500metrics

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

10-year note auction of 9 October 2019 (reopening)

The 10-year note sold $24 billion at a high yield of 1.590% on , with a bid-to-cover ratio of 2.43.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Dec 2016 to 9 Oct 2019
High yield at each 10-year note auction, 11 Oct 2017 to 9 Oct 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 Dec 2016 to 9 Oct 2019
Bid-to-cover ratio at each 10-year note auction, 11 Oct 2017 to 9 Oct 2019

Who bought the 10-year note of 9 Oct 2019

Shares of the competitive bids accepted

  • Indirect bidders 58.5%
  • Direct bidders 12.8%
  • Primary dealers 28.7%
This auction, 9 Oct 2019
  • Indirect bidders 62.6%
  • Direct bidders 12.7%
  • Primary dealers 24.7%
The 10-year note auction before, 11 Sep 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 bidders58.5%
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
1.5902.43
1.7392.46
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

Observed .

Right now

The high yield of 1.590% on 9 October 2019 was the lowest for a 10-year note since 10 August 2016.

Higher than 3 of the 140 since 7 May 2008

Its own history

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

The high minus median was higher than 19 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 58.5%
  • Direct bidders 12.8%
  • Primary dealers 28.7%

Size

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

Bids received came to $58.317 billion; the bid-to-cover ratio was 2.43.

Its bid-to-cover of 2.43 compares with the 24 auctions before it: lowest 2.17 on , highest 3.43 on ; 20.6% of the way from the low to the high.

2.43

Low 2.17 Midpoint 2.800 High 3.43

The security9-Year 10-Month, reopening

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 1.590% at this 10-year note auction, the median yield 1.535% and a bid-to-cover ratio of 2.43.

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$58,316,634,000
Sold$24,000,050,500
Competitive bids accepted$23,996,736,500
Non-competitive bids accepted$3,314,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.590
Median rate, %1.535
Low rate, %1.450
Interest rate (coupon), %1.625
Bids at the high rate filled, %59.01
Bid-to-cover ratio2.43
Indirect bidders accepted$14,044,845,000
Direct bidders accepted$3,070,000,000
Primary dealers accepted$6,881,891,500
Indirect bidders' share, % (ours)58.5
Direct bidders' share, % (ours)12.8
Primary dealers' share, % (ours)28.7
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %1.59
High yield minus that point, basis points (ours)0.0
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 ratio2.432.487 of 125 of 12
High yield1.5902.47212 of 120 of 12
Indirect bidders' share58.561.78 of 124 of 12
Direct bidders' share12.812.14 of 128 of 12
Primary dealers' share28.725.53 of 129 of 12
High minus median, basis points5.54.21 of 1210 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 ratio2.43Last 24 auctions16 of 248 of 242.50
Bid-to-cover ratio2.43Since 7 May 2008113 of 14026 of 1402.62
Bid-to-cover ratio2.43All 194 since 10 November 1999133 of 19460 of 1942.57
High yield1.590Last 24 auctions24 of 240 of 242.708
High yield1.590Since 7 May 2008137 of 1403 of 1402.482
High yield1.590All 276 since 31 October 1979273 of 2763 of 2763.786
Indirect bidders' share58.5Last 24 auctions17 of 247 of 2463.1
Indirect bidders' share58.5All 140 since 7 May 200842 of 14098 of 14049.1
Direct bidders' share12.8Last 24 auctions6 of 2418 of 2410.6
Direct bidders' share12.8All 140 since 7 May 200850 of 14090 of 14010.6
Primary dealers' share28.7Last 24 auctions6 of 2418 of 2426.8
Primary dealers' share28.7All 140 since 7 May 2008103 of 14037 of 14037.5
High minus median, basis points5.5Last 24 auctions3 of 2419 of 244.3
High minus median, basis points5.5Since 7 May 200831 of 140105 of 1404.4
High minus median, basis points5.5All 276 since 31 October 197938 of 276233 of 2763.4

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 9 October 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191009_1.pdf. Compiled by 500metrics, "10-year note auction of 9 October 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-10-09.

Page updated