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Treasury auctions · 10-Year Note

10-year note auction of 12 August 2015 (new issue)

The 10-year note sold $24.482 billion at a high yield of 2.115% on , with a bid-to-cover ratio of 2.40.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Sep 2012 to 12 Aug 2015
High yield at each 10-year note auction, 11 Sep 2013 to 12 Aug 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, 12 Sep 2012 to 12 Aug 2015
Bid-to-cover ratio at each 10-year note auction, 11 Sep 2013 to 12 Aug 2015

Who bought the 10-year note of 12 Aug 2015

Shares of the competitive bids accepted

  • Indirect bidders 60.1%
  • Direct bidders 5.8%
  • Primary dealers 34.0%
This auction, 12 Aug 2015
  • Indirect bidders 58.1%
  • Direct bidders 12.1%
  • Primary dealers 29.8%
The 10-year note auction before, 8 Jul 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 bidders60.1%
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
2.1152.40
2.2252.72
2.4612.74
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

Observed .

Right now

The high yield was 2.115% on 12 August 2015, down from 2.225% at the auction before.

The bid-to-cover ratio of 2.40 was the lowest for a 10-year note since 11 March 2009, with 76 auctions in between.

The direct bidders' share of 5.8% was the lowest for a 10-year note since 8 August 2012, with 35 auctions in between.

Higher than 23 of the 89 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high minus median was higher than all 24.

The bid-to-cover ratio and the direct bidders' share 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 60.1%
  • Direct bidders 5.8%
  • Primary dealers 34.0%

Size

Treasury sold $24.482 billion of the $24 billion offered.

Bids received came to $57.99 billion; the bid-to-cover ratio was 2.40.

Its bid-to-cover of 2.40 compares with the 24 auctions before it: lowest 2.40 on , highest 2.97 on ; 0.0% of the way from the low to the high.

2.40

Low 2.40 Midpoint 2.685 High 2.97

The security10-Year, new issue

Coupon
2.000%
Announced
Issued
Matures

It adds to the debt that matures in August 2025.

Understanding this result

Where it stands today

The high yield was 2.115% at this 10-year note auction, the median yield 2.050% and a bid-to-cover ratio of 2.40.

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$57,989,693,000
Sold$24,482,477,000
Competitive bids accepted$23,964,984,000
Non-competitive bids accepted$35,032,600
Federal Reserve (SOMA) add-on$482,460,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.115
Median rate, %2.050
Low rate, %1.950
Interest rate (coupon), %2.000
Bids at the high rate filled, %38.64
Bid-to-cover ratio2.40
Indirect bidders accepted$14,411,800,000
Direct bidders accepted$1,394,000,000
Primary dealers accepted$8,159,184,000
Indirect bidders' share, % (ours)60.1
Direct bidders' share, % (ours)5.8
Primary dealers' share, % (ours)34.0
High minus median, basis points (ours)6.5
Treasury par yield curve, 10-year point, same day, %2.14
High yield minus that point, basis points (ours)-2.5
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 ratio2.402.6812 of 120 of 12
High yield2.1152.2319 of 123 of 12
Indirect bidders' share60.155.91 of 1211 of 12
Direct bidders' share5.812.112 of 120 of 12
Primary dealers' share34.032.95 of 127 of 12
High minus median, basis points6.53.60 of 1212 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 ratio2.40Last 24 auctions24 of 240 of 242.66
Bid-to-cover ratio2.40Since 7 May 200880 of 899 of 892.76
Bid-to-cover ratio2.40All 143 since 10 November 1999101 of 14342 of 1432.62
High yield2.115Last 24 auctions21 of 243 of 242.566
High yield2.115Since 7 May 200866 of 8923 of 892.670
High yield2.115All 225 since 31 October 1979202 of 22523 of 2254.390
Indirect bidders' share60.1Last 24 auctions1 of 2423 of 2448.3
Indirect bidders' share60.1All 89 since 7 May 20083 of 8986 of 8941.6
Direct bidders' share5.8Last 24 auctions24 of 240 of 2413.8
Direct bidders' share5.8All 89 since 7 May 200868 of 8921 of 8911.4
Primary dealers' share34.0Last 24 auctions13 of 2411 of 2436.0
Primary dealers' share34.0All 89 since 7 May 200869 of 8920 of 8944.1
High minus median, basis points6.5Last 24 auctions0 of 2424 of 243.4
High minus median, basis points6.5Since 7 May 200815 of 8973 of 894.1
High minus median, basis points6.5All 225 since 31 October 197920 of 225203 of 2253.0

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 August 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150812_1.pdf. Compiled by 500metrics, "10-year note auction of 12 August 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2015-08-12.

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