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

10-year note auction of 10 October 2018 (reopening)

The 10-year note sold $23 billion at a high yield of 3.225% on , with a bid-to-cover ratio of 2.39.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 10 Nov 2015 to 10 Oct 2018
High yield at each 10-year note auction, 12 Oct 2016 to 10 Oct 2018

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, 10 Nov 2015 to 10 Oct 2018
Bid-to-cover ratio at each 10-year note auction, 12 Oct 2016 to 10 Oct 2018

Who bought the 10-year note of 10 Oct 2018

Shares of the competitive bids accepted

  • Indirect bidders 64.5%
  • Direct bidders 5.4%
  • Primary dealers 30.1%
This auction, 10 Oct 2018
  • Indirect bidders 63.9%
  • Direct bidders 13.4%
  • Primary dealers 22.6%
The 10-year note auction before, 12 Sep 2018

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 bidders64.5%
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
3.2252.39
2.9572.58
2.9602.55
2.8592.57
2.9622.59
2.9952.56
2.7952.46
2.8892.50
2.8112.34
2.5792.69
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

Observed .

Right now

The high yield of 3.225% on 10 October 2018 was the highest for a 10-year note since 13 April 2011.

Higher than 101 of the 127 since 7 May 2008

Its own history

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

The primary dealers' share was higher than 15 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 64.5%
  • Direct bidders 5.4%
  • Primary dealers 30.1%

Size

Treasury sold $23 billion of the $23 billion offered.

Bids received came to $54.886 billion; the bid-to-cover ratio was 2.39.

Its bid-to-cover of 2.39 compares with the 24 auctions before it: lowest 2.22 on , highest 2.69 on ; 36.2% of the way from the low to the high.

2.39

Low 2.22 Midpoint 2.455 High 2.69

The security9-Year 10-Month, reopening

Coupon
2.875%
Announced
Issued
Matures

It adds to the debt that matures in August 2028.

Understanding this result

Where it stands today

The high yield was 3.225% at this 10-year note auction, the median yield 3.180% and a bid-to-cover ratio of 2.39.

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$23,000,000,000
Bids received$54,885,832,900
Sold$23,000,049,000
Competitive bids accepted$22,974,381,100
Non-competitive bids accepted$25,667,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.225
Median rate, %3.180
Low rate, %3.120
Interest rate (coupon), %2.875
Bids at the high rate filled, %45.89
Bid-to-cover ratio2.39
Indirect bidders accepted$14,809,678,600
Direct bidders accepted$1,240,945,000
Primary dealers accepted$6,923,757,500
Indirect bidders' share, % (ours)64.5
Direct bidders' share, % (ours)5.4
Primary dealers' share, % (ours)30.1
High minus median, basis points (ours)4.5
Treasury par yield curve, 10-year point, same day, %3.22
High yield minus that point, basis points (ours)0.5
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 ratio2.392.5410 of 122 of 12
High yield3.2252.8350 of 1212 of 12
Indirect bidders' share64.564.56 of 126 of 12
Direct bidders' share5.48.411 of 121 of 12
Primary dealers' share30.127.22 of 1210 of 12
High minus median, basis points4.54.34 of 127 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 ratio2.39Last 24 auctions16 of 247 of 242.49
Bid-to-cover ratio2.39Since 7 May 2008108 of 12718 of 1272.64
Bid-to-cover ratio2.39All 181 since 10 November 1999129 of 18151 of 1812.58
High yield3.225Last 24 auctions0 of 2424 of 242.392
High yield3.225Since 7 May 200826 of 127101 of 1272.485
High yield3.225All 263 since 31 October 1979162 of 263101 of 2634.049
Indirect bidders' share64.5Last 24 auctions12 of 2412 of 2464.4
Indirect bidders' share64.5All 127 since 7 May 200817 of 127110 of 12747.3
Direct bidders' share5.4Last 24 auctions19 of 245 of 246.7
Direct bidders' share5.4All 127 since 7 May 2008100 of 12727 of 12710.3
Primary dealers' share30.1Last 24 auctions9 of 2415 of 2428.6
Primary dealers' share30.1All 127 since 7 May 200892 of 12735 of 12738.5
High minus median, basis points4.5Last 24 auctions11 of 249 of 244.5
High minus median, basis points4.5Since 7 May 200851 of 12768 of 1274.3
High minus median, basis points4.5All 263 since 31 October 197963 of 263191 of 2633.4

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 10 October 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20181010_2.pdf. Compiled by 500metrics, "10-year note auction of 10 October 2018 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2018-10-10.

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