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

10-year note auction of 8 January 2020 (reopening)

The 10-year note sold $24.768 billion at a high yield of 1.869% on , with a bid-to-cover ratio of 2.45.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 11 Apr 2017 to 8 Jan 2020
High yield at each 10-year note auction, 10 Jan 2018 to 8 Jan 2020

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 Apr 2017 to 8 Jan 2020
Bid-to-cover ratio at each 10-year note auction, 10 Jan 2018 to 8 Jan 2020

Who bought the 10-year note of 8 Jan 2020

Shares of the competitive bids accepted

  • Indirect bidders 55.2%
  • Direct bidders 16.1%
  • Primary dealers 28.7%
This auction, 8 Jan 2020
  • Indirect bidders 56.1%
  • Direct bidders 19.4%
  • Primary dealers 24.5%
The 10-year note auction before, 10 Dec 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 bidders55.2%
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
1.8692.45
1.8422.43
1.8092.49
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

Observed .

Right now

The high yield of 1.869% on 8 January 2020 was the highest for a 10-year note since 10 July 2019.

Higher than 25 of the 144 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the direct bidders' share was higher than 20 of the 24.

The indirect bidders' share was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 55.2%
  • Direct bidders 16.1%
  • Primary dealers 28.7%

Size

Treasury sold $24.768 billion of the $24 billion offered.

Bids received came to $59.51 billion; the bid-to-cover ratio was 2.45.

Its bid-to-cover of 2.45 compares with the 24 auctions before it: lowest 2.17 on , highest 3.43 on ; 22.2% of the way from the low to the high.

2.45

Low 2.17 Midpoint 2.800 High 3.43

The security9-Year 10-Month, reopening

Coupon
1.750%
Announced
Issued
Matures

It adds to the debt that matures in November 2029.

Understanding this result

Where it stands today

The high yield was 1.869% at this 10-year note auction, the median yield 1.820% and a bid-to-cover ratio of 2.45.

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$59,510,482,000
Sold$24,767,945,400
Competitive bids accepted$23,995,938,400
Non-competitive bids accepted$4,095,300
Federal Reserve (SOMA) add-on$767,911,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.869
Median rate, %1.820
Low rate, %1.700
Interest rate (coupon), %1.750
Bids at the high rate filled, %26.93
Bid-to-cover ratio2.45
Indirect bidders accepted$13,243,475,000
Direct bidders accepted$3,866,673,400
Primary dealers accepted$6,885,790,000
Indirect bidders' share, % (ours)55.2
Direct bidders' share, % (ours)16.1
Primary dealers' share, % (ours)28.7
High minus median, basis points (ours)4.9
Treasury par yield curve, 10-year point, same day, %1.87
High yield minus that point, basis points (ours)-0.1
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 ratio2.452.487 of 125 of 12
High yield1.8691.9536 of 126 of 12
Indirect bidders' share55.259.69 of 123 of 12
Direct bidders' share16.112.82 of 1210 of 12
Primary dealers' share28.725.54 of 128 of 12
High minus median, basis points4.94.03 of 128 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 ratio2.45Last 24 auctions16 of 248 of 242.50
Bid-to-cover ratio2.45Since 7 May 2008112 of 14430 of 1442.61
Bid-to-cover ratio2.45All 198 since 10 November 1999132 of 19864 of 1982.57
High yield1.869Last 24 auctions18 of 246 of 242.652
High yield1.869Since 7 May 2008119 of 14425 of 1442.470
High yield1.869All 280 since 31 October 1979255 of 28025 of 2803.753
Indirect bidders' share55.2Last 24 auctions20 of 244 of 2461.9
Indirect bidders' share55.2All 144 since 7 May 200859 of 14485 of 14449.9
Direct bidders' share16.1Last 24 auctions4 of 2420 of 2412.1
Direct bidders' share16.1All 144 since 7 May 200829 of 144115 of 14410.7
Primary dealers' share28.7Last 24 auctions6 of 2418 of 2426.8
Primary dealers' share28.7All 144 since 7 May 2008104 of 14440 of 14436.5
High minus median, basis points4.9Last 24 auctions4 of 2418 of 244.2
High minus median, basis points4.9Since 7 May 200848 of 14494 of 1444.3
High minus median, basis points4.9All 280 since 31 October 197958 of 280218 of 2803.5

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 8 January 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200108_1.pdf. Compiled by 500metrics, "10-year note auction of 8 January 2020 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2020-01-08.

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