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

10-year note auction of 8 September 2021 (reopening)

The 10-year note sold $42.046 billion at a high yield of 1.338% on , with a bid-to-cover ratio of 2.59.

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 2018 to 8 Sep 2021
High yield at each 10-year note auction, 11 Sep 2019 to 8 Sep 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 Dec 2018 to 8 Sep 2021
Bid-to-cover ratio at each 10-year note auction, 11 Sep 2019 to 8 Sep 2021

Who bought the 10-year note of 8 Sep 2021

Shares of the competitive bids accepted

  • Indirect bidders 71.1%
  • Direct bidders 16.6%
  • Primary dealers 12.3%
This auction, 8 Sep 2021
  • Indirect bidders 77.2%
  • Direct bidders 13.1%
  • Primary dealers 9.6%
The 10-year note auction before, 11 Aug 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 bidders71.1%
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
1.3382.59
1.3402.65
1.3712.39
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

Observed .

Right now

The high yield of 1.338% on 8 September 2021 was the lowest for a 10-year note since 10 February 2021.

Higher than 12 of the 164 since 7 May 2008

Its own history

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

The primary dealers' share 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 71.1%
  • Direct bidders 16.6%
  • Primary dealers 12.3%

Size

Treasury sold $42.046 billion of the $38 billion offered.

Bids received came to $102.62 billion; the bid-to-cover ratio was 2.59.

Its bid-to-cover of 2.59 compares with the 24 auctions before it: lowest 2.26 on , highest 2.69 on ; 76.7% of the way from the low to the high.

2.59

Low 2.26 Midpoint 2.475 High 2.69

The security9-Year 11-Month, reopening

Coupon
1.250%
Announced
Issued
Matures

It adds to the debt that matures in August 2031.

Understanding this result

Where it stands today

The high yield was 1.338% at this 10-year note auction, the median yield 1.288% and a bid-to-cover ratio of 2.59.

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$102,619,539,700
Sold$42,046,369,700
Competitive bids accepted$37,991,230,000
Non-competitive bids accepted$8,773,100
Federal Reserve (SOMA) add-on$4,046,366,600
Foreign and international (FIMA) non-competitive$0
High yield, %1.338
Median rate, %1.288
Low rate, %1.230
Interest rate (coupon), %1.250
Bids at the high rate filled, %77.78
Bid-to-cover ratio2.59
Indirect bidders accepted$26,994,230,000
Direct bidders accepted$6,315,000,000
Primary dealers accepted$4,682,000,000
Indirect bidders' share, % (ours)71.1
Direct bidders' share, % (ours)16.6
Primary dealers' share, % (ours)12.3
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %1.35
High yield minus that point, basis points (ours)-1.2
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 ratio2.592.381 of 1211 of 12
High yield1.3381.2526 of 126 of 12
Indirect bidders' share71.162.31 of 1211 of 12
Direct bidders' share16.616.76 of 126 of 12
Primary dealers' share12.321.711 of 121 of 12
High minus median, basis points5.05.26 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 ratio2.59Last 24 auctions4 of 2420 of 242.43
Bid-to-cover ratio2.59Since 7 May 200877 of 16482 of 1642.58
Bid-to-cover ratio2.59All 218 since 10 November 199990 of 218122 of 2182.55
High yield1.338Last 24 auctions12 of 2412 of 241.252
High yield1.338Since 7 May 2008152 of 16412 of 1642.338
High yield1.338All 300 since 31 October 1979288 of 30012 of 3003.510
Indirect bidders' share71.1Last 24 auctions1 of 2423 of 2461.2
Indirect bidders' share71.1All 164 since 7 May 20087 of 164157 of 16453.7
Direct bidders' share16.6Last 24 auctions9 of 2415 of 2414.8
Direct bidders' share16.6All 164 since 7 May 200832 of 164132 of 16411.7
Primary dealers' share12.3Last 24 auctions23 of 241 of 2423.5
Primary dealers' share12.3All 164 since 7 May 2008163 of 1641 of 16433.9
High minus median, basis points5.0Last 24 auctions10 of 2412 of 245.0
High minus median, basis points5.0Since 7 May 200853 of 164105 of 1644.4
High minus median, basis points5.0All 300 since 31 October 197961 of 300231 of 3003.7

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 8 September 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210908_2.pdf. Compiled by 500metrics, "10-year note auction of 8 September 2021 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2021-09-08.

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