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10-year note auction of 10 February 2021 (new issue)

The 10-year note sold $55.874 billion at a high yield of 1.155% on , with a bid-to-cover ratio of 2.37.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.155%

Median yield 1.105%

Bid-to-cover

2.37

▼ −0.10 since 12 Jan

Sold

$55.87 billion

$41 billion offered

Indirect bidders

60.6%

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 9 May 2018 to 10 February 2021; the latest at 1.155%.0.0%1.0%2.0%3.0%4.0%2018201920202021This auction, 1.155%High yield at the last 36 10-year note auctions36 auctions from 9 May 2018 to 10 February 2021; the latest at 1.155%.0.5%1.0%1.5%2.0%2.5%2019202020211.155%

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
1.1552.37
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.427 of 125 of 12
High yield1.1550.8072 of 1210 of 12
Indirect bidders' share60.661.88 of 124 of 12
Direct bidders' share18.914.40 of 1212 of 12
Primary dealers' share20.523.59 of 123 of 12
High minus median, basis points5.04.84 of 127 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 (13 auctions in between).

Who bought the 10-year note?

Indirect bidders took 60.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 January 2021

Indirect bidders took 60.6% of the competitive bids acceptedIndirect bidders 60.6%, Direct bidders 18.9%, Primary dealers 20.5%Indirect bidders60.6%62.2%Direct bidders18.9%17.8%Primary dealers20.5%20.0%Indirect bidders took 60.6% of the competitive bids acceptedIndirect bidders 60.6%, Direct bidders 18.9%, Primary dealers 20.5%Indirect bidders60.6%62.2%Direct bidders18.9%17.8%Primary dealers20.5%20.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.662.2
Direct bidders18.917.8
Primary dealers20.520.0

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$111,858,824,600
Sold$55,873,973,800
Competitive bids accepted$40,976,823,200
Non-competitive bids accepted$23,219,900
Federal Reserve (SOMA) add-on$14,873,930,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.155
Median rate, %1.105
Low rate, %0.080
Interest rate (coupon), %1.125
Bids at the high rate filled, %32.14
Bid-to-cover ratio2.37
Indirect bidders accepted$24,836,683,200
Direct bidders accepted$7,753,035,000
Primary dealers accepted$8,387,105,000
Indirect bidders' share, % (ours)60.6
Direct bidders' share, % (ours)18.9
Primary dealers' share, % (ours)20.5
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %1.15
High yield minus that point, basis points (ours)0.5

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 ratio2.37Last 24 auctions17 of 247 of 242.44
Bid-to-cover ratio2.37Since 7 May 2008130 of 15725 of 1572.59
Bid-to-cover ratio2.37All 211 since 10 November 1999151 of 21158 of 2112.56
High yield1.155Last 24 auctions14 of 2410 of 241.606
High yield1.155Since 7 May 2008147 of 15710 of 1572.381
High yield1.155All 293 since 31 October 1979283 of 29310 of 2933.628
Indirect bidders' share60.6Last 24 auctions13 of 2411 of 2460.9
Indirect bidders' share60.6All 157 since 7 May 200844 of 157113 of 15753.2
Direct bidders' share18.9Last 24 auctions1 of 2423 of 2413.4
Direct bidders' share18.9All 157 since 7 May 200818 of 157139 of 15711.3
Primary dealers' share20.5Last 24 auctions20 of 244 of 2425.5
Primary dealers' share20.5All 157 since 7 May 2008146 of 15711 of 15734.2
High minus median, basis points5.0Last 24 auctions7 of 2416 of 244.8
High minus median, basis points5.0Since 7 May 200848 of 157104 of 1574.4
High minus median, basis points5.0All 293 since 31 October 197956 of 293230 of 2933.6

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 February 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210210_3.pdf. Compiled by 500metrics, "10-year note auction of 10 February 2021 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2021-02-10.

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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