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10-year note auction of 9 March 2022 (reopening)

The 10-year note sold $39.713 billion at a high yield of 1.920% on , with a bid-to-cover ratio of 2.47.

Coupon
1.875%
Announced
Issued
Matures

High yield

1.920%

Median yield 1.840%

Bid-to-cover

2.47

▼ −0.21 since 9 Feb

Sold

$39.71 billion

$34 billion offered

Indirect bidders

68.2%

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 12 June 2019 to 9 March 2022; the latest at 1.920%.0.5%1.0%1.5%2.0%2.5%2019202020212022This auction, 1.920%The high yield was the highest for a 10-year note since 10 July 201936 auctions from 12 June 2019 to 9 March 2022; the latest at 1.920%.0.5%1.0%1.5%2.0%2020202120221.920%

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
1.9202.47
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
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.472.486 of 126 of 12
High yield1.9201.5200 of 1212 of 12
Indirect bidders' share68.267.26 of 126 of 12
Direct bidders' share18.017.31 of 1211 of 12
Primary dealers' share13.715.57 of 125 of 12
High minus median, basis points8.05.60 of 1212 of 12

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

  • High minus median, basis points: Highest for a 10-year note since 11 March 2020 (23 auctions in between).

Who bought the 10-year note?

Indirect bidders took 68.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 February 2022

Indirect bidders took 68.2% of the competitive bids acceptedIndirect bidders 68.2%, Direct bidders 18.0%, Primary dealers 13.7%Indirect bidders68.2%77.6%Direct bidders18.0%15.0%Primary dealers13.7%7.4%Indirect bidders took 68.2% of the competitive bids acceptedIndirect bidders 68.2%, Direct bidders 18.0%, Primary dealers 13.7%Indirect bidders68.2%77.6%Direct bidders18.0%15.0%Primary dealers13.7%7.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.277.6
Direct bidders18.015.0
Primary dealers13.77.4

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 11-Month, reopening
Offering amount$34,000,000,000
Bids received$89,766,809,300
Sold$39,712,689,300
Competitive bids accepted$33,991,365,000
Non-competitive bids accepted$8,657,600
Federal Reserve (SOMA) add-on$5,712,666,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.920
Median rate, %1.840
Low rate, %1.800
Interest rate (coupon), %1.875
Bids at the high rate filled, %93.72
Bid-to-cover ratio2.47
Indirect bidders accepted$23,190,833,000
Direct bidders accepted$6,130,000,000
Primary dealers accepted$4,670,532,000
Indirect bidders' share, % (ours)68.2
Direct bidders' share, % (ours)18.0
Primary dealers' share, % (ours)13.7
High minus median, basis points (ours)8.0
Treasury par yield curve, 10-year point, same day, %1.94
High yield minus that point, basis points (ours)-2.0

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 ratio2.47Last 24 auctions8 of 2414 of 242.43
Bid-to-cover ratio2.47Since 7 May 2008118 of 17049 of 1702.58
Bid-to-cover ratio2.47All 224 since 10 November 1999138 of 22483 of 2242.55
High yield1.920Last 24 auctions0 of 2424 of 241.251
High yield1.920Since 7 May 2008117 of 17053 of 1702.320
High yield1.920All 306 since 31 October 1979253 of 30653 of 3063.482
Indirect bidders' share68.2Last 24 auctions6 of 2418 of 2463.4
Indirect bidders' share68.2All 170 since 7 May 200817 of 170153 of 17054.8
Direct bidders' share18.0Last 24 auctions2 of 2422 of 2415.6
Direct bidders' share18.0All 170 since 7 May 200821 of 170149 of 17011.9
Primary dealers' share13.7Last 24 auctions19 of 245 of 2419.9
Primary dealers' share13.7All 170 since 7 May 2008165 of 1705 of 17033.6
High minus median, basis points8.0Last 24 auctions1 of 2423 of 245.2
High minus median, basis points8.0Since 7 May 20088 of 170161 of 1704.5
High minus median, basis points8.0All 306 since 31 October 197910 of 306295 of 3063.8

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 March 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220309_2.pdf. Compiled by 500metrics, "10-year note auction of 9 March 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2022-03-09.

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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