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

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

The 10-year note sold $20 billion at a high yield of 2.346% on , with a bid-to-cover ratio of 2.54.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Nov 2014 to 11 Oct 2017
High yield at each 10-year note auction, 10 Nov 2015 to 11 Oct 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 Nov 2014 to 11 Oct 2017
Bid-to-cover ratio at each 10-year note auction, 10 Nov 2015 to 11 Oct 2017

Who bought the 10-year note of 11 Oct 2017

Shares of the competitive bids accepted

  • Indirect bidders 69.1%
  • Direct bidders 6.0%
  • Primary dealers 24.9%
This auction, 11 Oct 2017
  • Indirect bidders 55.3%
  • Direct bidders 6.0%
  • Primary dealers 38.7%
The 10-year note auction before, 12 Sep 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 bidders69.1%
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
2.3462.54
2.1802.28
2.2502.23
2.3252.45
2.1952.54
2.4002.33
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

Observed .

Right now

The high yield was 2.346% on 11 October 2017, up from 2.180% at the auction before.

Higher than 53 of the 115 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was higher than 21 of the 24.

The direct bidders' share was higher than 7 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 69.1%
  • Direct bidders 6.0%
  • Primary dealers 24.9%

Size

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

Bids received came to $50.864 billion; the bid-to-cover ratio was 2.54.

Its bid-to-cover of 2.54 compares with the 24 auctions before it: lowest 2.22 on , highest 2.77 on ; 58.2% of the way from the low to the high.

2.54

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 August 2027.

Understanding this result

Where it stands today

The high yield was 2.346% at this 10-year note auction, the median yield 2.300% and a bid-to-cover ratio of 2.54.

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$50,863,966,300
Sold$20,000,021,500
Competitive bids accepted$19,989,855,200
Non-competitive bids accepted$10,166,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.346
Median rate, %2.300
Low rate, %2.231
Interest rate (coupon), %2.250
Bids at the high rate filled, %17.96
Bid-to-cover ratio2.54
Indirect bidders accepted$13,813,875,200
Direct bidders accepted$1,204,000,000
Primary dealers accepted$4,971,980,000
Indirect bidders' share, % (ours)69.1
Direct bidders' share, % (ours)6.0
Primary dealers' share, % (ours)24.9
High minus median, basis points (ours)4.6
Treasury par yield curve, 10-year point, same day, %2.35
High yield minus that point, basis points (ours)-0.4
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 ratio2.542.422 of 129 of 12
High yield2.3462.3283 of 129 of 12
Indirect bidders' share69.163.81 of 1211 of 12
Direct bidders' share6.06.06 of 126 of 12
Primary dealers' share24.930.610 of 122 of 12
High minus median, basis points4.65.07 of 125 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 ratio2.54Last 24 auctions10 of 2413 of 242.51
Bid-to-cover ratio2.54Since 7 May 200880 of 11533 of 1152.68
Bid-to-cover ratio2.54All 169 since 10 November 199996 of 16971 of 1692.59
High yield2.346Last 24 auctions3 of 2421 of 242.135
High yield2.346Since 7 May 200862 of 11553 of 1152.439
High yield2.346All 251 since 31 October 1979198 of 25153 of 2514.164
Indirect bidders' share69.1Last 24 auctions5 of 2419 of 2462.3
Indirect bidders' share69.1All 115 since 7 May 20086 of 115109 of 11545.7
Direct bidders' share6.0Last 24 auctions17 of 247 of 247.8
Direct bidders' share6.0All 115 since 7 May 200885 of 11530 of 11510.6
Primary dealers' share24.9Last 24 auctions16 of 248 of 2429.0
Primary dealers' share24.9All 115 since 7 May 2008104 of 11511 of 11540.2
High minus median, basis points4.6Last 24 auctions11 of 2411 of 244.6
High minus median, basis points4.6Since 7 May 200844 of 11568 of 1154.3
High minus median, basis points4.6All 251 since 31 October 197956 of 251192 of 2513.1

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 October 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20171011_2.pdf. Compiled by 500metrics, "10-year note auction of 11 October 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-10-11.

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