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10-year note auction of 12 May 2021 (new issue)

The 10-year note sold $62.751 billion at a high yield of 1.684% on , with a bid-to-cover ratio of 2.45.

Coupon
1.625%
Announced
Issued
Matures

High yield

1.684%

Median yield 1.629%

Bid-to-cover

2.45

▲ +0.09 since 12 Apr

Sold

$62.75 billion

$41 billion offered

Indirect bidders

63.4%

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 8 August 2018 to 12 May 2021; the latest at 1.684%.0.0%1.0%2.0%3.0%4.0%2018201920202021This auction, 1.684%The high yield was the highest for a 10-year note since 8 January 202036 auctions from 8 August 2018 to 12 May 2021; the latest at 1.684%.0.5%1.0%1.5%2.0%2.5%2019202020211.684%

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
1.6842.45
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.384 of 128 of 12
High yield1.6840.8920 of 1212 of 12
Indirect bidders' share63.461.42 of 1210 of 12
Direct bidders' share17.114.73 of 129 of 12
Primary dealers' share19.523.012 of 120 of 12
High minus median, basis points5.55.03 of 129 of 12

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

  • Primary dealers' share: Lowest for a 10-year note since 8 March 2017 (51 auctions in between).

Who bought the 10-year note?

Indirect bidders took 63.4% of the competitive bids accepted

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

Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 17.1%, Primary dealers 19.5%Indirect bidders63.4%59.6%Direct bidders17.1%16.2%Primary dealers19.5%24.2%Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 17.1%, Primary dealers 19.5%Indirect bidders63.4%59.6%Direct bidders17.1%16.2%Primary dealers19.5%24.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.459.6
Direct bidders17.116.2
Primary dealers19.524.2

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$122,372,069,000
Sold$62,750,698,000
Competitive bids accepted$40,960,994,000
Non-competitive bids accepted$39,006,500
Federal Reserve (SOMA) add-on$21,750,697,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.684
Median rate, %1.629
Low rate, %0.880
Interest rate (coupon), %1.625
Bids at the high rate filled, %32.49
Bid-to-cover ratio2.45
Indirect bidders accepted$25,961,765,000
Direct bidders accepted$7,015,000,000
Primary dealers accepted$7,984,229,000
Indirect bidders' share, % (ours)63.4
Direct bidders' share, % (ours)17.1
Primary dealers' share, % (ours)19.5
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %1.69
High yield minus that point, basis points (ours)-0.6

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 ratio2.45Last 24 auctions9 of 2414 of 242.43
Bid-to-cover ratio2.45Since 7 May 2008117 of 16040 of 1602.59
Bid-to-cover ratio2.45All 214 since 10 November 1999137 of 21474 of 2142.55
High yield1.684Last 24 auctions6 of 2418 of 241.344
High yield1.684Since 7 May 2008135 of 16025 of 1602.356
High yield1.684All 296 since 31 October 1979271 of 29625 of 2963.584
Indirect bidders' share63.4Last 24 auctions3 of 2421 of 2460.1
Indirect bidders' share63.4All 160 since 7 May 200826 of 160134 of 16053.3
Direct bidders' share17.1Last 24 auctions4 of 2420 of 2414.4
Direct bidders' share17.1All 160 since 7 May 200826 of 160134 of 16011.4
Primary dealers' share19.5Last 24 auctions24 of 240 of 2425.0
Primary dealers' share19.5All 160 since 7 May 2008154 of 1606 of 16034.0
High minus median, basis points5.5Last 24 auctions6 of 2417 of 244.8
High minus median, basis points5.5Since 7 May 200836 of 160119 of 1604.4
High minus median, basis points5.5All 296 since 31 October 197943 of 296247 of 2963.6

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 May 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210512_2.pdf. Compiled by 500metrics, "10-year note auction of 12 May 2021 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2021-05-12.

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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