500metrics

Treasury auctions · 10-Year Note

10-year note auction of 12 August 2009 (new issue)

The 10-year note sold $26.552 billion at a high yield of 3.734% 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, 8 Feb 2006 to 12 Aug 2009
High yield at each 10-year note auction, 13 Sep 2007 to 12 Aug 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, 8 Feb 2006 to 12 Aug 2009
Bid-to-cover ratio at each 10-year note auction, 13 Sep 2007 to 12 Aug 2009

Who bought the 10-year note of 12 Aug 2009

Shares of the competitive bids accepted

  • Indirect bidders 45.7%
  • Direct bidders 2.1%
  • Primary dealers 52.2%
This auction, 12 Aug 2009
  • Indirect bidders 43.9%
  • Direct bidders 13.0%
  • Primary dealers 43.0%
The 10-year note auction before, 8 Jul 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 bidders45.7%
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
3.7342.49
3.3653.28
3.9902.62
3.1902.47
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

Observed .

Right now

The high yield was 3.734% on 12 August 2009, up from 3.365% at the auction before.

The indirect bidders' share of 45.7% was the highest of all 17 earlier 10-year note auctions we hold.

Higher than 11 of the 17 since 7 May 2008

Its own history

The indirect bidders' share was higher than all 12 previous 10-year note auctions.

The high minus median was higher than 21 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 45.7%
  • Direct bidders 2.1%
  • Primary dealers 52.2%

Size

Treasury sold $26.552 billion of the $23 billion offered.

Bids received came to $60.815 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 3.28 on ; 47.0% of the way from the low to the high.

2.49

Low 1.79 Midpoint 2.535 High 3.28

The security10-Year, new issue

Coupon
3.625%
Announced
Issued
Matures

It adds to the debt that matures in August 2019.

Understanding this result

Where it stands today

The high yield was 3.734% at this 10-year note auction, the median yield 3.636% 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 as10-Year, new issue
Offering amount$23,000,000,000
Bids received$60,815,488,900
Sold$26,552,348,900
Competitive bids accepted$22,761,570,000
Non-competitive bids accepted$138,447,700
Federal Reserve (SOMA) add-on$3,552,331,200
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.734
Median rate, %3.636
Low rate, %3.550
Interest rate (coupon), %3.625
Bids at the high rate filled, %20.93
Bid-to-cover ratio2.49
Indirect bidders accepted$10,410,570,000
Direct bidders accepted$478,000,000
Primary dealers accepted$11,873,000,000
Indirect bidders' share, % (ours)45.7
Direct bidders' share, % (ours)2.1
Primary dealers' share, % (ours)52.2
High minus median, basis points (ours)9.8
Treasury par yield curve, 10-year point, same day, %3.72
High yield minus that point, basis points (ours)1.4
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 ratio2.492.403 of 128 of 12
High yield3.7343.2093 of 129 of 12
Indirect bidders' share45.733.10 of 1212 of 12
Direct bidders' share2.12.56 of 126 of 12
Primary dealers' share52.264.211 of 121 of 12
High minus median, basis points9.87.22 of 1210 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 auctions7 of 2416 of 242.34
Bid-to-cover ratio2.49Since 7 May 20085 of 1711 of 172.37
Bid-to-cover ratio2.49All 71 since 10 November 199923 of 7147 of 712.33
High yield3.734Last 24 auctions11 of 2413 of 243.624
High yield3.734Since 7 May 20086 of 1711 of 173.365
High yield3.734All 153 since 31 October 1979139 of 15314 of 1535.865
Indirect bidders' share45.7All 17 since 7 May 20080 of 1717 of 1728.4
Direct bidders' share2.1All 17 since 7 May 20086 of 1711 of 170.7
Primary dealers' share52.2All 17 since 7 May 200816 of 171 of 1770.8
High minus median, basis points9.8Last 24 auctions3 of 2421 of 245.2
High minus median, basis points9.8Since 7 May 20083 of 1714 of 177.1
High minus median, basis points9.8All 153 since 31 October 19793 of 153150 of 1532.0

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 12 August 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20090812_1.pdf. Compiled by 500metrics, "10-year note auction of 12 August 2009 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2009-08-12.

Page updated