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

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

The 10-year note sold $20 billion at a high yield of 1.699% on , with a bid-to-cover ratio of 2.35.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 9 Oct 2013 to 12 Sep 2016
High yield at each 10-year note auction, 8 Oct 2014 to 12 Sep 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, 9 Oct 2013 to 12 Sep 2016
Bid-to-cover ratio at each 10-year note auction, 8 Oct 2014 to 12 Sep 2016

Who bought the 10-year note of 12 Sep 2016

Shares of the competitive bids accepted

  • Indirect bidders 62.1%
  • Direct bidders 3.4%
  • Primary dealers 34.5%
This auction, 12 Sep 2016
  • Indirect bidders 72.2%
  • Direct bidders 7.6%
  • Primary dealers 20.2%
The 10-year note auction before, 10 Aug 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 bidders62.1%
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
1.6992.35
1.5032.43
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

Observed .

Right now

The high yield was 1.699% on 12 September 2016, up from 1.503% at the auction before.

The direct bidders' share of 3.4% was the lowest for a 10-year note since 9 February 2011, with 66 auctions in between.

Higher than 7 of the 102 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the direct bidders' share was lower than all 24.

The high minus median was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.1%
  • Direct bidders 3.4%
  • Primary dealers 34.5%

Size

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

Bids received came to $47.01 billion; the bid-to-cover ratio was 2.35.

Its bid-to-cover of 2.35 compares with the 24 auctions before it: lowest 2.33 on , highest 2.97 on ; 3.1% of the way from the low to the high.

2.35

Low 2.33 Midpoint 2.650 High 2.97

The security9-Year 11-Month, reopening

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in August 2026.

Understanding this result

Where it stands today

The high yield was 1.699% at this 10-year note auction, the median yield 1.640% and a bid-to-cover ratio of 2.35.

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$47,009,506,000
Sold$20,000,013,000
Competitive bids accepted$19,983,257,000
Non-competitive bids accepted$16,756,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.699
Median rate, %1.640
Low rate, %1.590
Interest rate (coupon), %1.500
Bids at the high rate filled, %31.81
Bid-to-cover ratio2.35
Indirect bidders accepted$12,412,046,500
Direct bidders accepted$678,000,000
Primary dealers accepted$6,893,210,500
Indirect bidders' share, % (ours)62.1
Direct bidders' share, % (ours)3.4
Primary dealers' share, % (ours)34.5
High minus median, basis points (ours)5.9
Treasury par yield curve, 10-year point, same day, %1.68
High yield minus that point, basis points (ours)1.9
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 ratio2.352.6211 of 121 of 12
High yield1.6991.83010 of 122 of 12
Indirect bidders' share62.162.16 of 126 of 12
Direct bidders' share3.411.512 of 120 of 12
Primary dealers' share34.525.01 of 1211 of 12
High minus median, basis points5.94.41 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 ratio2.35Last 24 auctions23 of 241 of 242.63
Bid-to-cover ratio2.35Since 7 May 200893 of 1029 of 1022.70
Bid-to-cover ratio2.35All 156 since 10 November 1999115 of 15640 of 1562.62
High yield1.699Last 24 auctions22 of 242 of 242.102
High yield1.699Since 7 May 200895 of 1027 of 1022.604
High yield1.699All 238 since 31 October 1979231 of 2387 of 2384.310
Indirect bidders' share62.1Last 24 auctions6 of 2418 of 2459.1
Indirect bidders' share62.1All 102 since 7 May 20087 of 10295 of 10243.3
Direct bidders' share3.4Last 24 auctions24 of 240 of 2411.5
Direct bidders' share3.4All 102 since 7 May 200887 of 10215 of 10211.4
Primary dealers' share34.5Last 24 auctions5 of 2419 of 2429.2
Primary dealers' share34.5All 102 since 7 May 200869 of 10233 of 10241.5
High minus median, basis points5.9Last 24 auctions2 of 2422 of 244.0
High minus median, basis points5.9Since 7 May 200823 of 10279 of 1024.2
High minus median, basis points5.9All 238 since 31 October 197930 of 238208 of 2383.0

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 September 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160912_3.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2016-09-12.

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