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10-year note auction of 9 August 2023 (new issue)

The 10-year note sold $52.216 billion at a high yield of 3.999% on , with a bid-to-cover ratio of 2.56.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.999%

Median yield 3.922%

Bid-to-cover

2.56

▲ +0.03 since 12 Jul

Sold

$52.22 billion

$38 billion offered

Indirect bidders

72.2%

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 9 September 2020 to 9 August 2023; the latest at 3.999%.0.0%1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.999%High yield at the last 36 10-year note auctions36 auctions from 9 September 2020 to 9 August 2023; the latest at 3.999%.1.0%2.0%3.0%4.0%5.0%202220233.999%

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
3.9992.56
3.8572.53
3.7912.36
3.4482.45
3.4552.36
3.9852.35
3.6132.66
3.5752.53
3.6252.31
4.1402.23
3.9302.34
3.3302.37
2.7552.53
2.9602.34
3.0302.41
2.9432.49
2.7202.43
1.9202.47
1.9042.68
1.7232.51
1.5182.43
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.361 of 1211 of 12
High yield3.9993.6191 of 1211 of 12
Indirect bidders' share72.262.62 of 1210 of 12
Direct bidders' share18.319.17 of 125 of 12
Primary dealers' share9.517.411 of 121 of 12
High minus median, basis points7.78.48 of 123 of 12

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

Who bought the 10-year note?

Indirect bidders took 72.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 July 2023

Indirect bidders took 72.2% of the competitive bids acceptedIndirect bidders 72.2%, Direct bidders 18.3%, Primary dealers 9.5%Indirect bidders72.2%67.7%Direct bidders18.3%19.9%Primary dealers9.5%12.4%Indirect bidders took 72.2% of the competitive bids acceptedIndirect bidders 72.2%, Direct bidders 18.3%, Primary dealers 9.5%Indirect bidders72.2%67.7%Direct bidders18.3%19.9%Primary dealers9.5%12.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders72.267.7
Direct bidders18.319.9
Primary dealers9.512.4

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$38,000,000,000
Bids received$111,381,199,800
Sold$52,216,310,300
Competitive bids accepted$37,866,146,900
Non-competitive bids accepted$133,873,900
Federal Reserve (SOMA) add-on$14,216,289,500
Foreign and international (FIMA) non-competitive$0
High yield, %3.999
Median rate, %3.922
Low rate, %3.880
Interest rate (coupon), %3.875
Bids at the high rate filled, %9.47
Bid-to-cover ratio2.56
Indirect bidders accepted$27,338,241,400
Direct bidders accepted$6,928,750,000
Primary dealers accepted$3,599,155,500
Indirect bidders' share, % (ours)72.2
Direct bidders' share, % (ours)18.3
Primary dealers' share, % (ours)9.5
High minus median, basis points (ours)7.7
Treasury par yield curve, 10-year point, same day, %4.00
High yield minus that point, basis points (ours)-0.1

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 ratio2.56Last 24 auctions5 of 2419 of 242.44
Bid-to-cover ratio2.56Since 7 May 200895 of 18790 of 1872.57
Bid-to-cover ratio2.56All 241 since 10 November 1999109 of 241129 of 2412.53
High yield3.999Last 24 auctions1 of 2423 of 242.995
High yield3.999Since 7 May 20083 of 187184 of 1872.384
High yield3.999All 323 since 31 October 1979133 of 323190 of 3233.470
Indirect bidders' share72.2Last 24 auctions4 of 2420 of 2467.3
Indirect bidders' share72.2All 187 since 7 May 20087 of 187180 of 18756.6
Direct bidders' share18.3Last 24 auctions8 of 2416 of 2417.9
Direct bidders' share18.3All 187 since 7 May 200829 of 187158 of 18712.8
Primary dealers' share9.5Last 24 auctions22 of 242 of 2415.1
Primary dealers' share9.5All 187 since 7 May 2008185 of 1872 of 18731.2
High minus median, basis points7.7Last 24 auctions13 of 2410 of 248.0
High minus median, basis points7.7Since 7 May 200823 of 187162 of 1874.5
High minus median, basis points7.7All 323 since 31 October 197925 of 323296 of 3233.9

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 August 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230809_2.pdf. Compiled by 500metrics, "10-year note auction of 9 August 2023 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2023-08-09.

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

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