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

10-year note auction of 12 September 2023 (reopening)

The 10-year note sold $35 billion at a high yield of 4.289% on , with a bid-to-cover ratio of 2.52.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 7 Oct 2020 to 12 Sep 2023
High yield at each 10-year note auction, 12 Oct 2021 to 12 Sep 2023

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 Oct 2020 to 12 Sep 2023
Bid-to-cover ratio at each 10-year note auction, 12 Oct 2021 to 12 Sep 2023

Who bought the 10-year note of 12 Sep 2023

Shares of the competitive bids accepted

  • Indirect bidders 66.3%
  • Direct bidders 19.9%
  • Primary dealers 13.8%
This auction, 12 Sep 2023
  • Indirect bidders 72.2%
  • Direct bidders 18.3%
  • Primary dealers 9.5%
The 10-year note auction before, 9 Aug 2023

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 bidders66.3%
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
4.2892.52
3.9992.56
3.8572.53
3.7912.36
3.4482.45
3.4552.36
3.9852.35
3.6132.66
3.5752.53
3.6252.31
4.1402.23
3.9302.34
3.3302.37
2.7552.53
2.9602.34
3.0302.41
2.9432.49
2.7202.43
1.9202.47
1.9042.68
1.7232.51
1.5182.43
1.4442.35
1.5842.58
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

Observed .

Right now

The high yield of 4.289% on 12 September 2023 was the highest for a 10-year note since 7 November 2007.

The high minus median of 6.0 basis points was the lowest for a 10-year note since 9 February 2022, with 18 auctions in between.

Higher than all 188 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was higher than all 24.

The direct bidders' share was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 66.3%
  • Direct bidders 19.9%
  • Primary dealers 13.8%

Size

Treasury sold $35 billion of the $35 billion offered.

Bids received came to $88.255 billion; the bid-to-cover ratio was 2.52.

Its bid-to-cover of 2.52 compares with the 24 auctions before it: lowest 2.23 on , highest 2.68 on ; 64.4% of the way from the low to the high.

2.52

Low 2.23 Midpoint 2.455 High 2.68

The security9-Year 11-Month, reopening

Coupon
3.875%
Announced
Issued
Matures

It adds to the debt that matures in August 2033.

Understanding this result

Where it stands today

The high yield was 4.289% at this 10-year note auction, the median yield 4.229% and a bid-to-cover ratio of 2.52.

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$35,000,000,000
Bids received$88,255,301,500
Sold$35,000,041,700
Competitive bids accepted$34,921,465,200
Non-competitive bids accepted$78,576,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.289
Median rate, %4.229
Low rate, %4.180
Interest rate (coupon), %3.875
Bids at the high rate filled, %86.57
Bid-to-cover ratio2.52
Indirect bidders accepted$23,157,725,000
Direct bidders accepted$6,955,740,200
Primary dealers accepted$4,808,000,000
Indirect bidders' share, % (ours)66.3
Direct bidders' share, % (ours)19.9
Primary dealers' share, % (ours)13.8
High minus median, basis points (ours)6.0
Treasury par yield curve, 10-year point, same day, %4.27
High yield minus that point, basis points (ours)1.9
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 ratio2.522.364 of 128 of 12
High yield4.2893.7080 of 1212 of 12
Indirect bidders' share66.362.65 of 127 of 12
Direct bidders' share19.919.13 of 129 of 12
Primary dealers' share13.817.48 of 124 of 12
High minus median, basis points6.08.412 of 120 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 ratio2.52Last 24 auctions8 of 2416 of 242.44
Bid-to-cover ratio2.52Since 7 May 2008109 of 18877 of 1882.57
Bid-to-cover ratio2.52All 242 since 10 November 1999126 of 242114 of 2422.53
High yield4.289Last 24 auctions0 of 2424 of 243.180
High yield4.289Since 7 May 20080 of 188188 of 1882.392
High yield4.289All 324 since 31 October 1979119 of 324205 of 3243.482
Indirect bidders' share66.3Last 24 auctions13 of 2411 of 2467.3
Indirect bidders' share66.3All 188 since 7 May 200827 of 188161 of 18856.7
Direct bidders' share19.9Last 24 auctions3 of 2421 of 2418.0
Direct bidders' share19.9All 188 since 7 May 200818 of 188170 of 18812.8
Primary dealers' share13.8Last 24 auctions13 of 2411 of 2415.1
Primary dealers' share13.8All 188 since 7 May 2008176 of 18812 of 18831.0
High minus median, basis points6.0Last 24 auctions21 of 243 of 248.0
High minus median, basis points6.0Since 7 May 200850 of 188136 of 1884.6
High minus median, basis points6.0All 324 since 31 October 197956 of 324265 of 3243.9

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 12 September 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230912_2.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2023 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2023-09-12.

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