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10-year note auction of 7 February 2024 (new issue)

The 10-year note sold $45.106 billion at a high yield of 4.093% on , with a bid-to-cover ratio of 2.56.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.093%

Median yield 4.037%

Bid-to-cover

2.56

▬ Unchanged since 10 Jan

Sold

$45.11 billion

$42 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 10 March 2021 to 7 February 2024; the latest at 4.093%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.093%High yield at the last 36 10-year note auctions36 auctions from 10 March 2021 to 7 February 2024; the latest at 4.093%.1.0%2.0%3.0%4.0%5.0%2022202320244.093%

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
4.0932.56
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.511 of 129 of 12
High yield4.0933.9924 of 128 of 12
Indirect bidders' share71.066.22 of 1210 of 12
Direct bidders' share16.119.710 of 122 of 12
Primary dealers' share13.015.19 of 123 of 12
High minus median, basis points5.67.812 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 (23 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, 10 January 2024

Indirect bidders took 71.0% of the competitive bids acceptedIndirect bidders 71.0%, Direct bidders 16.1%, Primary dealers 13.0%Indirect bidders71.0%66.1%Direct bidders16.1%18.7%Primary dealers13.0%15.1%Indirect bidders took 71.0% of the competitive bids acceptedIndirect bidders 71.0%, Direct bidders 16.1%, Primary dealers 13.0%Indirect bidders71.0%66.1%Direct bidders16.1%18.7%Primary dealers13.0%15.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.066.1
Direct bidders16.118.7
Primary dealers13.015.1

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$42,000,000,000
Bids received$110,505,124,500
Sold$45,106,262,000
Competitive bids accepted$41,818,857,500
Non-competitive bids accepted$181,194,400
Federal Reserve (SOMA) add-on$3,106,210,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.093
Median rate, %4.037
Low rate, %3.980
Interest rate (coupon), %4.000
Bids at the high rate filled, %19.64
Bid-to-cover ratio2.56
Indirect bidders accepted$29,677,040,000
Direct bidders accepted$6,712,161,500
Primary dealers accepted$5,429,656,000
Indirect bidders' share, % (ours)71.0
Direct bidders' share, % (ours)16.1
Primary dealers' share, % (ours)13.0
High minus median, basis points (ours)5.6
Treasury par yield curve, 10-year point, same day, %4.09
High yield minus that point, basis points (ours)0.3

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 2420 of 242.46
Bid-to-cover ratio2.56Since 7 May 200895 of 19394 of 1932.56
Bid-to-cover ratio2.56All 247 since 10 November 1999109 of 247133 of 2472.53
High yield4.093Last 24 auctions5 of 2419 of 243.619
High yield4.093Since 7 May 20086 of 193187 of 1932.439
High yield4.093All 329 since 31 October 1979134 of 329195 of 3293.510
Indirect bidders' share71.0Last 24 auctions4 of 2420 of 2465.2
Indirect bidders' share71.0All 193 since 7 May 200815 of 193178 of 19356.8
Direct bidders' share16.1Last 24 auctions20 of 244 of 2418.5
Direct bidders' share16.1All 193 since 7 May 200862 of 193131 of 19313.0
Primary dealers' share13.0Last 24 auctions18 of 246 of 2416.1
Primary dealers' share13.0All 193 since 7 May 2008184 of 1939 of 19330.6
High minus median, basis points5.6Last 24 auctions23 of 241 of 248.0
High minus median, basis points5.6Since 7 May 200863 of 193129 of 1934.6
High minus median, basis points5.6All 329 since 31 October 197970 of 329258 of 3293.9

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 7 February 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240207_2.pdf. Compiled by 500metrics, "10-year note auction of 7 February 2024 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2024-02-07.

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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