500metrics

Treasury auctions · 3-Year Note, reopening

10-year note auction of 5 November 2019 (reopening)

The 10-year note sold $55.993 billion at a high yield of 1.630% on , with a bid-to-cover ratio of 2.60.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 11 Jan 2017 to 5 Nov 2019
High yield at each 10-year note auction, 8 Nov 2017 to 5 Nov 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, 11 Jan 2017 to 5 Nov 2019
Bid-to-cover ratio at each 10-year note auction, 8 Nov 2017 to 5 Nov 2019

Who bought the 10-year note of 5 Nov 2019

Shares of the competitive bids accepted

  • Indirect bidders 53.3%
  • Direct bidders 16.9%
  • Primary dealers 29.7%
This auction, 5 Nov 2019
  • Indirect bidders 58.5%
  • Direct bidders 12.8%
  • Primary dealers 28.7%
The 10-year note auction before, 9 Oct 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 bidders53.3%
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
1.6302.60
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

Observed .

Right now

The high yield was 1.630% on 5 November 2019, up from 1.590% at the auction before.

Higher than 5 of the 141 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the direct bidders' share was higher than 23 of the 24.

The high minus median was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 53.3%
  • Direct bidders 16.9%
  • Primary dealers 29.7%

Size

Treasury sold $55.993 billion of the $38 billion offered.

Bids received came to $116.634 billion; the bid-to-cover ratio was 2.60.

Its bid-to-cover of 2.60 compares with the 24 auctions before it: lowest 2.17 on , highest 3.43 on ; 34.1% of the way from the low to the high.

2.60

Low 2.17 Midpoint 2.800 High 3.43

The security3-Year, reopening

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in November 2022.

Understanding this result

Where it stands today

The high yield was 1.630% at this 10-year note auction, the median yield 1.600% and a bid-to-cover ratio of 2.60.

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 (3-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 as3-Year, reopening
Offering amount$38,000,000,000
Bids received$116,634,481,300
Sold$55,993,381,300
Competitive bids accepted$37,851,001,000
Non-competitive bids accepted$49,057,800
Federal Reserve (SOMA) add-on$17,993,322,500
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %1.630
Median rate, %1.600
Low rate, %1.530
Interest rate (coupon), %1.625
Bids at the high rate filled, %42.86
Bid-to-cover ratio2.60
Indirect bidders accepted$20,181,111,000
Direct bidders accepted$6,409,572,000
Primary dealers accepted$11,260,318,000
Indirect bidders' share, % (ours)53.3
Direct bidders' share, % (ours)16.9
Primary dealers' share, % (ours)29.7
High minus median, basis points (ours)3.0
Treasury par yield curve, 3-year point, same day, %1.63
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 ratio2.602.441 of 1211 of 12
High yield1.6302.29811 of 121 of 12
Indirect bidders' share53.360.111 of 121 of 12
Direct bidders' share16.912.51 of 1211 of 12
Primary dealers' share29.726.33 of 129 of 12
High minus median, basis points3.04.310 of 121 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 ratio2.60Last 24 auctions2 of 2422 of 242.50
Bid-to-cover ratio2.60Since 7 May 200873 of 14168 of 1412.61
Bid-to-cover ratio2.60All 195 since 10 November 199986 of 195109 of 1952.57
High yield1.630Last 24 auctions23 of 241 of 242.708
High yield1.630Since 7 May 2008136 of 1415 of 1412.479
High yield1.630All 277 since 31 October 1979272 of 2775 of 2773.783
Indirect bidders' share53.3Last 24 auctions22 of 242 of 2462.8
Indirect bidders' share53.3All 141 since 7 May 200862 of 14179 of 14149.3
Direct bidders' share16.9Last 24 auctions1 of 2423 of 2411.0
Direct bidders' share16.9All 141 since 7 May 200822 of 141119 of 14110.6
Primary dealers' share29.7Last 24 auctions6 of 2418 of 2427.2
Primary dealers' share29.7All 141 since 7 May 200898 of 14143 of 14137.2
High minus median, basis points3.0Last 24 auctions22 of 241 of 244.3
High minus median, basis points3.0Since 7 May 2008122 of 14116 of 1414.4
High minus median, basis points3.0All 277 since 31 October 1979154 of 277109 of 2773.5

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 5 November 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191105_2.pdf. Compiled by 500metrics, "10-year note auction of 5 November 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2019-11-05.

Page updated