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10-year note auction of 12 September 2023 (reopening)

The 10-year note sold $35 billion at a high yield of 4.289% on , with a bid-to-cover ratio of 2.52.

Coupon
3.875%
Announced
Issued
Matures

High yield

4.289%

Median yield 4.229%

Bid-to-cover

2.52

▼ −0.04 since 9 Aug

Sold

$35.00 billion

$35 billion offered

Indirect bidders

66.3%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 7 November 2007

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 7 November 200736 auctions from 7 October 2020 to 12 September 2023; the latest at 4.289%.0.0%1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 4.289%The high yield was the highest for a 10-year note since 7 November 200736 auctions from 7 October 2020 to 12 September 2023; the latest at 4.289%.1.0%2.0%3.0%4.0%5.0%202220234.289%

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
4.2892.52
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.364 of 128 of 12
High yield4.2893.7080 of 1212 of 12
Indirect bidders' share66.362.65 of 127 of 12
Direct bidders' share19.919.13 of 129 of 12
Primary dealers' share13.817.48 of 124 of 12
High minus median, basis points6.08.412 of 120 of 12

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

  • High minus median, basis points: Lowest for a 10-year note since 9 February 2022 (18 auctions in between).

Who bought the 10-year note?

Indirect bidders took 66.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 August 2023

Indirect bidders took 66.3% of the competitive bids acceptedIndirect bidders 66.3%, Direct bidders 19.9%, Primary dealers 13.8%Indirect bidders66.3%72.2%Direct bidders19.9%18.3%Primary dealers13.8%9.5%Indirect bidders took 66.3% of the competitive bids acceptedIndirect bidders 66.3%, Direct bidders 19.9%, Primary dealers 13.8%Indirect bidders66.3%72.2%Direct bidders19.9%18.3%Primary dealers13.8%9.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.372.2
Direct bidders19.918.3
Primary dealers13.89.5

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 11-Month, reopening
Offering amount$35,000,000,000
Bids received$88,255,301,500
Sold$35,000,041,700
Competitive bids accepted$34,921,465,200
Non-competitive bids accepted$78,576,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.289
Median rate, %4.229
Low rate, %4.180
Interest rate (coupon), %3.875
Bids at the high rate filled, %86.57
Bid-to-cover ratio2.52
Indirect bidders accepted$23,157,725,000
Direct bidders accepted$6,955,740,200
Primary dealers accepted$4,808,000,000
Indirect bidders' share, % (ours)66.3
Direct bidders' share, % (ours)19.9
Primary dealers' share, % (ours)13.8
High minus median, basis points (ours)6.0
Treasury par yield curve, 10-year point, same day, %4.27
High yield minus that point, basis points (ours)1.9

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 ratio2.52Last 24 auctions8 of 2416 of 242.44
Bid-to-cover ratio2.52Since 7 May 2008109 of 18877 of 1882.57
Bid-to-cover ratio2.52All 242 since 10 November 1999126 of 242114 of 2422.53
High yield4.289Last 24 auctions0 of 2424 of 243.180
High yield4.289Since 7 May 20080 of 188188 of 1882.392
High yield4.289All 324 since 31 October 1979119 of 324205 of 3243.482
Indirect bidders' share66.3Last 24 auctions13 of 2411 of 2467.3
Indirect bidders' share66.3All 188 since 7 May 200827 of 188161 of 18856.7
Direct bidders' share19.9Last 24 auctions3 of 2421 of 2418.0
Direct bidders' share19.9All 188 since 7 May 200818 of 188170 of 18812.8
Primary dealers' share13.8Last 24 auctions13 of 2411 of 2415.1
Primary dealers' share13.8All 188 since 7 May 2008176 of 18812 of 18831.0
High minus median, basis points6.0Last 24 auctions21 of 243 of 248.0
High minus median, basis points6.0Since 7 May 200850 of 188136 of 1884.6
High minus median, basis points6.0All 324 since 31 October 197956 of 324265 of 3243.9

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 12 September 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230912_2.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2023 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2023-09-12.

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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