What is High/Median/Low Yield of US Treasury Note/Bond?

High/Median/Low Yield of US Treasury Note/Bond refers to 3 thresholds of YTMs (Yields To Maturity) used by The US Department of the Treasury during the T-Note/T-Bond auction process.

When a T-Note/T-Bonds is auctioned by The US Department of the Treasury, it will go through a competitive bidding process by many tenders (investors and institutions). Bidding offers are submitted as YTMs instead of purchase prices.

When the bidding process is ended, The US Department of the Treasury will announce the highest accepted YTM. Bidding offers will be fully tendered, partially tendered or rejected:

• Full Tendered - Offered YTM is less than the highest accepted YTM.
• Full Tendered or Partially Tendered - Offered YTM is equal to the highest accepted YTM.
• Rejected - Offered YTM is greater than the highest accepted YTM.

After the auction, The US Department of the Treasury will release the auction results to the public with 3 thresholds of YTMs on bidding offers:

High Yield - The highest accepted YTM
Median Yield - 50% accepted at or blow this YTM
Low Yield - 5% accepted at or blow this YTM

Price - The lowest accepted price converted from "High Yield"

For example, results of the 10-year T-Note auctioned on November 05, 2024 show:

Release Date: November 05, 2024 (the auction date)
Term and Type of Security: 10-Year Note
CUSIP Number: 91282CLW9
Series: F-2034

Interest Rate: 4-1/4%
High Yield: 4.347% (the highest accepted YTM)
Price: 99.220075 (the lowest accepted price)
Accrued Interest per $1,000: None 

Median Yield: 4.290% (50% accepted at or blow this YTM)
Low Yield: 4.200% (5% accepted at or blow this YTM)

Issue Date: November 15, 2024 (the settlement date)
Maturity Date: November 15, 2034

You can verify that the price reported in the auction result is the price for the highest accepted YTM using our conversion tool. Just click this link "T-Note 91282CLW9 settled on 2024-11-15 with a purchase price of $99.220075", you will see the YTM of 4.3470% displayed.

⇒ Accrued Interest of US Treasury Note/Bond

⇐ YTM (Yield To Maturity) on US Treasury Note/Bond

⇑ Performance Measurements of US Treasury Note/Bond

⇑⇑ US Treasury Securities