500metrics

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

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

The 10-year note sold $21 billion at a high yield of 2.000% on , with a bid-to-cover ratio of 3.03.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 9 Oct 2008 to 13 Sep 2011
High yield at each 10-year note auction, 7 Oct 2009 to 13 Sep 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, 9 Oct 2008 to 13 Sep 2011
Bid-to-cover ratio at each 10-year note auction, 7 Oct 2009 to 13 Sep 2011

Who bought the 10-year note of 13 Sep 2011

Shares of the competitive bids accepted

  • Indirect bidders 48.5%
  • Direct bidders 11.1%
  • Primary dealers 40.4%
This auction, 13 Sep 2011
  • Indirect bidders 35.4%
  • Direct bidders 31.7%
  • Primary dealers 33.0%
The 10-year note auction before, 10 Aug 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 bidders48.5%
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
2.0003.03
2.1403.22
2.9183.17
2.9673.23
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

Observed .

Right now

The high yield of 2.000% on 13 September 2011 was the lowest of all 178 earlier 10-year note auctions we hold.

Lower than all 42 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was lower than all 24.

The indirect bidders' share was higher than 17 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 48.5%
  • Direct bidders 11.1%
  • Primary dealers 40.4%

Size

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

Bids received came to $63.677 billion; the bid-to-cover ratio was 3.03.

Its bid-to-cover of 3.03 compares with the 24 auctions before it: lowest 2.62 on , highest 3.72 on ; 37.3% of the way from the low to the high.

3.03

Low 2.62 Midpoint 3.170 High 3.72

The security9-Year 11-Month, reopening

Coupon
2.125%
Announced
Issued
Matures

It adds to the debt that matures in August 2021.

Understanding this result

Where it stands today

The high yield was 2.000% at this 10-year note auction, the median yield 1.947% and a bid-to-cover ratio of 3.03.

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$63,677,106,900
Sold$21,000,026,900
Competitive bids accepted$20,986,620,000
Non-competitive bids accepted$13,406,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.000
Median rate, %1.947
Low rate, %1.860
Interest rate (coupon), %2.125
Bids at the high rate filled, %45.20
Bid-to-cover ratio3.03
Indirect bidders accepted$10,182,960,000
Direct bidders accepted$2,320,140,000
Primary dealers accepted$8,483,520,000
Indirect bidders' share, % (ours)48.5
Direct bidders' share, % (ours)11.1
Primary dealers' share, % (ours)40.4
High minus median, basis points (ours)5.3
Treasury par yield curve, 10-year point, same day, %2.00
High yield minus that point, basis points (ours)0.0
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 ratio3.033.198 of 124 of 12
High yield2.0003.08812 of 120 of 12
Indirect bidders' share48.548.96 of 126 of 12
Direct bidders' share11.18.43 of 129 of 12
Primary dealers' share40.440.87 of 125 of 12
High minus median, basis points5.34.24 of 128 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 ratio3.03Last 24 auctions13 of 2411 of 243.06
Bid-to-cover ratio3.03Since 7 May 200814 of 4228 of 422.80
Bid-to-cover ratio3.03All 96 since 10 November 199914 of 9682 of 962.49
High yield2.000Last 24 auctions24 of 240 of 243.364
High yield2.000Since 7 May 200842 of 420 of 423.376
High yield2.000All 178 since 31 October 1979178 of 1780 of 1785.109
Indirect bidders' share48.5Last 24 auctions7 of 2417 of 2443.7
Indirect bidders' share48.5All 42 since 7 May 20087 of 4235 of 4239.2
Direct bidders' share11.1Last 24 auctions9 of 2415 of 249.6
Direct bidders' share11.1All 42 since 7 May 200810 of 4232 of 426.2
Primary dealers' share40.4Last 24 auctions18 of 246 of 2444.2
Primary dealers' share40.4All 42 since 7 May 200836 of 426 of 4250.1
High minus median, basis points5.3Last 24 auctions8 of 2416 of 244.6
High minus median, basis points5.3Since 7 May 200821 of 4221 of 425.3
High minus median, basis points5.3All 178 since 31 October 197929 of 178149 of 1782.5

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 September 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110913_2.pdf. Compiled by 500metrics, "10-year note auction of 13 September 2011 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2011-09-13.

Page updated