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10-year note auction of 9 February 2022 (new issue)

The 10-year note sold $59.384 billion at a high yield of 1.904% on , with a bid-to-cover ratio of 2.68.

Coupon
1.875%
Announced
Issued
Matures

High yield

1.904%

Median yield 1.853%

Bid-to-cover

2.68

▲ +0.17 since 12 Jan

Sold

$59.38 billion

$37 billion offered

Indirect bidders

77.6%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 10 July 2019

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 10 July 201936 auctions from 8 May 2019 to 9 February 2022; the latest at 1.904%.0.5%1.0%1.5%2.0%2.5%2019202020212022This auction, 1.904%The high yield was the highest for a 10-year note since 10 July 201936 auctions from 8 May 2019 to 9 February 2022; the latest at 1.904%.0.5%1.0%1.5%2.0%2020202120221.904%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 10-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
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
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.682.440 of 1212 of 12
High yield1.9041.5080 of 1212 of 12
Indirect bidders' share77.665.30 of 1212 of 12
Direct bidders' share15.017.610 of 122 of 12
Primary dealers' share7.416.212 of 120 of 12
High minus median, basis points5.15.68 of 124 of 12

The table scrolls sideways; the first column stays in place.

  • Bid-to-cover ratio: Highest for a 10-year note since 12 May 2020 (20 auctions in between).
  • Indirect bidders' share: Highest of all 169 earlier 10-year note auctions we hold.
  • Primary dealers' share: Lowest of all 169 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 77.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 January 2022

Indirect bidders took 77.6% of the competitive bids acceptedIndirect bidders 77.6%, Direct bidders 15.0%, Primary dealers 7.4%Indirect bidders77.6%65.5%Direct bidders15.0%17.9%Primary dealers7.4%16.6%Indirect bidders took 77.6% of the competitive bids acceptedIndirect bidders 77.6%, Direct bidders 15.0%, Primary dealers 7.4%Indirect bidders77.6%65.5%Direct bidders15.0%17.9%Primary dealers7.4%16.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.665.5
Direct bidders15.017.9
Primary dealers7.416.6

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$37,000,000,000
Bids received$121,559,113,700
Sold$59,383,597,100
Competitive bids accepted$36,977,598,400
Non-competitive bids accepted$22,402,800
Federal Reserve (SOMA) add-on$22,383,595,900
Foreign and international (FIMA) non-competitive$0
High yield, %1.904
Median rate, %1.853
Low rate, %1.800
Interest rate (coupon), %1.875
Bids at the high rate filled, %29.34
Bid-to-cover ratio2.68
Indirect bidders accepted$28,680,126,400
Direct bidders accepted$5,545,000,000
Primary dealers accepted$2,752,472,000
Indirect bidders' share, % (ours)77.6
Direct bidders' share, % (ours)15.0
Primary dealers' share, % (ours)7.4
High minus median, basis points (ours)5.1
Treasury par yield curve, 10-year point, same day, %1.94
High yield minus that point, basis points (ours)-3.6

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 this number cannot tell you

  • 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 longer windows

Each measure against earlier 10-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.68Last 24 auctions1 of 2423 of 242.43
Bid-to-cover ratio2.68Since 7 May 200858 of 169108 of 1692.58
Bid-to-cover ratio2.68All 223 since 10 November 199966 of 223152 of 2232.55
High yield1.904Last 24 auctions0 of 2424 of 241.251
High yield1.904Since 7 May 2008117 of 16952 of 1692.325
High yield1.904All 305 since 31 October 1979253 of 30552 of 3053.494
Indirect bidders' share77.6Last 24 auctions0 of 2424 of 2463.1
Indirect bidders' share77.6All 169 since 7 May 20080 of 169169 of 16954.7
Direct bidders' share15.0Last 24 auctions12 of 2412 of 2415.5
Direct bidders' share15.0All 169 since 7 May 200849 of 169120 of 16911.8
Primary dealers' share7.4Last 24 auctions24 of 240 of 2420.2
Primary dealers' share7.4All 169 since 7 May 2008169 of 1690 of 16933.6
High minus median, basis points5.1Last 24 auctions12 of 2412 of 245.2
High minus median, basis points5.1Since 7 May 200854 of 169113 of 1694.5
High minus median, basis points5.1All 305 since 31 October 197962 of 305241 of 3053.7

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 9 February 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220209_2.pdf. Compiled by 500metrics, "10-year note auction of 9 February 2022 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2022-02-09.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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