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

10-year note auction of 12 July 2016 (reopening)

The 10-year note sold $21.303 billion at a high yield of 1.516% on , with a bid-to-cover ratio of 2.33.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 7 Aug 2013 to 12 Jul 2016
High yield at each 10-year note auction, 13 Aug 2014 to 12 Jul 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, 7 Aug 2013 to 12 Jul 2016
Bid-to-cover ratio at each 10-year note auction, 13 Aug 2014 to 12 Jul 2016

Who bought the 10-year note of 12 Jul 2016

Shares of the competitive bids accepted

  • Indirect bidders 54.3%
  • Direct bidders 7.9%
  • Primary dealers 37.7%
This auction, 12 Jul 2016
  • Indirect bidders 73.6%
  • Direct bidders 7.2%
  • Primary dealers 19.2%
The 10-year note auction before, 8 Jun 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 bidders54.3%
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
1.5162.33
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

Observed .

Right now

The high yield of 1.516% on 12 July 2016 was the lowest for a 10-year note since 11 July 2012.

The bid-to-cover ratio of 2.33 was the lowest for a 10-year note since 11 March 2009, with 87 auctions in between.

The indirect bidders' share of 54.3% was the lowest for a 10-year note since 13 January 2015, with 17 auctions in between.

Higher than 1 of the 100 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the bid-to-cover ratio and the high yield were lower than all 24.

The high minus median was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 54.3%
  • Direct bidders 7.9%
  • Primary dealers 37.7%

Size

Treasury sold $21.303 billion of the $20 billion offered.

Bids received came to $47.876 billion; the bid-to-cover ratio was 2.33.

Its bid-to-cover of 2.33 compares with the 24 auctions before it: lowest 2.33 on , highest 2.97 on ; 0.0% of the way from the low to the high.

2.33

Low 2.33 Midpoint 2.650 High 2.97

The security9-Year 10-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 1.516% at this 10-year note auction, the median yield 1.470% and a bid-to-cover ratio of 2.33.

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$20,000,000,000
Bids received$47,875,641,200
Sold$21,302,646,200
Competitive bids accepted$19,995,341,000
Non-competitive bids accepted$4,660,500
Federal Reserve (SOMA) add-on$1,302,644,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.516
Median rate, %1.470
Low rate, %1.395
Interest rate (coupon), %1.625
Bids at the high rate filled, %93.85
Bid-to-cover ratio2.33
Indirect bidders accepted$10,860,336,000
Direct bidders accepted$1,588,155,000
Primary dealers accepted$7,546,850,000
Indirect bidders' share, % (ours)54.3
Direct bidders' share, % (ours)7.9
Primary dealers' share, % (ours)37.7
High minus median, basis points (ours)4.6
Treasury par yield curve, 10-year point, same day, %1.53
High yield minus that point, basis points (ours)-1.4
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 ratio2.332.6612 of 120 of 12
High yield1.5162.07812 of 120 of 12
Indirect bidders' share54.361.212 of 120 of 12
Direct bidders' share7.911.910 of 122 of 12
Primary dealers' share37.725.60 of 1212 of 12
High minus median, basis points4.64.23 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 ratio2.33Last 24 auctions24 of 240 of 242.64
Bid-to-cover ratio2.33Since 7 May 200892 of 1007 of 1002.72
Bid-to-cover ratio2.33All 154 since 10 November 1999117 of 15435 of 1542.62
High yield1.516Last 24 auctions24 of 240 of 242.176
High yield1.516Since 7 May 200899 of 1001 of 1002.616
High yield1.516All 236 since 31 October 1979235 of 2361 of 2364.345
Indirect bidders' share54.3Last 24 auctions17 of 247 of 2458.5
Indirect bidders' share54.3All 100 since 7 May 200822 of 10078 of 10042.8
Direct bidders' share7.9Last 24 auctions20 of 244 of 2412.1
Direct bidders' share7.9All 100 since 7 May 200871 of 10029 of 10011.5
Primary dealers' share37.7Last 24 auctions6 of 2418 of 2429.9
Primary dealers' share37.7All 100 since 7 May 200865 of 10035 of 10041.9
High minus median, basis points4.6Last 24 auctions3 of 2420 of 244.0
High minus median, basis points4.6Since 7 May 200835 of 10063 of 1004.2
High minus median, basis points4.6All 236 since 31 October 197947 of 236187 of 2363.0

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 July 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160712_2.pdf. Compiled by 500metrics, "10-year note auction of 12 July 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2016-07-12.

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