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Treasury auctions · 9-Year 10-Month Note, reopening

10-year note auction of 13 January 2016 (reopening)

The 10-year note sold $21 billion at a high yield of 2.090% on , with a bid-to-cover ratio of 2.77.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 13 Feb 2013 to 13 Jan 2016
High yield at each 10-year note auction, 12 Feb 2014 to 13 Jan 2016

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 Feb 2013 to 13 Jan 2016
Bid-to-cover ratio at each 10-year note auction, 12 Feb 2014 to 13 Jan 2016

Who bought the 10-year note of 13 Jan 2016

Shares of the competitive bids accepted

  • Indirect bidders 71.0%
  • Direct bidders 11.3%
  • Primary dealers 17.7%
This auction, 13 Jan 2016
  • Indirect bidders 62.0%
  • Direct bidders 12.1%
  • Primary dealers 26.0%
The 10-year note auction before, 9 Dec 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 bidders71.0%
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
2.0902.77
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

Observed .

Right now

The high yield was 2.090% on 13 January 2016, down from 2.233% at the auction before.

The bid-to-cover ratio of 2.77 was the highest for a 10-year note since 10 December 2014, with 12 auctions in between.

The indirect bidders' share of 71.0% was the highest for a 10-year note since 9 February 2011, with 58 auctions in between.

Higher than 24 of the 94 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 was 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 71.0%
  • Direct bidders 11.3%
  • Primary dealers 17.7%

Size

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

Bids received came to $58.132 billion; the bid-to-cover ratio was 2.77.

Its bid-to-cover of 2.77 compares with the 24 auctions before it: lowest 2.40 on , highest 2.97 on ; 64.9% of the way from the low to the high.

2.77

Low 2.40 Midpoint 2.685 High 2.97

The security9-Year 10-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 2.090% at this 10-year note auction, the median yield 2.048% and a bid-to-cover ratio of 2.77.

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 10-Month, reopening
Offering amount$21,000,000,000
Bids received$58,132,399,600
Sold$21,000,041,600
Competitive bids accepted$20,980,572,000
Non-competitive bids accepted$19,469,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.090
Median rate, %2.048
Low rate, %1.985
Interest rate (coupon), %2.250
Bids at the high rate filled, %36.29
Bid-to-cover ratio2.77
Indirect bidders accepted$14,893,864,000
Direct bidders accepted$2,369,000,000
Primary dealers accepted$3,717,708,000
Indirect bidders' share, % (ours)71.0
Direct bidders' share, % (ours)11.3
Primary dealers' share, % (ours)17.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %2.08
High yield minus that point, basis points (ours)1.0
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 ratio2.772.630 of 1212 of 12
High yield2.0902.1828 of 124 of 12
Indirect bidders' share71.059.10 of 1212 of 12
Direct bidders' share11.312.17 of 125 of 12
Primary dealers' share17.729.212 of 120 of 12
High minus median, basis points4.23.64 of 128 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 ratio2.77Last 24 auctions4 of 2420 of 242.64
Bid-to-cover ratio2.77Since 7 May 200843 of 9450 of 942.72
Bid-to-cover ratio2.77All 148 since 10 November 199950 of 14897 of 1482.62
High yield2.090Last 24 auctions20 of 244 of 242.334
High yield2.090Since 7 May 200870 of 9424 of 942.652
High yield2.090All 230 since 31 October 1979206 of 23024 of 2304.362
Indirect bidders' share71.0Last 24 auctions0 of 2424 of 2453.4
Indirect bidders' share71.0All 94 since 7 May 20081 of 9493 of 9441.9
Direct bidders' share11.3Last 24 auctions17 of 247 of 2413.4
Direct bidders' share11.3All 94 since 7 May 200848 of 9446 of 9411.5
Primary dealers' share17.7Last 24 auctions24 of 240 of 2432.9
Primary dealers' share17.7All 94 since 7 May 200893 of 941 of 9443.1
High minus median, basis points4.2Last 24 auctions5 of 2418 of 243.6
High minus median, basis points4.2Since 7 May 200845 of 9447 of 944.2
High minus median, basis points4.2All 230 since 31 October 197958 of 230170 of 2303.0

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 January 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160113_1.pdf. Compiled by 500metrics, "10-year note auction of 13 January 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2016-01-13.

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