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Treasury auctions · 10-Year Note

10-year note auction of 11 May 2011 (new issue)

The 10-year note sold $24 billion at a high yield of 3.210% on , with a bid-to-cover ratio of 3.00.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 11 Sep 2008 to 11 May 2011
High yield at each 10-year note auction, 10 Jun 2009 to 11 May 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, 11 Sep 2008 to 11 May 2011
Bid-to-cover ratio at each 10-year note auction, 10 Jun 2009 to 11 May 2011

Who bought the 10-year note of 11 May 2011

Shares of the competitive bids accepted

  • Indirect bidders 47.2%
  • Direct bidders 8.4%
  • Primary dealers 44.4%
This auction, 11 May 2011
  • Indirect bidders 42.4%
  • Direct bidders 5.9%
  • Primary dealers 51.7%
The 10-year note auction before, 13 Apr 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 bidders47.2%
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
3.2103.00
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

Observed .

Right now

The high yield of 3.210% on 11 May 2011 was the lowest for a 10-year note since 9 November 2010.

Higher than 11 of the 38 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the indirect bidders' share was higher than 16 of the 24.

The high minus median was higher than 3 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 47.2%
  • Direct bidders 8.4%
  • Primary dealers 44.4%

Size

Treasury sold $24 billion of the $24 billion offered.

Bids received came to $72.033 billion; the bid-to-cover ratio was 3.00.

Its bid-to-cover of 3.00 compares with the 24 auctions before it: lowest 2.47 on , highest 3.72 on ; 42.4% of the way from the low to the high.

3.00

Low 2.47 Midpoint 3.095 High 3.72

The security10-Year, new issue

Coupon
3.125%
Announced
Issued
Matures

It adds to the debt that matures in May 2021.

Understanding this result

Where it stands today

The high yield was 3.210% at this 10-year note auction, the median yield 3.175% and a bid-to-cover ratio of 3.00.

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$24,000,000,000
Bids received$72,032,881,200
Sold$24,000,044,200
Competitive bids accepted$23,898,363,000
Non-competitive bids accepted$61,681,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$40,000,000
High yield, %3.210
Median rate, %3.175
Low rate, %3.096
Interest rate (coupon), %3.125
Bids at the high rate filled, %18.26
Bid-to-cover ratio3.00
Indirect bidders accepted$11,274,371,000
Direct bidders accepted$2,007,000,000
Primary dealers accepted$10,616,992,000
Indirect bidders' share, % (ours)47.2
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)44.4
High minus median, basis points (ours)3.5
Treasury par yield curve, 10-year point, same day, %3.19
High yield minus that point, basis points (ours)2.0
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 ratio3.003.118 of 124 of 12
High yield3.2103.2917 of 125 of 12
Indirect bidders' share47.245.15 of 127 of 12
Direct bidders' share8.49.67 of 125 of 12
Primary dealers' share44.442.04 of 128 of 12
High minus median, basis points3.54.611 of 121 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 ratio3.00Last 24 auctions12 of 2411 of 243.00
Bid-to-cover ratio3.00Since 7 May 200812 of 3825 of 382.72
Bid-to-cover ratio3.00All 92 since 10 November 199912 of 9279 of 922.48
High yield3.210Last 24 auctions17 of 246 of 243.459
High yield3.210Since 7 May 200826 of 3811 of 383.444
High yield3.210All 174 since 31 October 1979162 of 17411 of 1745.180
Indirect bidders' share47.2Last 24 auctions8 of 2416 of 2443.5
Indirect bidders' share47.2All 38 since 7 May 20088 of 3830 of 3838.0
Direct bidders' share8.4Last 24 auctions14 of 2410 of 249.3
Direct bidders' share8.4All 38 since 7 May 200814 of 3824 of 384.9
Primary dealers' share44.4Last 24 auctions13 of 2411 of 2446.8
Primary dealers' share44.4All 38 since 7 May 200827 of 3811 of 3852.9
High minus median, basis points3.5Last 24 auctions20 of 243 of 245.0
High minus median, basis points3.5Since 7 May 200833 of 384 of 385.4
High minus median, basis points3.5All 174 since 31 October 197961 of 174112 of 1742.5

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 11 May 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110511_1.pdf. Compiled by 500metrics, "10-year note auction of 11 May 2011 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2011-05-11.

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