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Treasury auctions · 9-Year 11-Month Note, reopening

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

The 10-year note sold $21.113 billion at a high yield of 3.448% on , with a bid-to-cover ratio of 2.62.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 9 Aug 2006 to 9 Dec 2009
High yield at each 10-year note auction, 13 Dec 2007 to 9 Dec 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, 9 Aug 2006 to 9 Dec 2009
Bid-to-cover ratio at each 10-year note auction, 13 Dec 2007 to 9 Dec 2009

Who bought the 10-year note of 9 Dec 2009

Shares of the competitive bids accepted

  • Indirect bidders 34.9%
  • Direct bidders 8.9%
  • Primary dealers 56.1%
This auction, 9 Dec 2009
  • Indirect bidders 47.3%
  • Direct bidders 4.5%
  • Primary dealers 48.2%
The 10-year note auction before, 10 Nov 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 bidders34.9%
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
3.4482.62
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

Observed .

Right now

The high yield was 3.448% on 9 December 2009, down from 3.470% at the auction before.

Higher than 11 of the 21 since 7 May 2008

Its own history

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

The primary dealers' share was higher than 5 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 34.9%
  • Direct bidders 8.9%
  • Primary dealers 56.1%

Size

Treasury sold $21.113 billion of the $21 billion offered.

Bids received came to $55.176 billion; the bid-to-cover ratio was 2.62.

Its bid-to-cover of 2.62 compares with the 24 auctions before it: lowest 1.79 on , highest 3.28 on ; 55.7% of the way from the low to the high.

2.62

Low 1.79 Midpoint 2.535 High 3.28

The security9-Year 11-Month, reopening

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 3.448% at this 10-year note auction, the median yield 3.360% and a bid-to-cover ratio of 2.62.

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 11-Month, reopening
Offering amount$21,000,000,000
Bids received$55,175,747,300
Sold$21,112,967,300
Competitive bids accepted$20,954,820,000
Non-competitive bids accepted$45,201,400
Federal Reserve (SOMA) add-on$112,945,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.448
Median rate, %3.360
Low rate, %3.300
Interest rate (coupon), %3.375
Bids at the high rate filled, %67.28
Bid-to-cover ratio2.62
Indirect bidders accepted$7,313,800,000
Direct bidders accepted$1,875,000,000
Primary dealers accepted$11,766,020,000
Indirect bidders' share, % (ours)34.9
Direct bidders' share, % (ours)8.9
Primary dealers' share, % (ours)56.1
High minus median, basis points (ours)8.8
Treasury par yield curve, 10-year point, same day, %3.45
High yield minus that point, basis points (ours)-0.2
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 ratio2.622.544 of 127 of 12
High yield3.4483.2004 of 128 of 12
Indirect bidders' share34.936.06 of 126 of 12
Direct bidders' share8.93.72 of 1210 of 12
Primary dealers' share56.158.57 of 125 of 12
High minus median, basis points8.86.62 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 ratio2.62Last 24 auctions4 of 2419 of 242.40
Bid-to-cover ratio2.62Since 7 May 20084 of 2116 of 212.47
Bid-to-cover ratio2.62All 75 since 10 November 199916 of 7557 of 752.34
High yield3.448Last 24 auctions13 of 2411 of 243.490
High yield3.448Since 7 May 200810 of 2111 of 213.440
High yield3.448All 157 since 31 October 1979146 of 15711 of 1575.780
Indirect bidders' share34.9All 21 since 7 May 20089 of 2112 of 2134.0
Direct bidders' share8.9All 21 since 7 May 20082 of 2119 of 211.8
Primary dealers' share56.1All 21 since 7 May 200816 of 215 of 2164.7
High minus median, basis points8.8Last 24 auctions4 of 2420 of 246.2
High minus median, basis points8.8Since 7 May 20084 of 2117 of 217.0
High minus median, basis points8.8All 157 since 31 October 19795 of 157152 of 1572.1

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 December 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091209_2.pdf. Compiled by 500metrics, "10-year note auction of 9 December 2009 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2009-12-09.

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