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

10-year note auction of 10 July 2019 (reopening)

The 10-year note sold $24.204 billion at a high yield of 2.064% on , with a bid-to-cover ratio of 2.41.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Sep 2016 to 10 Jul 2019
High yield at each 10-year note auction, 12 Jul 2017 to 10 Jul 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, 12 Sep 2016 to 10 Jul 2019
Bid-to-cover ratio at each 10-year note auction, 12 Jul 2017 to 10 Jul 2019

Who bought the 10-year note of 10 Jul 2019

Shares of the competitive bids accepted

  • Indirect bidders 60.8%
  • Direct bidders 12.9%
  • Primary dealers 26.4%
This auction, 10 Jul 2019
  • Indirect bidders 0.0%
  • Direct bidders 0.0%
  • Primary dealers 100.0%
The 10-year note auction before, 21 Jun 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 bidders60.8%
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
2.0642.41
2.0653.43
2.1302.49
2.4792.17
2.4662.55
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

Observed .

Right now

The high yield of 2.064% on 10 July 2019 was the lowest for a 10-year note since 9 November 2016.

Higher than 32 of the 137 since 7 May 2008

Its own history

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

The direct bidders' share was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 60.8%
  • Direct bidders 12.9%
  • Primary dealers 26.4%

Size

Treasury sold $24.204 billion of the $24 billion offered.

Bids received came to $57.99 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 2.17 on , highest 3.43 on ; 19.0% of the way from the low to the high.

2.41

Low 2.17 Midpoint 2.800 High 3.43

The security9-Year 10-Month, reopening

Coupon
2.375%
Announced
Issued
Matures

It adds to the debt that matures in May 2029.

Understanding this result

Where it stands today

The high yield was 2.064% at this 10-year note auction, the median yield 2.030% and a bid-to-cover ratio of 2.41.

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$24,000,000,000
Bids received$57,990,456,800
Sold$24,204,348,800
Competitive bids accepted$23,995,397,000
Non-competitive bids accepted$4,620,800
Federal Reserve (SOMA) add-on$204,331,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.064
Median rate, %2.030
Low rate, %1.950
Interest rate (coupon), %2.375
Bids at the high rate filled, %2.74
Bid-to-cover ratio2.41
Indirect bidders accepted$14,579,013,000
Direct bidders accepted$3,084,000,000
Primary dealers accepted$6,332,384,000
Indirect bidders' share, % (ours)60.8
Direct bidders' share, % (ours)12.9
Primary dealers' share, % (ours)26.4
High minus median, basis points (ours)3.4
Treasury par yield curve, 10-year point, same day, %2.07
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 ratio2.412.528 of 124 of 12
High yield2.0642.70812 of 120 of 12
Indirect bidders' share60.863.58 of 124 of 12
Direct bidders' share12.911.43 of 129 of 12
Primary dealers' share26.425.55 of 127 of 12
High minus median, basis points3.44.210 of 122 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 ratio2.41Last 24 auctions16 of 248 of 242.50
Bid-to-cover ratio2.41Since 7 May 2008113 of 13724 of 1372.62
Bid-to-cover ratio2.41All 191 since 10 November 1999133 of 19157 of 1912.58
High yield2.064Last 24 auctions24 of 240 of 242.708
High yield2.064Since 7 May 2008105 of 13732 of 1372.535
High yield2.064All 273 since 31 October 1979241 of 27332 of 2733.900
Indirect bidders' share60.8Last 24 auctions15 of 249 of 2463.5
Indirect bidders' share60.8All 137 since 7 May 200832 of 137105 of 13748.5
Direct bidders' share12.9Last 24 auctions4 of 2420 of 248.7
Direct bidders' share12.9All 137 since 7 May 200848 of 13789 of 13710.5
Primary dealers' share26.4Last 24 auctions13 of 2411 of 2427.2
Primary dealers' share26.4All 137 since 7 May 2008113 of 13724 of 13737.9
High minus median, basis points3.4Last 24 auctions22 of 242 of 244.4
High minus median, basis points3.4Since 7 May 2008108 of 13725 of 1374.4
High minus median, basis points3.4All 273 since 31 October 1979136 of 273132 of 2733.4

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 July 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190710_1.pdf. Compiled by 500metrics, "10-year note auction of 10 July 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-07-10.

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