500metrics

All sources checked Checked

10-year note auction of 11 August 2021 (new issue)

The 10-year note sold $59.292 billion at a high yield of 1.340% on , with a bid-to-cover ratio of 2.65.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.340%

Median yield 1.315%

Bid-to-cover

2.65

▲ +0.26 since 12 Jul

Sold

$59.29 billion

$41 billion offered

Indirect bidders

77.2%

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 6 November 2018 to 11 August 2021; the latest at 1.340%.0.0%1.0%2.0%3.0%4.0%201920202021This auction, 1.340%High yield at the last 36 10-year note auctions36 auctions from 6 November 2018 to 11 August 2021; the latest at 1.340%.0.5%1.0%1.5%2.0%202020211.340%

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
1.3402.65
1.3712.39
1.4972.58
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.652.380 of 1212 of 12
High yield1.3401.1605 of 127 of 12
Indirect bidders' share77.262.30 of 1212 of 12
Direct bidders' share13.116.712 of 120 of 12
Primary dealers' share9.621.712 of 120 of 12
High minus median, basis points2.55.212 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 10-year note since 12 May 2020 (14 auctions in between).
  • Indirect bidders' share: Highest of all 163 earlier 10-year note auctions we hold.
  • Direct bidders' share: Lowest for a 10-year note since 9 June 2020 (13 auctions in between).
  • Primary dealers' share: Lowest of all 163 earlier 10-year note auctions we hold.
  • High minus median, basis points: Lowest for a 10-year note since 21 June 2019 (26 auctions in between).

Who bought the 10-year note?

Indirect bidders took 77.2% of the competitive bids accepted

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

Indirect bidders took 77.2% of the competitive bids acceptedIndirect bidders 77.2%, Direct bidders 13.1%, Primary dealers 9.6%Indirect bidders77.2%63.5%Direct bidders13.1%17.5%Primary dealers9.6%19.0%Indirect bidders took 77.2% of the competitive bids acceptedIndirect bidders 77.2%, Direct bidders 13.1%, Primary dealers 9.6%Indirect bidders77.2%63.5%Direct bidders13.1%17.5%Primary dealers9.6%19.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.263.5
Direct bidders13.117.5
Primary dealers9.619.0

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$126,818,161,500
Sold$59,291,870,300
Competitive bids accepted$40,984,628,800
Non-competitive bids accepted$15,437,600
Federal Reserve (SOMA) add-on$18,291,803,900
Foreign and international (FIMA) non-competitive$0
High yield, %1.340
Median rate, %1.315
Low rate, %0.880
Interest rate (coupon), %1.250
Bids at the high rate filled, %90.39
Bid-to-cover ratio2.65
Indirect bidders accepted$31,659,957,400
Direct bidders accepted$5,377,000,000
Primary dealers accepted$3,947,671,400
Indirect bidders' share, % (ours)77.2
Direct bidders' share, % (ours)13.1
Primary dealers' share, % (ours)9.6
High minus median, basis points (ours)2.5
Treasury par yield curve, 10-year point, same day, %1.35
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 ratio2.65Last 24 auctions1 of 2423 of 242.43
Bid-to-cover ratio2.65Since 7 May 200863 of 16399 of 1632.58
Bid-to-cover ratio2.65All 217 since 10 November 199973 of 217143 of 2172.55
High yield1.340Last 24 auctions12 of 2412 of 241.268
High yield1.340Since 7 May 2008151 of 16312 of 1632.342
High yield1.340All 299 since 31 October 1979287 of 29912 of 2993.510
Indirect bidders' share77.2Last 24 auctions0 of 2424 of 2461.2
Indirect bidders' share77.2All 163 since 7 May 20080 of 163163 of 16353.6
Direct bidders' share13.1Last 24 auctions19 of 245 of 2414.8
Direct bidders' share13.1All 163 since 7 May 200866 of 16397 of 16311.6
Primary dealers' share9.6Last 24 auctions24 of 240 of 2424.0
Primary dealers' share9.6All 163 since 7 May 2008163 of 1630 of 16334.0
High minus median, basis points2.5Last 24 auctions24 of 240 of 245.0
High minus median, basis points2.5Since 7 May 2008152 of 1639 of 1634.5
High minus median, basis points2.5All 299 since 31 October 1979199 of 29992 of 2993.7

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 11 August 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210811_2.pdf. Compiled by 500metrics, "10-year note auction of 11 August 2021 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2021-08-11.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.