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

10-year note auction of 11 September 2024 (reopening)

The 10-year note sold $39.373 billion at a high yield of 3.648% on , with a bid-to-cover ratio of 2.64.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Oct 2021 to 11 Sep 2024
High yield at each 10-year note auction, 12 Sep 2022 to 11 Sep 2024

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 Oct 2021 to 11 Sep 2024
Bid-to-cover ratio at each 10-year note auction, 12 Sep 2022 to 11 Sep 2024

Who bought the 10-year note of 11 Sep 2024

Shares of the competitive bids accepted

  • Indirect bidders 76.0%
  • Direct bidders 13.7%
  • Primary dealers 10.2%
This auction, 11 Sep 2024
  • Indirect bidders 66.2%
  • Direct bidders 16.0%
  • Primary dealers 17.9%
The 10-year note auction before, 7 Aug 2024

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 bidders76.0%
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
3.6482.64
3.9602.32
4.2762.58
4.4382.67
4.4832.49
4.5602.34
4.1662.51
4.0932.56
4.0242.56
4.2962.53
4.5192.45
4.6102.50
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

Observed .

Right now

The high yield of 3.648% on 11 September 2024 was the lowest for a 10-year note since 10 May 2023.

The indirect bidders' share of 76.0% was the highest for a 10-year note since 8 February 2023, with 18 auctions in between.

The direct bidders' share of 13.7% was the lowest for a 10-year note since 11 August 2021, with 36 auctions in between.

Higher than 170 of the 200 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the direct bidders' share and the high minus median were lower than all 24.

The indirect 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 76.0%
  • Direct bidders 13.7%
  • Primary dealers 10.2%

Size

Treasury sold $39.373 billion of the $39 billion offered.

Bids received came to $103.199 billion; the bid-to-cover ratio was 2.64.

Its bid-to-cover of 2.64 compares with the 24 auctions before it: lowest 2.23 on , highest 2.67 on ; 93.2% of the way from the low to the high.

2.64

Low 2.23 Midpoint 2.450 High 2.67

The security9-Year 11-Month, reopening

Coupon
3.875%
Announced
Issued
Matures

It adds to the debt that matures in August 2034.

Understanding this result

Where it stands today

The high yield was 3.648% at this 10-year note auction, the median yield 3.605% and a bid-to-cover ratio of 2.64.

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$39,000,000,000
Bids received$103,198,502,600
Sold$39,372,679,500
Competitive bids accepted$38,933,491,900
Non-competitive bids accepted$66,510,000
Federal Reserve (SOMA) add-on$372,677,600
Foreign and international (FIMA) non-competitive$0
High yield, %3.648
Median rate, %3.605
Low rate, %3.450
Interest rate (coupon), %3.875
Bids at the high rate filled, %74.43
Bid-to-cover ratio2.64
Indirect bidders accepted$29,607,719,900
Direct bidders accepted$5,337,000,000
Primary dealers accepted$3,988,772,000
Indirect bidders' share, % (ours)76.0
Direct bidders' share, % (ours)13.7
Primary dealers' share, % (ours)10.2
High minus median, basis points (ours)4.3
Treasury par yield curve, 10-year point, same day, %3.65
High yield minus that point, basis points (ours)-0.2
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 ratio2.642.521 of 1211 of 12
High yield3.6484.29212 of 120 of 12
Indirect bidders' share76.066.10 of 1212 of 12
Direct bidders' share13.718.712 of 120 of 12
Primary dealers' share10.215.412 of 120 of 12
High minus median, basis points4.36.612 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 ratio2.64Last 24 auctions2 of 2422 of 242.50
Bid-to-cover ratio2.64Since 7 May 200868 of 200130 of 2002.56
Bid-to-cover ratio2.64All 254 since 10 November 199978 of 254173 of 2542.53
High yield3.648Last 24 auctions18 of 246 of 244.012
High yield3.648Since 7 May 200830 of 200170 of 2002.477
High yield3.648All 336 since 31 October 1979164 of 336172 of 3363.594
Indirect bidders' share76.0Last 24 auctions1 of 2423 of 2465.8
Indirect bidders' share76.0All 200 since 7 May 20083 of 200197 of 20057.5
Direct bidders' share13.7Last 24 auctions24 of 240 of 2418.7
Direct bidders' share13.7All 200 since 7 May 200892 of 200108 of 20013.3
Primary dealers' share10.2Last 24 auctions22 of 242 of 2416.4
Primary dealers' share10.2All 200 since 7 May 2008195 of 2005 of 20029.8
High minus median, basis points4.3Last 24 auctions24 of 240 of 247.7
High minus median, basis points4.3Since 7 May 2008124 of 20073 of 2004.8
High minus median, basis points4.3All 336 since 31 October 1979137 of 336196 of 3364.0

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 11 September 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240911_2.pdf. Compiled by 500metrics, "10-year note auction of 11 September 2024 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2024-09-11.

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