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Treasury auctions · 10-Year Note

10-year note auction of 12 November 2014 (new issue)

The 10-year note sold $24.032 billion at a high yield of 2.365% on , with a bid-to-cover ratio of 2.52.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 13 Dec 2011 to 12 Nov 2014
High yield at each 10-year note auction, 12 Dec 2012 to 12 Nov 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 Dec 2011 to 12 Nov 2014
Bid-to-cover ratio at each 10-year note auction, 12 Dec 2012 to 12 Nov 2014

Who bought the 10-year note of 12 Nov 2014

Shares of the competitive bids accepted

  • Indirect bidders 44.7%
  • Direct bidders 13.4%
  • Primary dealers 42.0%
This auction, 12 Nov 2014
  • Indirect bidders 44.4%
  • Direct bidders 6.6%
  • Primary dealers 49.0%
The 10-year note auction before, 8 Oct 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 bidders44.7%
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
2.3652.52
2.3812.52
2.5352.71
2.4392.83
2.5972.57
2.6482.88
2.6122.63
2.7202.76
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

Observed .

Right now

The high yield of 2.365% on 12 November 2014 was the lowest for a 10-year note since 12 June 2013.

Higher than 23 of the 80 since 7 May 2008

Its own history

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

The bid-to-cover ratio was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 44.7%
  • Direct bidders 13.4%
  • Primary dealers 42.0%

Size

Treasury sold $24.032 billion of the $24 billion offered.

Bids received came to $60.557 billion; the bid-to-cover ratio was 2.52.

Its bid-to-cover of 2.52 compares with the 24 auctions before it: lowest 2.45 on , highest 3.19 on ; 9.5% of the way from the low to the high.

2.52

Low 2.45 Midpoint 2.820 High 3.19

The security10-Year, new issue

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in November 2024.

Understanding this result

Where it stands today

The high yield was 2.365% at this 10-year note auction, the median yield 2.328% and a bid-to-cover ratio of 2.52.

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$60,556,909,300
Sold$24,032,079,300
Competitive bids accepted$23,931,420,000
Non-competitive bids accepted$48,631,900
Federal Reserve (SOMA) add-on$32,027,400
Foreign and international (FIMA) non-competitive$20,000,000
High yield, %2.365
Median rate, %2.328
Low rate, %2.250
Interest rate (coupon), %2.250
Bids at the high rate filled, %33.00
Bid-to-cover ratio2.52
Indirect bidders accepted$10,687,310,000
Direct bidders accepted$3,204,660,000
Primary dealers accepted$10,039,450,000
Indirect bidders' share, % (ours)44.7
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)42.0
High minus median, basis points (ours)3.7
Treasury par yield curve, 10-year point, same day, %2.37
High yield minus that point, basis points (ours)-0.5
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 ratio2.522.6911 of 120 of 12
High yield2.3652.68412 of 120 of 12
Indirect bidders' share44.746.88 of 124 of 12
Direct bidders' share13.415.210 of 122 of 12
Primary dealers' share42.038.83 of 129 of 12
High minus median, basis points3.73.65 of 126 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 ratio2.52Last 24 auctions22 of 241 of 242.69
Bid-to-cover ratio2.52Since 7 May 200863 of 8016 of 802.80
Bid-to-cover ratio2.52All 134 since 10 November 199980 of 13453 of 1342.62
High yield2.365Last 24 auctions16 of 248 of 242.604
High yield2.365Since 7 May 200857 of 8023 of 802.740
High yield2.365All 216 since 31 October 1979193 of 21623 of 2164.521
Indirect bidders' share44.7Last 24 auctions11 of 2413 of 2443.9
Indirect bidders' share44.7All 80 since 7 May 200825 of 8055 of 8040.4
Direct bidders' share13.4Last 24 auctions21 of 243 of 2416.3
Direct bidders' share13.4All 80 since 7 May 200835 of 8045 of 8011.2
Primary dealers' share42.0Last 24 auctions8 of 2416 of 2439.1
Primary dealers' share42.0All 80 since 7 May 200849 of 8031 of 8044.8
High minus median, basis points3.7Last 24 auctions9 of 2414 of 243.6
High minus median, basis points3.7Since 7 May 200852 of 8027 of 804.3
High minus median, basis points3.7All 216 since 31 October 197978 of 216136 of 2163.0

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 November 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20141112_3.pdf. Compiled by 500metrics, "10-year note auction of 12 November 2014 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2014-11-12.

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