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Treasury auctions · 9-Year 10-Month Note, reopening

10-year note auction of 9 April 2009 (reopening)

The 10-year note sold $18.287 billion at a high yield of 2.950% on , with a bid-to-cover ratio of 2.49.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 11 Aug 2005 to 9 Apr 2009
High yield at each 10-year note auction, 8 May 2007 to 9 Apr 2009

Bid-to-cover ratio at each 10-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 10-year note auction, 11 Aug 2005 to 9 Apr 2009
Bid-to-cover ratio at each 10-year note auction, 8 May 2007 to 9 Apr 2009

Who bought the 10-year note of 9 Apr 2009

Shares of the competitive bids accepted

  • Indirect bidders 23.7%
  • Direct bidders 4.3%
  • Primary dealers 72.0%
This auction, 9 Apr 2009
  • Indirect bidders 23.9%
  • Direct bidders 3.1%
  • Primary dealers 73.0%
The 10-year note auction before, 11 Mar 2009

Each point is one 10-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders23.7%
Inspect and compare dates
High yield and bid-to-cover of the last 36 10-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
2.9502.49
3.0432.14
2.8182.21
2.4192.59
2.6702.44
3.7832.20
3.7902.31
3.2282.37
3.4402.11
3.3101.22
3.6282.51
4.0752.61
4.2252.33
3.9372.21
3.5101.79
3.6202.34
4.1642.23
4.3532.34
4.4932.95
4.8552.30
5.2302.55
4.6122.30
4.5232.64
4.7402.41
4.5802.48
4.6272.21
4.8102.91
4.9302.23
4.9752.73
5.1402.53
4.7602.87
4.5402.32
4.4902.19
4.5782.24
4.1342.68
4.3502.59

Observed .

Right now

The high yield was 2.950% on 9 April 2009, down from 3.043% at the auction before.

Higher than 3 of the 13 since 7 May 2008

Its own history

The direct bidders' share was higher than 11 of the previous 12 10-year note auctions.

The high yield was higher than 3 of the previous 24 10-year note auctions.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 23.7%
  • Direct bidders 4.3%
  • Primary dealers 72.0%

Size

Treasury sold $18.287 billion of the $18 billion offered.

Bids received came to $45.178 billion; the bid-to-cover ratio was 2.49.

Its bid-to-cover of 2.49 compares with the 24 auctions before it: lowest 1.79 on , highest 2.95 on ; 60.3% of the way from the low to the high.

2.49

Low 1.79 Midpoint 2.370 High 2.95

The security9-Year 10-Month, reopening

Coupon
2.750%
Announced
Issued
Matures

It adds to the debt that matures in February 2019.

Understanding this result

Where it stands today

The high yield was 2.950% at this 10-year note auction, the median yield 2.879% and a bid-to-cover ratio of 2.49.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$18,000,000,000
Bids received$45,178,327,400
Sold$18,286,532,200
Competitive bids accepted$17,879,604,800
Non-competitive bids accepted$20,452,900
Federal Reserve (SOMA) add-on$286,474,500
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %2.950
Median rate, %2.879
Low rate, %2.550
Interest rate (coupon), %2.750
Bids at the high rate filled, %33.44
Bid-to-cover ratio2.49
Indirect bidders accepted$4,236,580,800
Direct bidders accepted$770,000,000
Primary dealers accepted$12,873,024,000
Indirect bidders' share, % (ours)23.7
Direct bidders' share, % (ours)4.3
Primary dealers' share, % (ours)72.0
High minus median, basis points (ours)7.1
Treasury par yield curve, 10-year point, same day, %2.96
High yield minus that point, basis points (ours)-1.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.323 of 129 of 12
High yield2.9503.3759 of 123 of 12
Indirect bidders' share23.725.17 of 125 of 12
Direct bidders' share4.30.51 of 1211 of 12
Primary dealers' share72.073.07 of 125 of 12
High minus median, basis points7.17.26 of 125 of 12

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

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 ratio2.49Last 24 auctions6 of 2418 of 242.34
Bid-to-cover ratio2.49Since 7 May 20083 of 1310 of 132.31
Bid-to-cover ratio2.49All 67 since 10 November 199921 of 6746 of 672.31
High yield2.950Last 24 auctions21 of 243 of 243.864
High yield2.950Since 7 May 200810 of 133 of 133.440
High yield2.950All 149 since 31 October 1979146 of 1493 of 1495.930
Indirect bidders' share23.7All 13 since 7 May 20088 of 135 of 1326.4
Direct bidders' share4.3All 13 since 7 May 20081 of 1312 of 130.5
Primary dealers' share72.0All 13 since 7 May 20087 of 136 of 1373.0
High minus median, basis points7.1Last 24 auctions6 of 2417 of 244.2
High minus median, basis points7.1Since 7 May 20086 of 136 of 137.1
High minus median, basis points7.1All 149 since 31 October 197910 of 149138 of 1492.0

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 9 April 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090409_1.pdf. Compiled by 500metrics, "10-year note auction of 9 April 2009 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2009-04-09.

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