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

10-year note auction of 9 December 2015 (reopening)

The 10-year note sold $21 billion at a high yield of 2.233% on , with a bid-to-cover ratio of 2.64.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 9 Jan 2013 to 9 Dec 2015
High yield at each 10-year note auction, 11 Dec 2013 to 9 Dec 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, 9 Jan 2013 to 9 Dec 2015
Bid-to-cover ratio at each 10-year note auction, 11 Dec 2013 to 9 Dec 2015

Who bought the 10-year note of 9 Dec 2015

Shares of the competitive bids accepted

  • Indirect bidders 62.0%
  • Direct bidders 12.1%
  • Primary dealers 26.0%
This auction, 9 Dec 2015
  • Indirect bidders 60.5%
  • Direct bidders 14.3%
  • Primary dealers 25.2%
The 10-year note auction before, 10 Nov 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 bidders62.0%
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
2.2332.64
2.3042.58
2.0662.59
2.2352.70
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

Observed .

Right now

The high yield was 2.233% on 9 December 2015, down from 2.304% at the auction before.

Higher than 30 of the 93 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the indirect bidders' share was higher than 23 of the 24.

The primary dealers' share 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 62.0%
  • Direct bidders 12.1%
  • Primary dealers 26.0%

Size

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

Bids received came to $55.508 billion; the bid-to-cover ratio was 2.64.

Its bid-to-cover of 2.64 compares with the 24 auctions before it: lowest 2.40 on , highest 2.97 on ; 42.1% of the way from the low to the high.

2.64

Low 2.40 Midpoint 2.685 High 2.97

The security9-Year 11-Month, reopening

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in November 2025.

Understanding this result

Where it stands today

The high yield was 2.233% at this 10-year note auction, the median yield 2.180% and a bid-to-cover ratio of 2.64.

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$55,507,598,300
Sold$21,000,010,800
Competitive bids accepted$20,985,272,500
Non-competitive bids accepted$14,738,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.233
Median rate, %2.180
Low rate, %2.050
Interest rate (coupon), %2.250
Bids at the high rate filled, %29.93
Bid-to-cover ratio2.64
Indirect bidders accepted$13,001,742,500
Direct bidders accepted$2,531,000,000
Primary dealers accepted$5,452,530,000
Indirect bidders' share, % (ours)62.0
Direct bidders' share, % (ours)12.1
Primary dealers' share, % (ours)26.0
High minus median, basis points (ours)5.3
Treasury par yield curve, 10-year point, same day, %2.22
High yield minus that point, basis points (ours)1.3
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 ratio2.642.646 of 126 of 12
High yield2.2332.1764 of 128 of 12
Indirect bidders' share62.058.51 of 1211 of 12
Direct bidders' share12.111.26 of 126 of 12
Primary dealers' share26.029.910 of 122 of 12
High minus median, basis points5.33.51 of 1211 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 ratio2.64Last 24 auctions12 of 2412 of 242.64
Bid-to-cover ratio2.64Since 7 May 200856 of 9336 of 932.72
Bid-to-cover ratio2.64All 147 since 10 November 199966 of 14779 of 1472.62
High yield2.233Last 24 auctions16 of 248 of 242.373
High yield2.233Since 7 May 200863 of 9330 of 932.657
High yield2.233All 229 since 31 October 1979199 of 22930 of 2294.365
Indirect bidders' share62.0Last 24 auctions1 of 2423 of 2451.5
Indirect bidders' share62.0All 93 since 7 May 20082 of 9391 of 9341.9
Direct bidders' share12.1Last 24 auctions16 of 248 of 2413.4
Direct bidders' share12.1All 93 since 7 May 200844 of 9349 of 9311.4
Primary dealers' share26.0Last 24 auctions22 of 242 of 2433.8
Primary dealers' share26.0All 93 since 7 May 200889 of 934 of 9343.3
High minus median, basis points5.3Last 24 auctions1 of 2423 of 243.6
High minus median, basis points5.3Since 7 May 200825 of 9367 of 934.1
High minus median, basis points5.3All 229 since 31 October 197933 of 229195 of 2293.0

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 9 December 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151209_1.pdf. Compiled by 500metrics, "10-year note auction of 9 December 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2015-12-09.

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