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

10-year note auction of 12 March 2019 (reopening)

The 10-year note sold $24 billion at a high yield of 2.615% on , with a bid-to-cover ratio of 2.59.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 13 Apr 2016 to 12 Mar 2019
High yield at each 10-year note auction, 11 Apr 2017 to 12 Mar 2019

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 Apr 2016 to 12 Mar 2019
Bid-to-cover ratio at each 10-year note auction, 11 Apr 2017 to 12 Mar 2019

Who bought the 10-year note of 12 Mar 2019

Shares of the competitive bids accepted

  • Indirect bidders 69.4%
  • Direct bidders 9.1%
  • Primary dealers 21.5%
This auction, 12 Mar 2019
  • Indirect bidders 59.5%
  • Direct bidders 12.2%
  • Primary dealers 28.4%
The 10-year note auction before, 6 Feb 2019

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 bidders69.4%
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
2.6152.59
2.6892.35
2.7282.51
2.9152.35
3.2092.54
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

Observed .

Right now

The high yield of 2.615% on 12 March 2019 was the lowest for a 10-year note since 10 January 2018.

The primary dealers' share of 21.5% was the lowest for a 10-year note since 8 March 2017, with 23 auctions in between.

The high minus median of 3.0 basis points was the lowest for a 10-year note since 11 May 2016, with 33 auctions in between.

Higher than 69 of the 132 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high minus median was lower than all 24.

The indirect bidders' share was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 69.4%
  • Direct bidders 9.1%
  • Primary dealers 21.5%

Size

Treasury sold $24 billion of the $24 billion offered.

Bids received came to $62.166 billion; the bid-to-cover ratio was 2.59.

Its bid-to-cover of 2.59 compares with the 24 auctions before it: lowest 2.23 on , highest 2.69 on ; 78.3% of the way from the low to the high.

2.59

Low 2.23 Midpoint 2.460 High 2.69

The security9-Year 11-Month, reopening

Coupon
2.625%
Announced
Issued
Matures

It adds to the debt that matures in February 2029.

Understanding this result

Where it stands today

The high yield was 2.615% at this 10-year note auction, the median yield 2.585% and a bid-to-cover ratio of 2.59.

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$24,000,000,000
Bids received$62,166,094,200
Sold$24,000,129,600
Competitive bids accepted$23,989,900,400
Non-competitive bids accepted$10,229,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %2.615
Median rate, %2.585
Low rate, %2.188
Interest rate (coupon), %2.625
Bids at the high rate filled, %78.63
Bid-to-cover ratio2.59
Indirect bidders accepted$16,659,122,800
Direct bidders accepted$2,178,000,000
Primary dealers accepted$5,152,777,600
Indirect bidders' share, % (ours)69.4
Direct bidders' share, % (ours)9.1
Primary dealers' share, % (ours)21.5
High minus median, basis points (ours)3.0
Treasury par yield curve, 10-year point, same day, %2.61
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 ratio2.592.520 of 1211 of 12
High yield2.6152.93612 of 120 of 12
Indirect bidders' share69.463.11 of 1211 of 12
Direct bidders' share9.110.67 of 125 of 12
Primary dealers' share21.527.412 of 120 of 12
High minus median, basis points3.04.312 of 120 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 ratio2.59Last 24 auctions2 of 2421 of 242.49
Bid-to-cover ratio2.59Since 7 May 200872 of 13256 of 1322.62
Bid-to-cover ratio2.59All 186 since 10 November 199985 of 18696 of 1862.58
High yield2.615Last 24 auctions13 of 2411 of 242.708
High yield2.615Since 7 May 200863 of 13269 of 1322.570
High yield2.615All 268 since 31 October 1979199 of 26869 of 2683.975
Indirect bidders' share69.4Last 24 auctions2 of 2422 of 2464.2
Indirect bidders' share69.4All 132 since 7 May 20088 of 132124 of 13247.7
Direct bidders' share9.1Last 24 auctions8 of 2416 of 247.6
Direct bidders' share9.1All 132 since 7 May 200873 of 13259 of 13210.4
Primary dealers' share21.5Last 24 auctions23 of 241 of 2427.6
Primary dealers' share21.5All 132 since 7 May 2008124 of 1328 of 13238.4
High minus median, basis points3.0Last 24 auctions24 of 240 of 244.5
High minus median, basis points3.0Since 7 May 2008115 of 13215 of 1324.4
High minus median, basis points3.0All 268 since 31 October 1979147 of 268108 of 2683.4

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 12 March 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190312_1.pdf. Compiled by 500metrics, "10-year note auction of 12 March 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-03-12.

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