500metrics

Treasury auctions · 10-Year Note

10-year note auction of 10 February 2016 (new issue)

The 10-year note sold $24.806 billion at a high yield of 1.730% on , with a bid-to-cover ratio of 2.56.

High yield at each 10-year note auction

The last 36 auctions, this one last

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

Who bought the 10-year note of 10 Feb 2016

Shares of the competitive bids accepted

  • Indirect bidders 62.3%
  • Direct bidders 15.3%
  • Primary dealers 22.4%
This auction, 10 Feb 2016
  • Indirect bidders 71.0%
  • Direct bidders 11.3%
  • Primary dealers 17.7%
The 10-year note auction before, 13 Jan 2016

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 bidders62.3%
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
1.7302.56
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

Observed .

Right now

The high yield of 1.730% on 10 February 2016 was the lowest for a 10-year note since 12 December 2012.

Higher than 6 of the 95 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was lower than all 24.

The indirect bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.3%
  • Direct bidders 15.3%
  • Primary dealers 22.4%

Size

Treasury sold $24.806 billion of the $23 billion offered.

Bids received came to $60.686 billion; the bid-to-cover ratio was 2.56.

Its bid-to-cover of 2.56 compares with the 24 auctions before it: lowest 2.40 on , highest 2.97 on ; 28.1% of the way from the low to the high.

2.56

Low 2.40 Midpoint 2.685 High 2.97

The security10-Year, new issue

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in February 2026.

Understanding this result

Where it stands today

The high yield was 1.730% at this 10-year note auction, the median yield 1.690% and a bid-to-cover ratio of 2.56.

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$23,000,000,000
Bids received$60,686,093,700
Sold$24,806,001,500
Competitive bids accepted$22,975,657,800
Non-competitive bids accepted$24,374,000
Federal Reserve (SOMA) add-on$1,805,969,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.730
Median rate, %1.690
Low rate, %1.630
Interest rate (coupon), %1.625
Bids at the high rate filled, %4.46
Bid-to-cover ratio2.56
Indirect bidders accepted$14,315,196,000
Direct bidders accepted$3,523,586,800
Primary dealers accepted$5,136,875,000
Indirect bidders' share, % (ours)62.3
Direct bidders' share, % (ours)15.3
Primary dealers' share, % (ours)22.4
High minus median, basis points (ours)4.0
Treasury par yield curve, 10-year point, same day, %1.71
High yield minus that point, basis points (ours)2.0
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 ratio2.562.6411 of 121 of 12
High yield1.7302.18212 of 120 of 12
Indirect bidders' share62.359.81 of 1211 of 12
Direct bidders' share15.312.11 of 1211 of 12
Primary dealers' share22.428.210 of 122 of 12
High minus median, basis points4.03.65 of 127 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 ratio2.56Last 24 auctions20 of 244 of 242.64
Bid-to-cover ratio2.56Since 7 May 200874 of 9521 of 952.72
Bid-to-cover ratio2.56All 149 since 10 November 199988 of 14960 of 1492.62
High yield1.730Last 24 auctions24 of 240 of 242.270
High yield1.730Since 7 May 200889 of 956 of 952.648
High yield1.730All 231 since 31 October 1979225 of 2316 of 2314.360
Indirect bidders' share62.3Last 24 auctions1 of 2423 of 2455.7
Indirect bidders' share62.3All 95 since 7 May 20082 of 9593 of 9542.0
Direct bidders' share15.3Last 24 auctions5 of 2419 of 2413.0
Direct bidders' share15.3All 95 since 7 May 200826 of 9569 of 9511.4
Primary dealers' share22.4Last 24 auctions22 of 242 of 2431.7
Primary dealers' share22.4All 95 since 7 May 200891 of 954 of 9543.0
High minus median, basis points4.0Last 24 auctions8 of 2415 of 243.7
High minus median, basis points4.0Since 7 May 200851 of 9542 of 954.2
High minus median, basis points4.0All 231 since 31 October 197965 of 231153 of 2313.0

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 10 February 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160210_1.pdf. Compiled by 500metrics, "10-year note auction of 10 February 2016 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2016-02-10.

Page updated