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10-year note auction of 5 November 2024 (new issue)

The 10-year note sold $52.207 billion at a high yield of 4.347% on , with a bid-to-cover ratio of 2.58.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.347%

Median yield 4.290%

Bid-to-cover

2.58

▲ +0.10 since 9 Oct

Sold

$52.21 billion

$42 billion offered

Indirect bidders

61.7%

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 8 December 2021 to 5 November 2024; the latest at 4.347%.1.0%2.0%3.0%4.0%5.0%202220232024This auction, 4.347%High yield at the last 36 10-year note auctions36 auctions from 8 December 2021 to 5 November 2024; the latest at 4.347%.3.0%3.5%4.0%4.5%5.0%202320244.347%

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
4.3472.58
4.0662.48
3.6482.64
3.9602.32
4.2762.58
4.4382.67
4.4832.49
4.5602.34
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.522 of 129 of 12
High yield4.3474.2214 of 128 of 12
Indirect bidders' share61.766.912 of 120 of 12
Direct bidders' share23.616.00 of 1212 of 12
Primary dealers' share14.715.17 of 125 of 12
High minus median, basis points5.76.510 of 122 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 11 October 2023 (12 auctions in between).
  • Direct bidders' share: Highest for a 10-year note since 12 March 2014 (129 auctions in between).

Who bought the 10-year note?

Indirect bidders took 61.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 October 2024

Indirect bidders took 61.7% of the competitive bids acceptedIndirect bidders 61.7%, Direct bidders 23.6%, Primary dealers 14.7%Indirect bidders61.7%77.6%Direct bidders23.6%8.4%Primary dealers14.7%13.9%Indirect bidders took 61.7% of the competitive bids acceptedIndirect bidders 61.7%, Direct bidders 23.6%, Primary dealers 14.7%Indirect bidders61.7%77.6%Direct bidders23.6%8.4%Primary dealers14.7%13.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.777.6
Direct bidders23.68.4
Primary dealers14.713.9

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$118,607,775,700
Sold$52,207,159,000
Competitive bids accepted$41,821,963,300
Non-competitive bids accepted$178,052,500
Federal Reserve (SOMA) add-on$10,207,143,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.347
Median rate, %4.290
Low rate, %4.200
Interest rate (coupon), %4.250
Bids at the high rate filled, %47.22
Bid-to-cover ratio2.58
Indirect bidders accepted$25,785,580,000
Direct bidders accepted$9,879,001,300
Primary dealers accepted$6,157,382,000
Indirect bidders' share, % (ours)61.7
Direct bidders' share, % (ours)23.6
Primary dealers' share, % (ours)14.7
High minus median, basis points (ours)5.7
Treasury par yield curve, 10-year point, same day, %4.26
High yield minus that point, basis points (ours)8.7

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 ratio2.58Last 24 auctions3 of 2420 of 242.50
Bid-to-cover ratio2.58Since 7 May 200887 of 202107 of 2022.56
Bid-to-cover ratio2.58All 256 since 10 November 1999101 of 256147 of 2562.53
High yield4.347Last 24 auctions5 of 2419 of 244.045
High yield4.347Since 7 May 20085 of 202197 of 2022.482
High yield4.347All 338 since 31 October 1979123 of 338215 of 3383.616
Indirect bidders' share61.7Last 24 auctions21 of 243 of 2466.2
Indirect bidders' share61.7All 202 since 7 May 200876 of 202126 of 20257.5
Direct bidders' share23.6Last 24 auctions0 of 2424 of 2418.7
Direct bidders' share23.6All 202 since 7 May 20089 of 202193 of 20213.3
Primary dealers' share14.7Last 24 auctions14 of 2410 of 2415.1
Primary dealers' share14.7All 202 since 7 May 2008183 of 20219 of 20229.8
High minus median, basis points5.7Last 24 auctions22 of 242 of 247.4
High minus median, basis points5.7Since 7 May 200868 of 202132 of 2024.8
High minus median, basis points5.7All 338 since 31 October 197975 of 338261 of 3384.0

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 5 November 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241105_2.pdf. Compiled by 500metrics, "10-year note auction of 5 November 2024 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2024-11-05.

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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