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10-year note auction of 8 November 2023 (new issue)

The 10-year note sold $40.761 billion at a high yield of 4.519% on , with a bid-to-cover ratio of 2.45.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.519%

Median yield 4.440%

Bid-to-cover

2.45

▼ −0.05 since 11 Oct

Sold

$40.76 billion

$40 billion offered

Indirect bidders

69.7%

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 December 2020 to 8 November 2023; the latest at 4.519%.0.0%1.0%2.0%3.0%4.0%5.0%202120222023This auction, 4.519%High yield at the last 36 10-year note auctions36 auctions from 9 December 2020 to 8 November 2023; the latest at 4.519%.1.0%2.0%3.0%4.0%5.0%202220234.519%

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
4.5192.45
4.6102.50
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.486 of 125 of 12
High yield4.5193.8241 of 1211 of 12
Indirect bidders' share69.764.62 of 1210 of 12
Direct bidders' share15.219.712 of 120 of 12
Primary dealers' share15.116.16 of 126 of 12
High minus median, basis points7.98.17 of 125 of 12

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

  • Direct bidders' share: Lowest for a 10-year note since 9 February 2022 (20 auctions in between).

Who bought the 10-year note?

Indirect bidders took 69.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 October 2023

Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 15.2%, Primary dealers 15.1%Indirect bidders69.7%60.3%Direct bidders15.2%20.9%Primary dealers15.1%18.7%Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 15.2%, Primary dealers 15.1%Indirect bidders69.7%60.3%Direct bidders15.2%20.9%Primary dealers15.1%18.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.760.3
Direct bidders15.220.9
Primary dealers15.118.7

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$40,000,000,000
Bids received$98,870,017,600
Sold$40,761,196,600
Competitive bids accepted$39,731,221,000
Non-competitive bids accepted$268,783,300
Federal Reserve (SOMA) add-on$761,192,300
Foreign and international (FIMA) non-competitive$0
High yield, %4.519
Median rate, %4.440
Low rate, %4.400
Interest rate (coupon), %4.500
Bids at the high rate filled, %35.97
Bid-to-cover ratio2.45
Indirect bidders accepted$27,703,020,000
Direct bidders accepted$6,028,022,000
Primary dealers accepted$6,000,179,000
Indirect bidders' share, % (ours)69.7
Direct bidders' share, % (ours)15.2
Primary dealers' share, % (ours)15.1
High minus median, basis points (ours)7.9
Treasury par yield curve, 10-year point, same day, %4.49
High yield minus that point, basis points (ours)2.9

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 ratio2.45Last 24 auctions11 of 2412 of 242.44
Bid-to-cover ratio2.45Since 7 May 2008132 of 19053 of 1902.56
Bid-to-cover ratio2.45All 244 since 10 November 1999152 of 24487 of 2442.53
High yield4.519Last 24 auctions1 of 2423 of 243.452
High yield4.519Since 7 May 20081 of 190189 of 1902.410
High yield4.519All 326 since 31 October 1979109 of 326216 of 3263.496
Indirect bidders' share69.7Last 24 auctions6 of 2418 of 2465.9
Indirect bidders' share69.7All 190 since 7 May 200817 of 190173 of 19056.8
Direct bidders' share15.2Last 24 auctions22 of 242 of 2418.1
Direct bidders' share15.2All 190 since 7 May 200867 of 190123 of 19012.9
Primary dealers' share15.1Last 24 auctions13 of 2411 of 2415.9
Primary dealers' share15.1All 190 since 7 May 2008174 of 19016 of 19030.7
High minus median, basis points7.9Last 24 auctions14 of 2410 of 248.0
High minus median, basis points7.9Since 7 May 200823 of 190167 of 1904.6
High minus median, basis points7.9All 326 since 31 October 197925 of 326301 of 3263.9

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 8 November 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231108_2.pdf. Compiled by 500metrics, "10-year note auction of 8 November 2023 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2023-11-08.

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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