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Treasury auctions · 10-Year Note

10-year note auction of 10 November 2020 (new issue)

The 10-year note sold $52.242 billion at a high yield of 0.960% on , with a bid-to-cover ratio of 2.32.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 7 Feb 2018 to 10 Nov 2020
High yield at each 10-year note auction, 12 Dec 2018 to 10 Nov 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, 7 Feb 2018 to 10 Nov 2020
Bid-to-cover ratio at each 10-year note auction, 12 Dec 2018 to 10 Nov 2020

Who bought the 10-year note of 10 Nov 2020

Shares of the competitive bids accepted

  • Indirect bidders 54.8%
  • Direct bidders 13.1%
  • Primary dealers 32.0%
This auction, 10 Nov 2020
  • Indirect bidders 62.9%
  • Direct bidders 14.2%
  • Primary dealers 22.9%
The 10-year note auction before, 7 Oct 2020

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 bidders54.8%
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
0.9602.32
0.7652.47
0.7042.30
0.6772.41
0.6532.62
0.8322.26
0.7002.69
0.7822.43
0.8492.36
1.6222.58
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

Observed .

Right now

The high yield of 0.960% on 10 November 2020 was the highest for a 10-year note since 12 February 2020.

The indirect bidders' share of 54.8% was the lowest for a 10-year note since 5 November 2019, with 12 auctions in between.

The primary dealers' share of 32.0% was the highest for a 10-year note since 21 June 2019, with 17 auctions in between.

Higher than 8 of the 154 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the primary dealers' share was higher than 22 of the 24.

The indirect bidders' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 54.8%
  • Direct bidders 13.1%
  • Primary dealers 32.0%

Size

Treasury sold $52.242 billion of the $41 billion offered.

Bids received came to $106.485 billion; the bid-to-cover ratio was 2.32.

Its bid-to-cover of 2.32 compares with the 24 auctions before it: lowest 2.17 on , highest 3.43 on ; 11.9% of the way from the low to the high.

2.32

Low 2.17 Midpoint 2.800 High 3.43

The security10-Year, new issue

Coupon
0.875%
Announced
Issued
Matures

It adds to the debt that matures in November 2030.

Understanding this result

Where it stands today

The high yield was 0.960% at this 10-year note auction, the median yield 0.912% and a bid-to-cover ratio of 2.32.

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$41,000,000,000
Bids received$106,485,129,800
Sold$52,242,273,200
Competitive bids accepted$40,974,468,400
Non-competitive bids accepted$25,542,900
Federal Reserve (SOMA) add-on$11,242,261,900
Foreign and international (FIMA) non-competitive$0
High yield, %0.960
Median rate, %0.912
Low rate, %0.750
Interest rate (coupon), %0.875
Bids at the high rate filled, %41.37
Bid-to-cover ratio2.32
Indirect bidders accepted$22,471,180,400
Direct bidders accepted$5,380,205,500
Primary dealers accepted$13,123,082,500
Indirect bidders' share, % (ours)54.8
Direct bidders' share, % (ours)13.1
Primary dealers' share, % (ours)32.0
High minus median, basis points (ours)4.8
Treasury par yield curve, 10-year point, same day, %0.98
High yield minus that point, basis points (ours)-2.0
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 ratio2.322.4410 of 122 of 12
High yield0.9600.8074 of 128 of 12
Indirect bidders' share54.861.212 of 120 of 12
Direct bidders' share13.114.49 of 123 of 12
Primary dealers' share32.024.20 of 1212 of 12
High minus median, basis points4.84.97 of 125 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 ratio2.32Last 24 auctions20 of 244 of 242.46
Bid-to-cover ratio2.32Since 7 May 2008139 of 15415 of 1542.59
Bid-to-cover ratio2.32All 208 since 10 November 1999165 of 20842 of 2082.56
High yield0.960Last 24 auctions16 of 248 of 241.704
High yield0.960Since 7 May 2008146 of 1548 of 1542.392
High yield0.960All 290 since 31 October 1979282 of 2908 of 2903.678
Indirect bidders' share54.8Last 24 auctions21 of 243 of 2460.1
Indirect bidders' share54.8All 154 since 7 May 200869 of 15485 of 15453.0
Direct bidders' share13.1Last 24 auctions13 of 2411 of 2413.3
Direct bidders' share13.1All 154 since 7 May 200857 of 15497 of 15411.2
Primary dealers' share32.0Last 24 auctions2 of 2422 of 2425.5
Primary dealers' share32.0All 154 since 7 May 200891 of 15463 of 15434.5
High minus median, basis points4.8Last 24 auctions12 of 2412 of 244.7
High minus median, basis points4.8Since 7 May 200857 of 15496 of 1544.4
High minus median, basis points4.8All 290 since 31 October 197969 of 290220 of 2903.6

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 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201110_1.pdf. Compiled by 500metrics, "10-year note auction of 10 November 2020 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2020-11-10.

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