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10-year note auction of 10 January 2024 (reopening)

The 10-year note sold $37 billion at a high yield of 4.024% on , with a bid-to-cover ratio of 2.56.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.024%

Median yield 3.957%

Bid-to-cover

2.56

▲ +0.03 since 11 Dec

Sold

$37.00 billion

$37 billion offered

Indirect bidders

66.1%

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 10 February 2021 to 10 January 2024; the latest at 4.024%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.024%High yield at the last 36 10-year note auctions36 auctions from 10 February 2021 to 10 January 2024; the latest at 4.024%.1.0%2.0%3.0%4.0%5.0%2022202320244.024%

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
4.0242.56
4.2962.53
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.511 of 1210 of 12
High yield4.0243.9214 of 128 of 12
Indirect bidders' share66.166.77 of 125 of 12
Direct bidders' share18.719.78 of 124 of 12
Primary dealers' share15.115.15 of 127 of 12
High minus median, basis points6.77.810 of 122 of 12

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

Who bought the 10-year note?

Indirect bidders took 66.1% of the competitive bids accepted

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

Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 18.7%, Primary dealers 15.1%Indirect bidders66.1%63.8%Direct bidders18.7%18.9%Primary dealers15.1%17.3%Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 18.7%, Primary dealers 15.1%Indirect bidders66.1%63.8%Direct bidders18.7%18.9%Primary dealers15.1%17.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.163.8
Direct bidders18.718.9
Primary dealers15.117.3

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$37,000,000,000
Bids received$94,874,853,700
Sold$37,000,011,200
Competitive bids accepted$36,919,215,500
Non-competitive bids accepted$80,795,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.024
Median rate, %3.957
Low rate, %3.900
Interest rate (coupon), %4.500
Bids at the high rate filled, %44.07
Bid-to-cover ratio2.56
Indirect bidders accepted$24,408,058,000
Direct bidders accepted$6,918,000,000
Primary dealers accepted$5,593,157,500
Indirect bidders' share, % (ours)66.1
Direct bidders' share, % (ours)18.7
Primary dealers' share, % (ours)15.1
High minus median, basis points (ours)6.7
Treasury par yield curve, 10-year point, same day, %4.04
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 ratio2.56Last 24 auctions2 of 2421 of 242.46
Bid-to-cover ratio2.56Since 7 May 200895 of 19294 of 1922.56
Bid-to-cover ratio2.56All 246 since 10 November 1999109 of 246133 of 2462.53
High yield4.024Last 24 auctions5 of 2419 of 243.594
High yield4.024Since 7 May 20087 of 192185 of 1922.429
High yield4.024All 328 since 31 October 1979137 of 328191 of 3283.504
Indirect bidders' share66.1Last 24 auctions11 of 2413 of 2464.9
Indirect bidders' share66.1All 192 since 7 May 200832 of 192160 of 19256.8
Direct bidders' share18.7Last 24 auctions10 of 2414 of 2418.3
Direct bidders' share18.7All 192 since 7 May 200830 of 192162 of 19213.0
Primary dealers' share15.1Last 24 auctions13 of 2411 of 2416.8
Primary dealers' share15.1All 192 since 7 May 2008175 of 19217 of 19230.6
High minus median, basis points6.7Last 24 auctions20 of 244 of 248.0
High minus median, basis points6.7Since 7 May 200842 of 192150 of 1924.6
High minus median, basis points6.7All 328 since 31 October 197947 of 328281 of 3283.9

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 10 January 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240110_2.pdf. Compiled by 500metrics, "10-year note auction of 10 January 2024 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2024-01-10.

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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