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Treasury auctions · 10-Year Note

10-year note auction of 10 November 2009 (new issue)

The 10-year note sold $28.108 billion at a high yield of 3.470% on , with a bid-to-cover ratio of 2.81.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 8 Jun 2006 to 10 Nov 2009
High yield at each 10-year note auction, 13 Dec 2007 to 10 Nov 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 Jun 2006 to 10 Nov 2009
Bid-to-cover ratio at each 10-year note auction, 13 Dec 2007 to 10 Nov 2009

Who bought the 10-year note of 10 Nov 2009

Shares of the competitive bids accepted

  • Indirect bidders 47.3%
  • Direct bidders 4.5%
  • Primary dealers 48.2%
This auction, 10 Nov 2009
  • Indirect bidders 47.4%
  • Direct bidders 5.1%
  • Primary dealers 47.5%
The 10-year note auction before, 7 Oct 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 bidders47.3%
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
3.4702.81
3.2103.01
3.5102.77
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

Observed .

Right now

The high yield was 3.470% on 10 November 2009, up from 3.210% at the auction before.

Higher than 11 of the 20 since 7 May 2008

Its own history

The bid-to-cover ratio was higher than 22 of the previous 24 10-year note auctions.

The primary dealers' share was higher than 3 of the previous 12 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 47.3%
  • Direct bidders 4.5%
  • Primary dealers 48.2%

Size

Treasury sold $28.108 billion of the $25 billion offered.

Bids received came to $73.243 billion; the bid-to-cover ratio was 2.81.

Its bid-to-cover of 2.81 compares with the 24 auctions before it: lowest 1.79 on , highest 3.28 on ; 68.5% of the way from the low to the high.

2.81

Low 1.79 Midpoint 2.535 High 3.28

The security10-Year, new issue

Coupon
3.375%
Announced
Issued
Matures

It adds to the debt that matures in November 2019.

Understanding this result

Where it stands today

The high yield was 3.470% at this 10-year note auction, the median yield 3.420% and a bid-to-cover ratio of 2.81.

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$25,000,000,000
Bids received$73,242,900,100
Sold$28,108,393,900
Competitive bids accepted$24,794,093,800
Non-competitive bids accepted$106,016,800
Federal Reserve (SOMA) add-on$3,108,283,300
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.470
Median rate, %3.420
Low rate, %3.250
Interest rate (coupon), %3.375
Bids at the high rate filled, %82.49
Bid-to-cover ratio2.81
Indirect bidders accepted$11,731,495,300
Direct bidders accepted$1,120,124,500
Primary dealers accepted$11,942,474,000
Indirect bidders' share, % (ours)47.3
Direct bidders' share, % (ours)4.5
Primary dealers' share, % (ours)48.2
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %3.50
High yield minus that point, basis points (ours)-3.0
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 ratio2.812.492 of 1210 of 12
High yield3.4703.2004 of 128 of 12
Indirect bidders' share47.335.12 of 1210 of 12
Direct bidders' share4.53.74 of 128 of 12
Primary dealers' share48.259.99 of 123 of 12
High minus median, basis points5.07.010 of 122 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 ratio2.81Last 24 auctions2 of 2422 of 242.36
Bid-to-cover ratio2.81Since 7 May 20082 of 2018 of 202.46
Bid-to-cover ratio2.81All 74 since 10 November 19998 of 7466 of 742.34
High yield3.470Last 24 auctions13 of 2411 of 243.510
High yield3.470Since 7 May 20089 of 2011 of 203.402
High yield3.470All 156 since 31 October 1979145 of 15611 of 1565.810
Indirect bidders' share47.3All 20 since 7 May 20082 of 2018 of 2033.0
Direct bidders' share4.5All 20 since 7 May 20084 of 2016 of 201.3
Primary dealers' share48.2All 20 since 7 May 200817 of 203 of 2065.0
High minus median, basis points5.0Last 24 auctions15 of 249 of 246.2
High minus median, basis points5.0Since 7 May 200815 of 205 of 207.0
High minus median, basis points5.0All 156 since 31 October 197923 of 156131 of 1562.0

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 10 November 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091110_2.pdf. Compiled by 500metrics, "10-year note auction of 10 November 2009 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2009-11-10.

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