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Treasury auctions · 10-Year Note

10-year note auction of 7 August 2019 (new issue)

The 10-year note sold $44.619 billion at a high yield of 1.670% on , with a bid-to-cover ratio of 2.20.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Oct 2016 to 7 Aug 2019
High yield at each 10-year note auction, 9 Aug 2017 to 7 Aug 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 Oct 2016 to 7 Aug 2019
Bid-to-cover ratio at each 10-year note auction, 9 Aug 2017 to 7 Aug 2019

Who bought the 10-year note of 7 Aug 2019

Shares of the competitive bids accepted

  • Indirect bidders 55.7%
  • Direct bidders 13.6%
  • Primary dealers 30.7%
This auction, 7 Aug 2019
  • Indirect bidders 60.8%
  • Direct bidders 12.9%
  • Primary dealers 26.4%
The 10-year note auction before, 10 Jul 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 bidders55.7%
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
1.6702.20
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

Observed .

Right now

The high yield of 1.670% on 7 August 2019 was the lowest for a 10-year note since 10 August 2016.

The high minus median of 7.5 basis points was the highest for a 10-year note since 12 October 2011, with 94 auctions in between.

Higher than 5 of the 138 since 7 May 2008

Its own history

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

The high yield was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 55.7%
  • Direct bidders 13.6%
  • Primary dealers 30.7%

Size

Treasury sold $44.619 billion of the $27 billion offered.

Bids received came to $76.942 billion; the bid-to-cover ratio was 2.20.

Its bid-to-cover of 2.20 compares with the 24 auctions before it: lowest 2.17 on , highest 3.43 on ; 2.4% of the way from the low to the high.

2.20

Low 2.17 Midpoint 2.800 High 3.43

The security10-Year, new issue

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in August 2029.

Understanding this result

Where it stands today

The high yield was 1.670% at this 10-year note auction, the median yield 1.595% and a bid-to-cover ratio of 2.20.

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 as10-Year, new issue
Offering amount$27,000,000,000
Bids received$76,941,825,700
Sold$44,618,951,200
Competitive bids accepted$26,972,550,500
Non-competitive bids accepted$27,484,000
Federal Reserve (SOMA) add-on$17,618,916,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.670
Median rate, %1.595
Low rate, %1.510
Interest rate (coupon), %1.625
Bids at the high rate filled, %52.07
Bid-to-cover ratio2.20
Indirect bidders accepted$15,028,570,500
Direct bidders accepted$3,657,000,000
Primary dealers accepted$8,286,980,000
Indirect bidders' share, % (ours)55.7
Direct bidders' share, % (ours)13.6
Primary dealers' share, % (ours)30.7
High minus median, basis points (ours)7.5
Treasury par yield curve, 10-year point, same day, %1.71
High yield minus that point, basis points (ours)-4.0
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 ratio2.202.5011 of 121 of 12
High yield1.6702.65212 of 120 of 12
Indirect bidders' share55.763.510 of 122 of 12
Direct bidders' share13.611.72 of 1210 of 12
Primary dealers' share30.725.52 of 1210 of 12
High minus median, basis points7.54.20 of 1212 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 ratio2.20Last 24 auctions23 of 241 of 242.50
Bid-to-cover ratio2.20Since 7 May 2008133 of 1384 of 1382.62
Bid-to-cover ratio2.20All 192 since 10 November 1999167 of 19224 of 1922.58
High yield1.670Last 24 auctions24 of 240 of 242.708
High yield1.670Since 7 May 2008133 of 1385 of 1382.510
High yield1.670All 274 since 31 October 1979269 of 2745 of 2743.845
Indirect bidders' share55.7Last 24 auctions20 of 244 of 2463.5
Indirect bidders' share55.7All 138 since 7 May 200852 of 13886 of 13848.7
Direct bidders' share13.6Last 24 auctions3 of 2421 of 249.1
Direct bidders' share13.6All 138 since 7 May 200842 of 13896 of 13810.5
Primary dealers' share30.7Last 24 auctions5 of 2419 of 2426.8
Primary dealers' share30.7All 138 since 7 May 200892 of 13846 of 13837.8
High minus median, basis points7.5Last 24 auctions0 of 2424 of 244.4
High minus median, basis points7.5Since 7 May 200810 of 138127 of 1384.4
High minus median, basis points7.5All 274 since 31 October 197912 of 274260 of 2743.4

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 7 August 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190807_1.pdf. Compiled by 500metrics, "10-year note auction of 7 August 2019 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2019-08-07.

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