500metrics

All sources checked Checked

10-year note auction of 12 March 2024 (reopening)

The 10-year note sold $39 billion at a high yield of 4.166% on , with a bid-to-cover ratio of 2.51.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.166%

Median yield 4.100%

Bid-to-cover

2.51

▼ −0.05 since 7 Feb

Sold

$39.00 billion

$39 billion offered

Indirect bidders

64.3%

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 12 April 2021 to 12 March 2024; the latest at 4.166%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.166%High yield at the last 36 10-year note auctions36 auctions from 12 April 2021 to 12 March 2024; the latest at 4.166%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320244.166%

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
4.1662.51
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.516 of 126 of 12
High yield4.1664.0124 of 128 of 12
Indirect bidders' share64.366.27 of 125 of 12
Direct bidders' share18.619.79 of 123 of 12
Primary dealers' share17.115.15 of 127 of 12
High minus median, basis points6.67.810 of 122 of 12

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

Who bought the 10-year note?

Indirect bidders took 64.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 7 February 2024

Indirect bidders took 64.3% of the competitive bids acceptedIndirect bidders 64.3%, Direct bidders 18.6%, Primary dealers 17.1%Indirect bidders64.3%71.0%Direct bidders18.6%16.1%Primary dealers17.1%13.0%Indirect bidders took 64.3% of the competitive bids acceptedIndirect bidders 64.3%, Direct bidders 18.6%, Primary dealers 17.1%Indirect bidders64.3%71.0%Direct bidders18.6%16.1%Primary dealers17.1%13.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.371.0
Direct bidders18.616.1
Primary dealers17.113.0

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$39,000,000,000
Bids received$97,974,119,200
Sold$39,000,004,400
Competitive bids accepted$38,924,270,200
Non-competitive bids accepted$75,734,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.166
Median rate, %4.100
Low rate, %4.030
Interest rate (coupon), %4.000
Bids at the high rate filled, %31.12
Bid-to-cover ratio2.51
Indirect bidders accepted$25,024,385,000
Direct bidders accepted$7,258,000,000
Primary dealers accepted$6,641,885,200
Indirect bidders' share, % (ours)64.3
Direct bidders' share, % (ours)18.6
Primary dealers' share, % (ours)17.1
High minus median, basis points (ours)6.6
Treasury par yield curve, 10-year point, same day, %4.16
High yield minus that point, basis points (ours)0.6

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 ratio2.51Last 24 auctions9 of 2415 of 242.46
Bid-to-cover ratio2.51Since 7 May 2008115 of 19476 of 1942.56
Bid-to-cover ratio2.51All 248 since 10 November 1999132 of 248113 of 2482.53
High yield4.166Last 24 auctions4 of 2420 of 243.708
High yield4.166Since 7 May 20085 of 194189 of 1942.450
High yield4.166All 330 since 31 October 1979129 of 330201 of 3303.510
Indirect bidders' share64.3Last 24 auctions13 of 2411 of 2465.2
Indirect bidders' share64.3All 194 since 7 May 200846 of 194148 of 19456.9
Direct bidders' share18.6Last 24 auctions12 of 2412 of 2418.5
Direct bidders' share18.6All 194 since 7 May 200832 of 194162 of 19413.1
Primary dealers' share17.1Last 24 auctions11 of 2413 of 2416.1
Primary dealers' share17.1All 194 since 7 May 2008171 of 19423 of 19430.3
High minus median, basis points6.6Last 24 auctions20 of 244 of 248.0
High minus median, basis points6.6Since 7 May 200843 of 194151 of 1944.6
High minus median, basis points6.6All 330 since 31 October 197948 of 330282 of 3303.9

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 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240312_2.pdf. Compiled by 500metrics, "10-year note auction of 12 March 2024 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2024-03-12.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.