500metrics

All sources checked Checked

10-year note auction of 9 November 2021 (new issue)

The 10-year note sold $61.56 billion at a high yield of 1.444% on , with a bid-to-cover ratio of 2.35.

Coupon
1.375%
Announced
Issued
Matures

High yield

1.444%

Median yield 1.370%

Bid-to-cover

2.35

▼ −0.23 since 12 Oct

Sold

$61.56 billion

$39 billion offered

Indirect bidders

71.0%

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 February 2019 to 9 November 2021; the latest at 1.444%.0.0%1.0%2.0%3.0%201920202021This auction, 1.444%High yield at the last 36 10-year note auctions36 auctions from 6 February 2019 to 9 November 2021; the latest at 1.444%.0.5%1.0%1.5%2.0%202020211.444%

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
1.4442.35
1.5842.58
1.3382.59
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.4210 of 122 of 12
High yield1.4441.3565 of 127 of 12
Indirect bidders' share71.062.83 of 129 of 12
Direct bidders' share13.817.310 of 122 of 12
Primary dealers' share15.219.79 of 123 of 12
High minus median, basis points7.45.00 of 1212 of 12

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

  • High minus median, basis points: Highest for a 10-year note since 11 March 2020 (19 auctions in between).

Who bought the 10-year note?

Indirect bidders took 71.0% of the competitive bids accepted

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

Indirect bidders took 71.0% of the competitive bids acceptedIndirect bidders 71.0%, Direct bidders 13.8%, Primary dealers 15.2%Indirect bidders71.0%71.1%Direct bidders13.8%17.7%Primary dealers15.2%11.2%Indirect bidders took 71.0% of the competitive bids acceptedIndirect bidders 71.0%, Direct bidders 13.8%, Primary dealers 15.2%Indirect bidders71.0%71.1%Direct bidders13.8%17.7%Primary dealers15.2%11.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.071.1
Direct bidders13.817.7
Primary dealers15.211.2

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$39,000,000,000
Bids received$114,381,473,900
Sold$61,559,787,100
Competitive bids accepted$38,978,888,200
Non-competitive bids accepted$21,121,300
Federal Reserve (SOMA) add-on$22,559,777,600
Foreign and international (FIMA) non-competitive$0
High yield, %1.444
Median rate, %1.370
Low rate, %1.337
Interest rate (coupon), %1.375
Bids at the high rate filled, %66.22
Bid-to-cover ratio2.35
Indirect bidders accepted$27,678,333,200
Direct bidders accepted$5,381,000,000
Primary dealers accepted$5,919,555,000
Indirect bidders' share, % (ours)71.0
Direct bidders' share, % (ours)13.8
Primary dealers' share, % (ours)15.2
High minus median, basis points (ours)7.4
Treasury par yield curve, 10-year point, same day, %1.46
High yield minus that point, basis points (ours)-1.6

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 ratio2.35Last 24 auctions20 of 244 of 242.44
Bid-to-cover ratio2.35Since 7 May 2008142 of 16621 of 1662.58
Bid-to-cover ratio2.35All 220 since 10 November 1999164 of 22052 of 2202.56
High yield1.444Last 24 auctions9 of 2415 of 241.251
High yield1.444Since 7 May 2008151 of 16615 of 1662.332
High yield1.444All 302 since 31 October 1979287 of 30215 of 3023.504
Indirect bidders' share71.0Last 24 auctions3 of 2421 of 2462.3
Indirect bidders' share71.0All 166 since 7 May 20089 of 166157 of 16654.1
Direct bidders' share13.8Last 24 auctions17 of 247 of 2415.4
Direct bidders' share13.8All 166 since 7 May 200857 of 166109 of 16611.8
Primary dealers' share15.2Last 24 auctions21 of 243 of 2423.0
Primary dealers' share15.2All 166 since 7 May 2008161 of 1665 of 16633.8
High minus median, basis points7.4Last 24 auctions1 of 2423 of 245.0
High minus median, basis points7.4Since 7 May 200813 of 166153 of 1664.4
High minus median, basis points7.4All 302 since 31 October 197916 of 302286 of 3023.7

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 9 November 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211109_1.pdf. Compiled by 500metrics, "10-year note auction of 9 November 2021 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2021-11-09.

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.