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

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

The 10-year note sold $20 billion at a high yield of 2.384% on , with a bid-to-cover ratio of 2.37.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 13 Jan 2015 to 11 Dec 2017
High yield at each 10-year note auction, 13 Jan 2016 to 11 Dec 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, 13 Jan 2015 to 11 Dec 2017
Bid-to-cover ratio at each 10-year note auction, 13 Jan 2016 to 11 Dec 2017

Who bought the 10-year note of 11 Dec 2017

Shares of the competitive bids accepted

  • Indirect bidders 57.2%
  • Direct bidders 8.4%
  • Primary dealers 34.4%
This auction, 11 Dec 2017
  • Indirect bidders 68.0%
  • Direct bidders 9.0%
  • Primary dealers 23.0%
The 10-year note auction before, 8 Nov 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 bidders57.2%
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
2.3842.37
2.3142.48
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

Observed .

Right now

The high yield of 2.384% on 11 December 2017 was the highest for a 10-year note since 10 May 2017.

Higher than 57 of the 117 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 indirect bidders' share was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.2%
  • Direct bidders 8.4%
  • Primary dealers 34.4%

Size

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

Bids received came to $47.44 billion; the bid-to-cover ratio was 2.37.

Its bid-to-cover of 2.37 compares with the 24 auctions before it: lowest 2.22 on , highest 2.77 on ; 27.3% of the way from the low to the high.

2.37

Low 2.22 Midpoint 2.495 High 2.77

The security9-Year 11-Month, reopening

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in November 2027.

Understanding this result

Where it stands today

The high yield was 2.384% at this 10-year note auction, the median yield 2.340% and a bid-to-cover ratio of 2.37.

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$47,439,803,700
Sold$20,000,012,700
Competitive bids accepted$19,990,658,000
Non-competitive bids accepted$9,354,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.384
Median rate, %2.340
Low rate, %2.279
Interest rate (coupon), %2.250
Bids at the high rate filled, %91.12
Bid-to-cover ratio2.37
Indirect bidders accepted$11,433,738,000
Direct bidders accepted$1,673,000,000
Primary dealers accepted$6,883,920,000
Indirect bidders' share, % (ours)57.2
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)34.4
High minus median, basis points (ours)4.4
Treasury par yield curve, 10-year point, same day, %2.39
High yield minus that point, basis points (ours)-0.6
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 ratio2.372.468 of 124 of 12
High yield2.3842.3323 of 129 of 12
Indirect bidders' share57.265.111 of 121 of 12
Direct bidders' share8.46.03 of 129 of 12
Primary dealers' share34.429.53 of 129 of 12
High minus median, basis points4.45.011 of 121 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 ratio2.37Last 24 auctions17 of 247 of 242.48
Bid-to-cover ratio2.37Since 7 May 2008101 of 11715 of 1172.67
Bid-to-cover ratio2.37All 171 since 10 November 1999122 of 17148 of 1712.59
High yield2.384Last 24 auctions3 of 2421 of 242.188
High yield2.384Since 7 May 200860 of 11757 of 1172.419
High yield2.384All 253 since 31 October 1979196 of 25357 of 2534.150
Indirect bidders' share57.2Last 24 auctions20 of 244 of 2463.8
Indirect bidders' share57.2All 117 since 7 May 200832 of 11785 of 11745.8
Direct bidders' share8.4Last 24 auctions9 of 2415 of 247.4
Direct bidders' share8.4All 117 since 7 May 200871 of 11746 of 11710.6
Primary dealers' share34.4Last 24 auctions6 of 2418 of 2429.0
Primary dealers' share34.4All 117 since 7 May 200874 of 11743 of 11740.1
High minus median, basis points4.4Last 24 auctions17 of 246 of 244.8
High minus median, basis points4.4Since 7 May 200856 of 11758 of 1174.4
High minus median, basis points4.4All 253 since 31 October 197969 of 253181 of 2533.2

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 December 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20171211_4.pdf. Compiled by 500metrics, "10-year note auction of 11 December 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2017-12-11.

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