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

The 10-year note sold $43.834 billion at a high yield of 1.680% on , with a bid-to-cover ratio of 2.36.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.680%

Median yield 1.620%

Bid-to-cover

2.36

▼ −0.02 since 10 Mar

Sold

$43.83 billion

$38 billion offered

Indirect bidders

59.6%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 8 January 2020

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 8 January 202036 auctions from 11 July 2018 to 12 April 2021; the latest at 1.680%.0.0%1.0%2.0%3.0%4.0%2018201920202021This auction, 1.680%The high yield was the highest for a 10-year note since 8 January 202036 auctions from 11 July 2018 to 12 April 2021; the latest at 1.680%.0.5%1.0%1.5%2.0%2.5%2019202020211.680%

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
1.6802.36
1.5232.38
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.408 of 124 of 12
High yield1.6800.8070 of 1212 of 12
Indirect bidders' share59.661.47 of 125 of 12
Direct bidders' share16.214.74 of 128 of 12
Primary dealers' share24.223.05 of 127 of 12
High minus median, basis points6.05.01 of 1211 of 12

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

Who bought the 10-year note?

Indirect bidders took 59.6% of the competitive bids accepted

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

Indirect bidders took 59.6% of the competitive bids acceptedIndirect bidders 59.6%, Direct bidders 16.2%, Primary dealers 24.2%Indirect bidders59.6%56.8%Direct bidders16.2%17.8%Primary dealers24.2%25.4%Indirect bidders took 59.6% of the competitive bids acceptedIndirect bidders 59.6%, Direct bidders 16.2%, Primary dealers 24.2%Indirect bidders59.6%56.8%Direct bidders16.2%17.8%Primary dealers24.2%25.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.656.8
Direct bidders16.217.8
Primary dealers24.225.4

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$95,405,599,100
Sold$43,833,656,700
Competitive bids accepted$37,986,519,600
Non-competitive bids accepted$13,500,000
Federal Reserve (SOMA) add-on$5,833,637,100
Foreign and international (FIMA) non-competitive$0
High yield, %1.680
Median rate, %1.620
Low rate, %0.080
Interest rate (coupon), %1.125
Bids at the high rate filled, %19.14
Bid-to-cover ratio2.36
Indirect bidders accepted$22,640,766,600
Direct bidders accepted$6,160,000,000
Primary dealers accepted$9,185,753,000
Indirect bidders' share, % (ours)59.6
Direct bidders' share, % (ours)16.2
Primary dealers' share, % (ours)24.2
High minus median, basis points (ours)6.0
Treasury par yield curve, 10-year point, same day, %1.69
High yield minus that point, basis points (ours)-1.0

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 ratio2.36Last 24 auctions18 of 245 of 242.43
Bid-to-cover ratio2.36Since 7 May 2008134 of 15924 of 1592.59
Bid-to-cover ratio2.36All 213 since 10 November 1999155 of 21356 of 2132.55
High yield1.680Last 24 auctions7 of 2417 of 241.344
High yield1.680Since 7 May 2008135 of 15923 of 1592.365
High yield1.680All 295 since 31 October 1979271 of 29523 of 2953.620
Indirect bidders' share59.6Last 24 auctions13 of 2411 of 2460.7
Indirect bidders' share59.6All 159 since 7 May 200849 of 159110 of 15953.3
Direct bidders' share16.2Last 24 auctions6 of 2418 of 2413.9
Direct bidders' share16.2All 159 since 7 May 200833 of 159126 of 15911.4
Primary dealers' share24.2Last 24 auctions14 of 2410 of 2425.0
Primary dealers' share24.2All 159 since 7 May 2008133 of 15926 of 15934.1
High minus median, basis points6.0Last 24 auctions3 of 2421 of 244.8
High minus median, basis points6.0Since 7 May 200829 of 159129 of 1594.4
High minus median, basis points6.0All 295 since 31 October 197935 of 295258 of 2953.6

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 April 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210412_4.pdf. Compiled by 500metrics, "10-year note auction of 12 April 2021 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2021-04-12.

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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