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

10-year note auction of 11 January 2017 (reopening)

The 10-year note sold $21.108 billion at a high yield of 2.342% on , with a bid-to-cover ratio of 2.58.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Feb 2014 to 11 Jan 2017
High yield at each 10-year note auction, 13 Jan 2015 to 11 Jan 2017

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, 12 Feb 2014 to 11 Jan 2017
Bid-to-cover ratio at each 10-year note auction, 13 Jan 2015 to 11 Jan 2017

Who bought the 10-year note of 11 Jan 2017

Shares of the competitive bids accepted

  • Indirect bidders 70.5%
  • Direct bidders 8.7%
  • Primary dealers 20.7%
This auction, 11 Jan 2017
  • Indirect bidders 57.5%
  • Direct bidders 6.0%
  • Primary dealers 36.5%
The 10-year note auction before, 12 Dec 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 bidders70.5%
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
2.3422.58
2.4852.39
2.0202.22
1.7932.53
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

Observed .

Right now

The high yield was 2.342% on 11 January 2017, down from 2.485% at the auction before.

Higher than 46 of the 106 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was higher than 22 of the 24.

The primary dealers' share was higher than 5 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.5%
  • Direct bidders 8.7%
  • Primary dealers 20.7%

Size

Treasury sold $21.108 billion of the $20 billion offered.

Bids received came to $52.711 billion; the bid-to-cover ratio was 2.58.

Its bid-to-cover of 2.58 compares with the 24 auctions before it: lowest 2.22 on , highest 2.77 on ; 65.5% of the way from the low to the high.

2.58

Low 2.22 Midpoint 2.495 High 2.77

The security9-Year 10-Month, reopening

Coupon
2.000%
Announced
Issued
Matures

It adds to the debt that matures in November 2026.

Understanding this result

Where it stands today

The high yield was 2.342% at this 10-year note auction, the median yield 2.300% and a bid-to-cover ratio of 2.58.

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$52,710,617,300
Sold$21,108,267,300
Competitive bids accepted$19,986,520,000
Non-competitive bids accepted$13,537,700
Federal Reserve (SOMA) add-on$1,108,209,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.342
Median rate, %2.300
Low rate, %2.250
Interest rate (coupon), %2.000
Bids at the high rate filled, %77.10
Bid-to-cover ratio2.58
Indirect bidders accepted$14,095,370,000
Direct bidders accepted$1,748,650,000
Primary dealers accepted$4,142,500,000
Indirect bidders' share, % (ours)70.5
Direct bidders' share, % (ours)8.7
Primary dealers' share, % (ours)20.7
High minus median, basis points (ours)4.2
Treasury par yield curve, 10-year point, same day, %2.38
High yield minus that point, basis points (ours)-3.8
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 ratio2.582.514 of 128 of 12
High yield2.3421.7481 of 1211 of 12
Indirect bidders' share70.562.24 of 128 of 12
Direct bidders' share8.78.15 of 127 of 12
Primary dealers' share20.727.78 of 124 of 12
High minus median, basis points4.24.47 of 123 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 ratio2.58Last 24 auctions14 of 249 of 242.62
Bid-to-cover ratio2.58Since 7 May 200873 of 10631 of 1062.70
Bid-to-cover ratio2.58All 160 since 10 November 199987 of 16071 of 1602.62
High yield2.342Last 24 auctions2 of 2422 of 242.010
High yield2.342Since 7 May 200860 of 10646 of 1062.510
High yield2.342All 242 since 31 October 1979196 of 24246 of 2424.248
Indirect bidders' share70.5Last 24 auctions4 of 2420 of 2460.1
Indirect bidders' share70.5All 106 since 7 May 20085 of 106101 of 10644.2
Direct bidders' share8.7Last 24 auctions16 of 248 of 2410.7
Direct bidders' share8.7All 106 since 7 May 200866 of 10640 of 10611.1
Primary dealers' share20.7Last 24 auctions19 of 245 of 2429.2
Primary dealers' share20.7All 106 since 7 May 2008100 of 1066 of 10640.7
High minus median, basis points4.2Last 24 auctions11 of 2411 of 244.2
High minus median, basis points4.2Since 7 May 200852 of 10650 of 1064.2
High minus median, basis points4.2All 242 since 31 October 197965 of 242173 of 2423.0

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 11 January 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170111_1.pdf. Compiled by 500metrics, "10-year note auction of 11 January 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-01-11.

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