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Treasury auctions · 10-Year Note

10-year note auction of 13 May 2015 (new issue)

The 10-year note sold $24.543 billion at a high yield of 2.237% on , with a bid-to-cover ratio of 2.72.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 13 Jun 2012 to 13 May 2015
High yield at each 10-year note auction, 12 Jun 2013 to 13 May 2015

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 Jun 2012 to 13 May 2015
Bid-to-cover ratio at each 10-year note auction, 12 Jun 2013 to 13 May 2015

Who bought the 10-year note of 13 May 2015

Shares of the competitive bids accepted

  • Indirect bidders 60.2%
  • Direct bidders 20.9%
  • Primary dealers 18.9%
This auction, 13 May 2015
  • Indirect bidders 58.5%
  • Direct bidders 9.3%
  • Primary dealers 32.2%
The 10-year note auction before, 8 Apr 2015

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 bidders60.2%
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
2.2372.72
1.9252.62
2.1392.65
2.0002.62
1.9302.61
2.2142.97
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

Observed .

Right now

The high yield of 2.237% on 13 May 2015 was the highest for a 10-year note since 12 November 2014.

The indirect bidders' share of 60.2% was the highest for a 10-year note since 13 December 2011, with 40 auctions in between.

The primary dealers' share of 18.9% was the lowest for a 10-year note since 11 July 2012, with 33 auctions in between.

Higher than 27 of the 86 since 7 May 2008

Its own history

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

The primary dealers' share and the high minus median were lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 60.2%
  • Direct bidders 20.9%
  • Primary dealers 18.9%

Size

Treasury sold $24.543 billion of the $24 billion offered.

Bids received came to $65.842 billion; the bid-to-cover ratio was 2.72.

Its bid-to-cover of 2.72 compares with the 24 auctions before it: lowest 2.45 on , highest 2.97 on ; 51.9% of the way from the low to the high.

2.72

Low 2.45 Midpoint 2.710 High 2.97

The security10-Year, new issue

Coupon
2.125%
Announced
Issued
Matures

It adds to the debt that matures in May 2025.

Understanding this result

Where it stands today

The high yield was 2.237% at this 10-year note auction, the median yield 2.220% and a bid-to-cover ratio of 2.72.

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$65,841,708,500
Sold$24,543,188,500
Competitive bids accepted$23,950,105,000
Non-competitive bids accepted$46,264,900
Federal Reserve (SOMA) add-on$542,818,600
Foreign and international (FIMA) non-competitive$4,000,000
High yield, %2.237
Median rate, %2.220
Low rate, %2.190
Interest rate (coupon), %2.125
Bids at the high rate filled, %96.52
Bid-to-cover ratio2.72
Indirect bidders accepted$14,411,105,000
Direct bidders accepted$5,004,000,000
Primary dealers accepted$4,535,000,000
Indirect bidders' share, % (ours)60.2
Direct bidders' share, % (ours)20.9
Primary dealers' share, % (ours)18.9
High minus median, basis points (ours)1.7
Treasury par yield curve, 10-year point, same day, %2.27
High yield minus that point, basis points (ours)-3.3
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 ratio2.722.623 of 129 of 12
High yield2.2372.3737 of 125 of 12
Indirect bidders' share60.249.60 of 1212 of 12
Direct bidders' share20.913.01 of 1211 of 12
Primary dealers' share18.938.612 of 120 of 12
High minus median, basis points1.73.712 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 ratio2.72Last 24 auctions6 of 2418 of 242.62
Bid-to-cover ratio2.72Since 7 May 200845 of 8641 of 862.78
Bid-to-cover ratio2.72All 140 since 10 November 199953 of 14087 of 1402.62
High yield2.237Last 24 auctions17 of 247 of 242.604
High yield2.237Since 7 May 200859 of 8627 of 862.695
High yield2.237All 222 since 31 October 1979195 of 22227 of 2224.492
Indirect bidders' share60.2Last 24 auctions0 of 2424 of 2446.8
Indirect bidders' share60.2All 86 since 7 May 20082 of 8684 of 8641.4
Direct bidders' share20.9Last 24 auctions4 of 2420 of 2414.5
Direct bidders' share20.9All 86 since 7 May 200812 of 8674 of 8611.0
Primary dealers' share18.9Last 24 auctions24 of 240 of 2438.9
Primary dealers' share18.9All 86 since 7 May 200885 of 861 of 8644.2
High minus median, basis points1.7Last 24 auctions24 of 240 of 243.6
High minus median, basis points1.7Since 7 May 200886 of 860 of 864.2
High minus median, basis points1.7All 222 since 31 October 1979162 of 22256 of 2223.0

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 13 May 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150513_1.pdf. Compiled by 500metrics, "10-year note auction of 13 May 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2015-05-13.

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