500metrics

Treasury auctions · 9-Year 11-Month Note, reopening

10-year note auction of 9 June 2021 (reopening)

The 10-year note sold $41.493 billion at a high yield of 1.497% on , with a bid-to-cover ratio of 2.58.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Sep 2018 to 9 Jun 2021
High yield at each 10-year note auction, 12 Jun 2019 to 9 Jun 2021

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 Sep 2018 to 9 Jun 2021
Bid-to-cover ratio at each 10-year note auction, 12 Jun 2019 to 9 Jun 2021

Who bought the 10-year note of 9 Jun 2021

Shares of the competitive bids accepted

  • Indirect bidders 65.0%
  • Direct bidders 19.2%
  • Primary dealers 15.7%
This auction, 9 Jun 2021
  • Indirect bidders 63.4%
  • Direct bidders 17.1%
  • Primary dealers 19.5%
The 10-year note auction before, 12 May 2021

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 bidders65.0%
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
1.4972.58
1.6842.45
1.6802.36
1.5232.38
1.1552.37
1.1642.47
0.9512.33
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

Observed .

Right now

The high yield was 1.497% on 9 June 2021, down from 1.684% at the auction before.

The direct bidders' share of 19.2% was the highest for a 10-year note since 10 December 2019, with 17 auctions in between.

The primary dealers' share of 15.7% was the lowest for a 10-year note since 11 May 2016, with 62 auctions in between.

Higher than 13 of the 161 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the primary dealers' share was lower than all 24.

The direct bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 65.0%
  • Direct bidders 19.2%
  • Primary dealers 15.7%

Size

Treasury sold $41.493 billion of the $38 billion offered.

Bids received came to $101.633 billion; the bid-to-cover ratio was 2.58.

Its bid-to-cover of 2.58 compares with the 24 auctions before it: lowest 2.20 on , highest 2.69 on ; 77.6% of the way from the low to the high.

2.58

Low 2.20 Midpoint 2.445 High 2.69

The security9-Year 11-Month, reopening

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in May 2031.

Understanding this result

Where it stands today

The high yield was 1.497% at this 10-year note auction, the median yield 1.440% and a bid-to-cover ratio of 2.58.

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 11-Month, reopening
Offering amount$38,000,000,000
Bids received$101,632,998,700
Sold$41,493,489,400
Competitive bids accepted$37,989,945,700
Non-competitive bids accepted$10,077,100
Federal Reserve (SOMA) add-on$3,493,466,600
Foreign and international (FIMA) non-competitive$0
High yield, %1.497
Median rate, %1.440
Low rate, %0.080
Interest rate (coupon), %1.625
Bids at the high rate filled, %5.89
Bid-to-cover ratio2.58
Indirect bidders accepted$24,710,473,200
Direct bidders accepted$7,306,000,000
Primary dealers accepted$5,973,472,500
Indirect bidders' share, % (ours)65.0
Direct bidders' share, % (ours)19.2
Primary dealers' share, % (ours)15.7
High minus median, basis points (ours)5.7
Treasury par yield curve, 10-year point, same day, %1.50
High yield minus that point, basis points (ours)-0.3
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 ratio2.582.381 of 1211 of 12
High yield1.4970.9563 of 129 of 12
Indirect bidders' share65.061.41 of 1211 of 12
Direct bidders' share19.215.50 of 1212 of 12
Primary dealers' share15.723.012 of 120 of 12
High minus median, basis points5.75.02 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 ratio2.58Last 24 auctions3 of 2420 of 242.43
Bid-to-cover ratio2.58Since 7 May 200881 of 16175 of 1612.59
Bid-to-cover ratio2.58All 215 since 10 November 199995 of 215115 of 2152.55
High yield1.497Last 24 auctions12 of 2412 of 241.344
High yield1.497Since 7 May 2008148 of 16113 of 1612.346
High yield1.497All 297 since 31 October 1979284 of 29713 of 2973.548
Indirect bidders' share65.0Last 24 auctions2 of 2422 of 2460.7
Indirect bidders' share65.0All 161 since 7 May 200821 of 161140 of 16153.3
Direct bidders' share19.2Last 24 auctions1 of 2423 of 2414.7
Direct bidders' share19.2All 161 since 7 May 200818 of 161143 of 16111.5
Primary dealers' share15.7Last 24 auctions24 of 240 of 2424.6
Primary dealers' share15.7All 161 since 7 May 2008159 of 1612 of 16134.0
High minus median, basis points5.7Last 24 auctions5 of 2419 of 244.9
High minus median, basis points5.7Since 7 May 200835 of 161126 of 1614.4
High minus median, basis points5.7All 297 since 31 October 197942 of 297255 of 2973.7

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 June 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210609_2.pdf. Compiled by 500metrics, "10-year note auction of 9 June 2021 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2021-06-09.

Page updated