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10-year note auction of 8 June 2022 (reopening)

The 10-year note sold $34.94 billion at a high yield of 3.030% on , with a bid-to-cover ratio of 2.41.

Coupon
2.875%
Announced
Issued
Matures

High yield

3.030%

Median yield 2.950%

Bid-to-cover

2.41

▼ −0.08 since 11 May

Sold

$34.94 billion

$33 billion offered

Indirect bidders

63.6%

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 7 August 2019 to 8 June 2022; the latest at 3.030%.0.0%1.0%2.0%3.0%4.0%2019202020212022This auction, 3.030%The high yield was the highest for a 10-year note since 6 November 201836 auctions from 7 August 2019 to 8 June 2022; the latest at 3.030%.0.0%1.0%2.0%3.0%4.0%2020202120223.030%

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
3.0302.41
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.5010 of 122 of 12
High yield3.0301.5510 of 1212 of 12
Indirect bidders' share63.669.611 of 121 of 12
Direct bidders' share19.417.60 of 1212 of 12
Primary dealers' share17.013.62 of 1210 of 12
High minus median, basis points8.06.22 of 129 of 12

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

  • Direct bidders' share: Highest for a 10-year note since 9 January 2019 (42 auctions in between).

Who bought the 10-year note?

Indirect bidders took 63.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 May 2022

Indirect bidders took 63.6% of the competitive bids acceptedIndirect bidders 63.6%, Direct bidders 19.4%, Primary dealers 17.0%Indirect bidders63.6%70.3%Direct bidders19.4%18.2%Primary dealers17.0%11.5%Indirect bidders took 63.6% of the competitive bids acceptedIndirect bidders 63.6%, Direct bidders 19.4%, Primary dealers 17.0%Indirect bidders63.6%70.3%Direct bidders19.4%18.2%Primary dealers17.0%11.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.670.3
Direct bidders19.418.2
Primary dealers17.011.5

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$33,000,000,000
Bids received$81,537,299,200
Sold$34,940,394,200
Competitive bids accepted$32,980,790,000
Non-competitive bids accepted$19,228,200
Federal Reserve (SOMA) add-on$1,940,376,000
Foreign and international (FIMA) non-competitive$0
High yield, %3.030
Median rate, %2.950
Low rate, %2.890
Interest rate (coupon), %2.875
Bids at the high rate filled, %42.58
Bid-to-cover ratio2.41
Indirect bidders accepted$20,973,695,000
Direct bidders accepted$6,388,000,000
Primary dealers accepted$5,619,095,000
Indirect bidders' share, % (ours)63.6
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)17.0
High minus median, basis points (ours)8.0
Treasury par yield curve, 10-year point, same day, %3.03
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 ratio2.41Last 24 auctions14 of 249 of 242.44
Bid-to-cover ratio2.41Since 7 May 2008136 of 17335 of 1732.58
Bid-to-cover ratio2.41All 227 since 10 November 1999156 of 22768 of 2272.55
High yield3.030Last 24 auctions0 of 2424 of 241.408
High yield3.030Since 7 May 200833 of 173140 of 1732.325
High yield3.030All 309 since 31 October 1979169 of 309140 of 3093.448
Indirect bidders' share63.6Last 24 auctions12 of 2412 of 2463.9
Indirect bidders' share63.6All 173 since 7 May 200837 of 173136 of 17355.2
Direct bidders' share19.4Last 24 auctions0 of 2424 of 2417.0
Direct bidders' share19.4All 173 since 7 May 200817 of 173156 of 17312.1
Primary dealers' share17.0Last 24 auctions14 of 2410 of 2419.3
Primary dealers' share17.0All 173 since 7 May 2008161 of 17312 of 17333.2
High minus median, basis points8.0Last 24 auctions2 of 2421 of 245.4
High minus median, basis points8.0Since 7 May 200810 of 173161 of 1734.5
High minus median, basis points8.0All 309 since 31 October 197912 of 309295 of 3093.8

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 8 June 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220608_2.pdf. Compiled by 500metrics, "10-year note auction of 8 June 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2022-06-08.

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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