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

10-year note auction of 12 March 2014 (reopening)

The 10-year note sold $21 billion at a high yield of 2.729% on , with a bid-to-cover ratio of 2.92.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 13 Apr 2011 to 12 Mar 2014
High yield at each 10-year note auction, 13 Mar 2012 to 12 Mar 2014

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, 13 Apr 2011 to 12 Mar 2014
Bid-to-cover ratio at each 10-year note auction, 13 Mar 2012 to 12 Mar 2014

Who bought the 10-year note of 12 Mar 2014

Shares of the competitive bids accepted

  • Indirect bidders 43.4%
  • Direct bidders 27.5%
  • Primary dealers 29.1%
This auction, 12 Mar 2014
  • Indirect bidders 49.7%
  • Direct bidders 16.2%
  • Primary dealers 34.1%
The 10-year note auction before, 12 Feb 2014

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 bidders43.4%
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
2.7292.92
2.7952.54
3.0092.68
2.8242.61
2.7502.70
2.6572.58
2.9462.86
2.6202.45
2.6702.57
2.2092.53
1.8102.70
1.7952.79
2.0293.19
2.0462.68
1.8632.83
1.6522.95
1.6752.59
1.7003.26
1.7642.85
1.6802.49
1.4593.61
1.6223.06
1.8552.90
2.0433.08
2.0763.24
2.0203.05
1.9003.29
2.0203.53
2.0302.64
2.2712.86
2.0003.03
2.1403.22
2.9183.17
2.9673.23
3.2103.00
3.4943.13

Observed .

Right now

The high yield was 2.729% on 12 March 2014, down from 2.795% at the auction before.

The high minus median of 2.0 basis points was the lowest for a 10-year note since 12 December 2012, with 14 auctions in between.

Higher than 31 of the 72 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was higher than 19 of the 24.

The high minus median was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 43.4%
  • Direct bidders 27.5%
  • Primary dealers 29.1%

Size

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

Bids received came to $61.272 billion; the bid-to-cover ratio was 2.92.

Its bid-to-cover of 2.92 compares with the 24 auctions before it: lowest 2.45 on , highest 3.61 on ; 40.5% of the way from the low to the high.

2.92

Low 2.45 Midpoint 3.030 High 3.61

The security9-Year 11-Month, reopening

Coupon
2.750%
Announced
Issued
Matures

It adds to the debt that matures in February 2024.

Understanding this result

Where it stands today

The high yield was 2.729% at this 10-year note auction, the median yield 2.709% and a bid-to-cover ratio of 2.92.

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$61,272,049,500
Sold$21,000,023,900
Competitive bids accepted$20,964,124,400
Non-competitive bids accepted$35,899,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.729
Median rate, %2.709
Low rate, %2.640
Interest rate (coupon), %2.750
Bids at the high rate filled, %36.89
Bid-to-cover ratio2.92
Indirect bidders accepted$9,100,930,000
Direct bidders accepted$5,764,378,000
Primary dealers accepted$6,098,816,400
Indirect bidders' share, % (ours)43.4
Direct bidders' share, % (ours)27.5
Primary dealers' share, % (ours)29.1
High minus median, basis points (ours)2.0
Treasury par yield curve, 10-year point, same day, %2.73
High yield minus that point, basis points (ours)-0.1
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 ratio2.922.641 of 1211 of 12
High yield2.7292.6645 of 127 of 12
Indirect bidders' share43.446.57 of 125 of 12
Direct bidders' share27.516.63 of 129 of 12
Primary dealers' share29.137.511 of 121 of 12
High minus median, basis points2.03.412 of 120 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 ratio2.92Last 24 auctions7 of 2417 of 242.74
Bid-to-cover ratio2.92Since 7 May 200830 of 7241 of 722.82
Bid-to-cover ratio2.92All 126 since 10 November 199932 of 12693 of 1262.60
High yield2.729Last 24 auctions5 of 2419 of 242.036
High yield2.729Since 7 May 200841 of 7231 of 722.871
High yield2.729All 208 since 31 October 1979177 of 20831 of 2084.596
Indirect bidders' share43.4Last 24 auctions7 of 2417 of 2439.2
Indirect bidders' share43.4All 72 since 7 May 200823 of 7249 of 7239.3
Direct bidders' share27.5Last 24 auctions5 of 2419 of 2416.6
Direct bidders' share27.5All 72 since 7 May 20086 of 7266 of 7210.6
Primary dealers' share29.1Last 24 auctions22 of 242 of 2440.0
Primary dealers' share29.1All 72 since 7 May 200869 of 723 of 7245.8
High minus median, basis points2.0Last 24 auctions21 of 242 of 243.6
High minus median, basis points2.0Since 7 May 200869 of 722 of 724.4
High minus median, basis points2.0All 208 since 31 October 1979127 of 20865 of 2083.0

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 12 March 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140312_1.pdf. Compiled by 500metrics, "10-year note auction of 12 March 2014 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2014-03-12.

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