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

10-year note auction of 8 June 2016 (reopening)

The 10-year note sold $20 billion at a high yield of 1.702% on , with a bid-to-cover ratio of 2.70.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 10 Jul 2013 to 8 Jun 2016
High yield at each 10-year note auction, 11 Jun 2014 to 8 Jun 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, 10 Jul 2013 to 8 Jun 2016
Bid-to-cover ratio at each 10-year note auction, 11 Jun 2014 to 8 Jun 2016

Who bought the 10-year note of 8 Jun 2016

Shares of the competitive bids accepted

  • Indirect bidders 73.6%
  • Direct bidders 7.2%
  • Primary dealers 19.2%
This auction, 8 Jun 2016
  • Indirect bidders 73.5%
  • Direct bidders 11.8%
  • Primary dealers 14.7%
The 10-year note auction before, 11 May 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 bidders73.6%
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
1.7022.70
1.7102.68
1.7652.75
1.8952.49
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

Observed .

Right now

The high yield of 1.702% on 8 June 2016 was the lowest for a 10-year note since 12 December 2012.

The indirect bidders' share of 73.6% was the highest of all 99 earlier 10-year note auctions we hold.

Higher than 6 of the 99 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 high yield 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 73.6%
  • Direct bidders 7.2%
  • Primary dealers 19.2%

Size

Treasury sold $20 billion of the $20 billion offered.

Bids received came to $54.019 billion; the bid-to-cover ratio was 2.70.

Its bid-to-cover of 2.70 compares with the 24 auctions before it: lowest 2.40 on , highest 2.97 on ; 52.6% of the way from the low to the high.

2.70

Low 2.40 Midpoint 2.685 High 2.97

The security9-Year 11-Month, reopening

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in May 2026.

Understanding this result

Where it stands today

The high yield was 1.702% at this 10-year note auction, the median yield 1.660% and a bid-to-cover ratio of 2.70.

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$20,000,000,000
Bids received$54,019,494,100
Sold$20,000,015,600
Competitive bids accepted$19,987,961,500
Non-competitive bids accepted$12,054,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.702
Median rate, %1.660
Low rate, %1.595
Interest rate (coupon), %1.625
Bids at the high rate filled, %11.21
Bid-to-cover ratio2.70
Indirect bidders accepted$14,717,266,000
Direct bidders accepted$1,430,000,000
Primary dealers accepted$3,840,695,500
Indirect bidders' share, % (ours)73.6
Direct bidders' share, % (ours)7.2
Primary dealers' share, % (ours)19.2
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %1.71
High yield minus that point, basis points (ours)-0.8
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 ratio2.702.664 of 127 of 12
High yield1.7022.10212 of 120 of 12
Indirect bidders' share73.660.30 of 1212 of 12
Direct bidders' share7.212.111 of 121 of 12
Primary dealers' share19.226.810 of 122 of 12
High minus median, basis points4.24.15 of 126 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 ratio2.70Last 24 auctions9 of 2414 of 242.64
Bid-to-cover ratio2.70Since 7 May 200851 of 9945 of 992.72
Bid-to-cover ratio2.70All 153 since 10 November 199959 of 15391 of 1532.62
High yield1.702Last 24 auctions24 of 240 of 242.220
High yield1.702Since 7 May 200893 of 996 of 992.620
High yield1.702All 235 since 31 October 1979229 of 2356 of 2354.350
Indirect bidders' share73.6Last 24 auctions0 of 2424 of 2458.3
Indirect bidders' share73.6All 99 since 7 May 20080 of 9999 of 9942.4
Direct bidders' share7.2Last 24 auctions21 of 243 of 2412.1
Direct bidders' share7.2All 99 since 7 May 200871 of 9928 of 9911.6
Primary dealers' share19.2Last 24 auctions21 of 243 of 2430.6
Primary dealers' share19.2All 99 since 7 May 200895 of 994 of 9942.0
High minus median, basis points4.2Last 24 auctions6 of 2416 of 244.0
High minus median, basis points4.2Since 7 May 200846 of 9950 of 994.1
High minus median, basis points4.2All 235 since 31 October 197959 of 235173 of 2353.0

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 8 June 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160608_1.pdf. Compiled by 500metrics, "10-year note auction of 8 June 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2016-06-08.

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