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

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

The 10-year note sold $20.164 billion at a high yield of 2.332% on , with a bid-to-cover ratio of 2.48.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 7 May 2014 to 11 Apr 2017
High yield at each 10-year note auction, 13 May 2015 to 11 Apr 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, 7 May 2014 to 11 Apr 2017
Bid-to-cover ratio at each 10-year note auction, 13 May 2015 to 11 Apr 2017

Who bought the 10-year note of 11 Apr 2017

Shares of the competitive bids accepted

  • Indirect bidders 65.2%
  • Direct bidders 5.3%
  • Primary dealers 29.5%
This auction, 11 Apr 2017
  • Indirect bidders 65.8%
  • Direct bidders 15.7%
  • Primary dealers 18.6%
The 10-year note auction before, 8 Mar 2017

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 bidders65.2%
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
2.3322.48
2.5602.66
2.3332.29
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

Observed .

Right now

The high yield was 2.332% on 11 April 2017, down from 2.560% at the auction before.

Higher than 46 of the 109 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high minus median was higher than 23 of the 24.

The direct bidders' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 65.2%
  • Direct bidders 5.3%
  • Primary dealers 29.5%

Size

Treasury sold $20.164 billion of the $20 billion offered.

Bids received came to $49.683 billion; the bid-to-cover ratio was 2.48.

Its bid-to-cover of 2.48 compares with the 24 auctions before it: lowest 2.22 on , highest 2.77 on ; 47.3% of the way from the low to the high.

2.48

Low 2.22 Midpoint 2.495 High 2.77

The security9-Year 10-Month, reopening

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in February 2027.

Understanding this result

Where it stands today

The high yield was 2.332% at this 10-year note auction, the median yield 2.260% and a bid-to-cover ratio of 2.48.

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$49,683,161,300
Sold$20,164,418,800
Competitive bids accepted$19,992,757,500
Non-competitive bids accepted$7,274,500
Federal Reserve (SOMA) add-on$164,386,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.332
Median rate, %2.260
Low rate, %1.888
Interest rate (coupon), %2.250
Bids at the high rate filled, %26.37
Bid-to-cover ratio2.48
Indirect bidders accepted$13,039,240,000
Direct bidders accepted$1,063,000,000
Primary dealers accepted$5,890,517,500
Indirect bidders' share, % (ours)65.2
Direct bidders' share, % (ours)5.3
Primary dealers' share, % (ours)29.5
High minus median, basis points (ours)7.2
Treasury par yield curve, 10-year point, same day, %2.32
High yield minus that point, basis points (ours)1.2
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 ratio2.482.486 of 126 of 12
High yield2.3321.7794 of 128 of 12
Indirect bidders' share65.263.95 of 127 of 12
Direct bidders' share5.37.810 of 122 of 12
Primary dealers' share29.527.76 of 126 of 12
High minus median, basis points7.24.61 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 ratio2.48Last 24 auctions17 of 247 of 242.58
Bid-to-cover ratio2.48Since 7 May 200890 of 10919 of 1092.70
Bid-to-cover ratio2.48All 163 since 10 November 1999108 of 16353 of 1632.61
High yield2.332Last 24 auctions5 of 2419 of 242.078
High yield2.332Since 7 May 200863 of 10946 of 1092.485
High yield2.332All 245 since 31 October 1979199 of 24546 of 2454.220
Indirect bidders' share65.2Last 24 auctions6 of 2418 of 2461.2
Indirect bidders' share65.2All 109 since 7 May 20087 of 109102 of 10944.4
Direct bidders' share5.3Last 24 auctions22 of 242 of 2410.7
Direct bidders' share5.3All 109 since 7 May 200886 of 10923 of 10911.1
Primary dealers' share29.5Last 24 auctions11 of 2413 of 2428.1
Primary dealers' share29.5All 109 since 7 May 200890 of 10919 of 10940.5
High minus median, basis points7.2Last 24 auctions1 of 2423 of 244.4
High minus median, basis points7.2Since 7 May 200813 of 10996 of 1094.2
High minus median, basis points7.2All 245 since 31 October 197916 of 245228 of 2453.1

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 April 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170411_2.pdf. Compiled by 500metrics, "10-year note auction of 11 April 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-04-11.

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