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10-year note auction of 12 April 2022 (reopening)

The 10-year note sold $42.111 billion at a high yield of 2.720% on , with a bid-to-cover ratio of 2.43.

Coupon
1.875%
Announced
Issued
Matures

High yield

2.720%

Median yield 2.620%

Bid-to-cover

2.43

▼ −0.04 since 9 Mar

Sold

$42.11 billion

$34 billion offered

Indirect bidders

64.3%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 9 January 2019

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 9 January 201936 auctions from 21 June 2019 to 12 April 2022; the latest at 2.720%.0.0%1.0%2.0%3.0%2019202020212022This auction, 2.720%The high yield was the highest for a 10-year note since 9 January 201936 auctions from 21 June 2019 to 12 April 2022; the latest at 2.720%.0.0%1.0%2.0%3.0%2020202120222.720%

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
2.7202.43
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.498 of 123 of 12
High yield2.7201.5510 of 1212 of 12
Indirect bidders' share64.368.59 of 123 of 12
Direct bidders' share17.017.37 of 125 of 12
Primary dealers' share18.714.53 of 129 of 12
High minus median, basis points10.05.70 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 February 2009 (159 auctions in between).

Who bought the 10-year note?

Indirect bidders took 64.3% of the competitive bids accepted

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

Indirect bidders took 64.3% of the competitive bids acceptedIndirect bidders 64.3%, Direct bidders 17.0%, Primary dealers 18.7%Indirect bidders64.3%68.2%Direct bidders17.0%18.0%Primary dealers18.7%13.7%Indirect bidders took 64.3% of the competitive bids acceptedIndirect bidders 64.3%, Direct bidders 17.0%, Primary dealers 18.7%Indirect bidders64.3%68.2%Direct bidders17.0%18.0%Primary dealers18.7%13.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.368.2
Direct bidders17.018.0
Primary dealers18.713.7

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$34,000,000,000
Bids received$90,832,661,600
Sold$42,110,578,600
Competitive bids accepted$33,990,122,000
Non-competitive bids accepted$9,955,000
Federal Reserve (SOMA) add-on$8,110,501,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.720
Median rate, %2.620
Low rate, %2.570
Interest rate (coupon), %1.875
Bids at the high rate filled, %66.58
Bid-to-cover ratio2.43
Indirect bidders accepted$21,864,192,000
Direct bidders accepted$5,784,000,000
Primary dealers accepted$6,341,930,000
Indirect bidders' share, % (ours)64.3
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)18.7
High minus median, basis points (ours)10.0
Treasury par yield curve, 10-year point, same day, %2.72
High yield minus that point, basis points (ours)0.0

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 ratio2.43Last 24 auctions12 of 2410 of 242.44
Bid-to-cover ratio2.43Since 7 May 2008129 of 17137 of 1712.58
Bid-to-cover ratio2.43All 225 since 10 November 1999149 of 22571 of 2252.55
High yield2.720Last 24 auctions0 of 2424 of 241.339
High yield2.720Since 7 May 200854 of 171116 of 1712.314
High yield2.720All 307 since 31 October 1979190 of 307116 of 3073.470
Indirect bidders' share64.3Last 24 auctions11 of 2413 of 2463.4
Indirect bidders' share64.3All 171 since 7 May 200834 of 171137 of 17154.8
Direct bidders' share17.0Last 24 auctions10 of 2414 of 2416.4
Direct bidders' share17.0All 171 since 7 May 200833 of 171138 of 17112.0
Primary dealers' share18.7Last 24 auctions15 of 249 of 2419.8
Primary dealers' share18.7All 171 since 7 May 2008158 of 17113 of 17133.5
High minus median, basis points10.0Last 24 auctions0 of 2424 of 245.2
High minus median, basis points10.0Since 7 May 20083 of 171168 of 1714.5
High minus median, basis points10.0All 307 since 31 October 19793 of 307304 of 3073.8

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 12 April 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220412_1.pdf. Compiled by 500metrics, "10-year note auction of 12 April 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2022-04-12.

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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