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10-year note auction of 10 August 2022 (new issue)

The 10-year note sold $57.137 billion at a high yield of 2.755% on , with a bid-to-cover ratio of 2.53.

Coupon
2.750%
Announced
Issued
Matures

High yield

2.755%

Median yield 2.690%

Bid-to-cover

2.53

▲ +0.19 since 12 Jul

Sold

$57.14 billion

$35 billion offered

Indirect bidders

74.5%

Of competitive bids accepted

High yield at the last 36 10-year note auctions

High yield at each 10-year note auction, %

High yield at the last 36 10-year note auctions36 auctions from 9 October 2019 to 10 August 2022; the latest at 2.755%.0.0%1.0%2.0%3.0%4.0%2019202020212022This auction, 2.755%High yield at the last 36 10-year note auctions36 auctions from 9 October 2019 to 10 August 2022; the latest at 2.755%.0.0%1.0%2.0%3.0%4.0%202120222.755%

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
2.7552.53
2.9602.34
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.532.484 of 128 of 12
High yield2.7551.8143 of 129 of 12
Indirect bidders' share74.569.62 of 1210 of 12
Direct bidders' share15.617.89 of 123 of 12
Primary dealers' share9.913.610 of 122 of 12
High minus median, basis points6.57.28 of 124 of 12

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

Who bought the 10-year note?

Indirect bidders took 74.5% of the competitive bids accepted

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

Indirect bidders took 74.5% of the competitive bids acceptedIndirect bidders 74.5%, Direct bidders 15.6%, Primary dealers 9.9%Indirect bidders74.5%61.3%Direct bidders15.6%18.0%Primary dealers9.9%20.7%Indirect bidders took 74.5% of the competitive bids acceptedIndirect bidders 74.5%, Direct bidders 15.6%, Primary dealers 9.9%Indirect bidders74.5%61.3%Direct bidders15.6%18.0%Primary dealers9.9%20.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.561.3
Direct bidders15.618.0
Primary dealers9.920.7

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$35,000,000,000
Bids received$110,768,345,400
Sold$57,136,938,400
Competitive bids accepted$34,972,143,000
Non-competitive bids accepted$27,867,100
Federal Reserve (SOMA) add-on$22,136,928,300
Foreign and international (FIMA) non-competitive$0
High yield, %2.755
Median rate, %2.690
Low rate, %2.590
Interest rate (coupon), %2.750
Bids at the high rate filled, %63.47
Bid-to-cover ratio2.53
Indirect bidders accepted$26,060,550,000
Direct bidders accepted$5,442,000,000
Primary dealers accepted$3,469,593,000
Indirect bidders' share, % (ours)74.5
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)9.9
High minus median, basis points (ours)6.5
Treasury par yield curve, 10-year point, same day, %2.78
High yield minus that point, basis points (ours)-2.5

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 ratio2.53Last 24 auctions5 of 2419 of 242.43
Bid-to-cover ratio2.53Since 7 May 2008102 of 17571 of 1752.58
Bid-to-cover ratio2.53All 229 since 10 November 1999118 of 229108 of 2292.54
High yield2.755Last 24 auctions3 of 2421 of 241.508
High yield2.755Since 7 May 200853 of 175122 of 1752.332
High yield2.755All 311 since 31 October 1979189 of 311122 of 3113.440
Indirect bidders' share74.5Last 24 auctions2 of 2422 of 2464.0
Indirect bidders' share74.5All 175 since 7 May 20082 of 175173 of 17555.3
Direct bidders' share15.6Last 24 auctions16 of 248 of 2417.3
Direct bidders' share15.6All 175 since 7 May 200849 of 175126 of 17512.1
Primary dealers' share9.9Last 24 auctions22 of 242 of 2418.8
Primary dealers' share9.9All 175 since 7 May 2008173 of 1752 of 17533.1
High minus median, basis points6.5Last 24 auctions8 of 2416 of 245.6
High minus median, basis points6.5Since 7 May 200828 of 175144 of 1754.5
High minus median, basis points6.5All 311 since 31 October 197933 of 311274 of 3113.8

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 10 August 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220810_2.pdf. Compiled by 500metrics, "10-year note auction of 10 August 2022 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2022-08-10.

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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