2017 Economic Calendar
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10-Yr Note Announcement  
 
Description of Offering
Offering Amount$20.0 B 
CUSIP Number9128282R0 
Auction DateSeptember 12, 2017 
Issue [Settlement] DateSeptember 15, 2017 
Maturity DateAugust 15, 2027 
Min Bid Amount$100 
Noncompetitive Bids12:00 Noon ET 
Competitive Bids1:00 p.m. ET 
Definition
Treasury notes are sold at regularly scheduled public auctions. The competitive bids at these auctions determine the interest rate paid on each Treasury note issue. The level of demand for an auction is measured by coverage which is the ratio of bids tendered to bids accepted. The higher this number, the stronger the demand. A group of securities dealers, known as primary dealers, are authorized and obligated to submit competitive tenders at Treasury auctions. Dealers can hold the bills, resell the bills to their clients or trade them with other securities firms. Typically, the New York Fed approves about 20 securities firms to be primary dealers but that number dropped sharply during the 2008 financial crisis as some were merged into other firms or went bankrupt. The Fed has been rebuilding that number regularly and the latest list can be found here. The Treasury announces the amount, date and time of the 10-year note auction monthly. The 10-year notes are announced around the first week of the month and then auctioned the following week. Generally, the 10-year notes are issued (settled) on the 15th of the month, unless it falls on a weekend or holiday, and then they are issued on the next business day. (Department of the Treasury)  Why Investors Care
 

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