10-year note since 10 December 2019 (12 auctions in between).

Who bought the 10-year note?

Indirect bidders took 62.2% of the competitive bids accepted

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

Indirect bidders took 62.2% of the competitive bids acceptedIndirect bidders 62.2%, Direct bidders 17.8%, Primary dealers 20.0%Indirect bidders62.2%62.3%Direct bidders17.8%14.7%Primary dealers20.0%23.0%Indirect bidders took 62.2% of the competitive bids acceptedIndirect bidders 62.2%, Direct bidders 17.8%, Primary dealers 20.0%Indirect bidders62.2%62.3%Direct bidders17.8%14.7%Primary dealers20.0%23.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.262.3
Direct bidders17.814.7
Primary dealers20.023.0

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$38,000,000,000
Bids received$97,525,641,000
Sold$41,819,991,000
Competitive bids accepted$37,991,685,000
Non-competitive bids accepted$8,318,800
Federal Reserve (SOMA) add-on$3,819,987,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.164
Median rate, %1.120
Low rate, %0.961
Interest rate (coupon), %0.875
Bids at the high rate filled, %89.00
Bid-to-cover ratio2.47
Indirect bidders accepted$23,648,435,000
Direct bidders accepted$6,749,600,000
Primary dealers accepted$7,593,650,000
Indirect bidders' share, % (ours)62.2
Direct bidders' share, % (ours)17.8
Primary dealers' share, % (ours)20.0
High minus median, basis points (ours)4.4
Treasury par yield curve, 10-year point, same day, %1.15
High yield minus that point, basis points (ours)1.4

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 ratio2.47Last 24 auctions9 of 2414 of 242.44
Bid-to-cover ratio2.47Since 7 May 2008112 of 15642 of 1562.59
Bid-to-cover ratio2.47All 210 since 10 November 1999132 of 21076 of 2102.56
High yield1.164Last 24 auctions14 of 2410 of 241.626
High yield1.164Since 7 May 2008146 of 15610 of 1562.382
High yield1.164All 292 since 31 October 1979282 of 29210 of 2923.646
Indirect bidders' share62.2Last 24 auctions10 of 2414 of 2460.9
Indirect bidders' share62.2All 156 since 7 May 200834 of 156122 of 15653.1
Direct bidders' share17.8Last 24 auctions1 of 2423 of 2413.3
Direct bidders' share17.8All 156 since 7 May 200820 of 156136 of 15611.3
Primary dealers' share20.0Last 24 auctions21 of 243 of 2425.5
Primary dealers' share20.0All 156 since 7 May 2008147 of 1569 of 15634.3
High minus median, basis points4.4Last 24 auctions14 of 2410 of 244.8
High minus median, basis points4.4Since 7 May 200876 of 15675 of 1564.4
High minus median, basis points4.4All 292 since 31 October 197989 of 292198 of 2923.6

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 12 January 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210112_3.pdf. Compiled by 500metrics, "10-year note auction of 12 January 2021 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2021-01-12.

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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