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

10-year note auction of 13 April 2011 (reopening)

The 10-year note sold $22.034 billion at a high yield of 3.494% on , with a bid-to-cover ratio of 3.13.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 6 Aug 2008 to 13 Apr 2011
High yield at each 10-year note auction, 6 May 2009 to 13 Apr 2011

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, 6 Aug 2008 to 13 Apr 2011
Bid-to-cover ratio at each 10-year note auction, 6 May 2009 to 13 Apr 2011

Who bought the 10-year note of 13 Apr 2011

Shares of the competitive bids accepted

  • Indirect bidders 42.4%
  • Direct bidders 5.9%
  • Primary dealers 51.7%
This auction, 13 Apr 2011
  • Indirect bidders 53.0%
  • Direct bidders 6.5%
  • Primary dealers 40.5%
The 10-year note auction before, 9 Mar 2011

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 bidders42.4%
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
3.4943.13
3.4993.32
3.6653.23
3.3883.30
3.3402.92
2.6362.80
2.4752.99
2.6703.21
2.7303.04
3.1193.09
3.2423.24
3.5482.96
3.9003.72
3.7353.45
3.6922.67
3.7543.00
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

Observed .

Right now

The high yield was 3.494% on 13 April 2011, down from 3.499% at the auction before.

The primary dealers' share of 51.7% was the highest for a 10-year note since 10 February 2010, with 13 auctions in between.

Higher than 21 of the 37 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high minus median was higher than 18 of the 24.

The direct bidders' share was higher than 7 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 42.4%
  • Direct bidders 5.9%
  • Primary dealers 51.7%

Size

Treasury sold $22.034 billion of the $21 billion offered.

Bids received came to $66.825 billion; the bid-to-cover ratio was 3.13.

Its bid-to-cover of 3.13 compares with the 24 auctions before it: lowest 2.47 on , highest 3.72 on ; 52.8% of the way from the low to the high.

3.13

Low 2.47 Midpoint 3.095 High 3.72

The security9-Year 10-Month, reopening

Coupon
3.625%
Announced
Issued
Matures

It adds to the debt that matures in February 2021.

Understanding this result

Where it stands today

The high yield was 3.494% at this 10-year note auction, the median yield 3.429% and a bid-to-cover ratio of 3.13.

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$21,000,000,000
Bids received$66,824,804,400
Sold$22,033,775,400
Competitive bids accepted$20,941,221,000
Non-competitive bids accepted$58,818,200
Federal Reserve (SOMA) add-on$1,033,736,200
Foreign and international (FIMA) non-competitive$0
High yield, %3.494
Median rate, %3.429
Low rate, %3.364
Interest rate (coupon), %3.625
Bids at the high rate filled, %13.82
Bid-to-cover ratio3.13
Indirect bidders accepted$8,883,641,000
Direct bidders accepted$1,227,850,000
Primary dealers accepted$10,829,730,000
Indirect bidders' share, % (ours)42.4
Direct bidders' share, % (ours)5.9
Primary dealers' share, % (ours)51.7
High minus median, basis points (ours)6.5
Treasury par yield curve, 10-year point, same day, %3.49
High yield minus that point, basis points (ours)0.4
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 ratio3.133.156 of 126 of 12
High yield3.4943.2914 of 128 of 12
Indirect bidders' share42.445.18 of 124 of 12
Direct bidders' share5.910.211 of 121 of 12
Primary dealers' share51.740.50 of 1212 of 12
High minus median, basis points6.54.42 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 ratio3.13Last 24 auctions8 of 2416 of 243.00
Bid-to-cover ratio3.13Since 7 May 20088 of 3729 of 372.67
Bid-to-cover ratio3.13All 91 since 10 November 19998 of 9183 of 912.48
High yield3.494Last 24 auctions10 of 2414 of 243.418
High yield3.494Since 7 May 200816 of 3721 of 373.440
High yield3.494All 173 since 31 October 1979152 of 17321 of 1735.189
Indirect bidders' share42.4Last 24 auctions13 of 2411 of 2443.5
Indirect bidders' share42.4All 37 since 7 May 200813 of 3724 of 3737.8
Direct bidders' share5.9Last 24 auctions17 of 247 of 249.3
Direct bidders' share5.9All 37 since 7 May 200817 of 3720 of 374.7
Primary dealers' share51.7Last 24 auctions7 of 2417 of 2446.8
Primary dealers' share51.7All 37 since 7 May 200820 of 3717 of 3753.7
High minus median, basis points6.5Last 24 auctions6 of 2418 of 245.0
High minus median, basis points6.5Since 7 May 200814 of 3723 of 375.4
High minus median, basis points6.5All 173 since 31 October 197919 of 173153 of 1732.5

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 13 April 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110413_1.pdf. Compiled by 500metrics, "10-year note auction of 13 April 2011 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2011-04-13.

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