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10-year note auction of 11 May 2022 (new issue)

The 10-year note sold $61.194 billion at a high yield of 2.943% on , with a bid-to-cover ratio of 2.49.

Coupon
2.875%
Announced
Issued
Matures

High yield

2.943%

Median yield 2.850%

Bid-to-cover

2.49

▲ +0.06 since 12 Apr

Sold

$61.19 billion

$36 billion offered

Indirect bidders

70.3%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 6 November 2018

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 6 November 201836 auctions from 10 July 2019 to 11 May 2022; the latest at 2.943%.0.0%1.0%2.0%3.0%2019202020212022This auction, 2.943%The high yield was the highest for a 10-year note since 6 November 201836 auctions from 10 July 2019 to 11 May 2022; the latest at 2.943%.0.0%1.0%2.0%3.0%2020202120222.943%

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
2.9432.49
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.496 of 126 of 12
High yield2.9431.5510 of 1212 of 12
Indirect bidders' share70.368.55 of 127 of 12
Direct bidders' share18.217.31 of 1211 of 12
Primary dealers' share11.514.59 of 123 of 12
High minus median, basis points9.35.71 of 1211 of 12

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

Who bought the 10-year note?

Indirect bidders took 70.3% of the competitive bids accepted

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

Indirect bidders took 70.3% of the competitive bids acceptedIndirect bidders 70.3%, Direct bidders 18.2%, Primary dealers 11.5%Indirect bidders70.3%64.3%Direct bidders18.2%17.0%Primary dealers11.5%18.7%Indirect bidders took 70.3% of the competitive bids acceptedIndirect bidders 70.3%, Direct bidders 18.2%, Primary dealers 11.5%Indirect bidders70.3%64.3%Direct bidders18.2%17.0%Primary dealers11.5%18.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.364.3
Direct bidders18.217.0
Primary dealers11.518.7

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$36,000,000,000
Bids received$114,742,176,500
Sold$61,194,142,100
Competitive bids accepted$35,949,055,600
Non-competitive bids accepted$50,979,700
Federal Reserve (SOMA) add-on$25,194,106,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.943
Median rate, %2.850
Low rate, %2.800
Interest rate (coupon), %2.875
Bids at the high rate filled, %75.08
Bid-to-cover ratio2.49
Indirect bidders accepted$25,272,055,600
Direct bidders accepted$6,545,000,000
Primary dealers accepted$4,132,000,000
Indirect bidders' share, % (ours)70.3
Direct bidders' share, % (ours)18.2
Primary dealers' share, % (ours)11.5
High minus median, basis points (ours)9.3
Treasury par yield curve, 10-year point, same day, %2.91
High yield minus that point, basis points (ours)3.3

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 ratio2.49Last 24 auctions8 of 2416 of 242.44
Bid-to-cover ratio2.49Since 7 May 2008110 of 17256 of 1722.58
Bid-to-cover ratio2.49All 226 since 10 November 1999128 of 22692 of 2262.55
High yield2.943Last 24 auctions0 of 2424 of 241.356
High yield2.943Since 7 May 200841 of 172131 of 1722.320
High yield2.943All 308 since 31 October 1979177 of 308131 of 3083.459
Indirect bidders' share70.3Last 24 auctions5 of 2419 of 2463.9
Indirect bidders' share70.3All 172 since 7 May 200813 of 172159 of 17255.0
Direct bidders' share18.2Last 24 auctions2 of 2422 of 2416.8
Direct bidders' share18.2All 172 since 7 May 200821 of 172151 of 17212.0
Primary dealers' share11.5Last 24 auctions21 of 243 of 2419.6
Primary dealers' share11.5All 172 since 7 May 2008169 of 1723 of 17233.4
High minus median, basis points9.3Last 24 auctions1 of 2423 of 245.2
High minus median, basis points9.3Since 7 May 20086 of 172166 of 1724.5
High minus median, basis points9.3All 308 since 31 October 19796 of 308302 of 3083.8

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 11 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220511_2.pdf. Compiled by 500metrics, "10-year note auction of 11 May 2022 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2022-05-11.

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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