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

The 10-year note sold $32 billion at a high yield of 3.330% on , with a bid-to-cover ratio of 2.37.

Coupon
2.750%
Announced
Issued
Matures

High yield

3.330%

Median yield 3.240%

Bid-to-cover

2.37

▼ −0.16 since 10 Aug

Sold

$32.00 billion

$32 billion offered

Indirect bidders

62.3%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 13 April 2011

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 13 April 201136 auctions from 5 November 2019 to 12 September 2022; the latest at 3.330%.0.0%1.0%2.0%3.0%4.0%2019202020212022This auction, 3.330%The high yield was the highest for a 10-year note since 13 April 201136 auctions from 5 November 2019 to 12 September 2022; the latest at 3.330%.0.0%1.0%2.0%3.0%4.0%202120223.330%

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
3.3302.37
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.4810 of 122 of 12
High yield3.3301.9120 of 1212 of 12
Indirect bidders' share62.369.611 of 121 of 12
Direct bidders' share17.917.84 of 128 of 12
Primary dealers' share19.813.61 of 1211 of 12
High minus median, basis points9.07.23 of 129 of 12

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

Who bought the 10-year note?

Indirect bidders took 62.3% of the competitive bids accepted

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

Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 17.9%, Primary dealers 19.8%Indirect bidders62.3%74.5%Direct bidders17.9%15.6%Primary dealers19.8%9.9%Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 17.9%, Primary dealers 19.8%Indirect bidders62.3%74.5%Direct bidders17.9%15.6%Primary dealers19.8%9.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.374.5
Direct bidders17.915.6
Primary dealers19.89.9

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$32,000,000,000
Bids received$75,794,186,400
Sold$32,000,010,400
Competitive bids accepted$31,981,829,000
Non-competitive bids accepted$18,181,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.330
Median rate, %3.240
Low rate, %3.170
Interest rate (coupon), %2.750
Bids at the high rate filled, %4.32
Bid-to-cover ratio2.37
Indirect bidders accepted$19,924,085,000
Direct bidders accepted$5,721,000,000
Primary dealers accepted$6,336,744,000
Indirect bidders' share, % (ours)62.3
Direct bidders' share, % (ours)17.9
Primary dealers' share, % (ours)19.8
High minus median, basis points (ours)9.0
Treasury par yield curve, 10-year point, same day, %3.37
High yield minus that point, basis points (ours)-4.0

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 ratio2.37Last 24 auctions17 of 246 of 242.44
Bid-to-cover ratio2.37Since 7 May 2008145 of 17628 of 1762.58
Bid-to-cover ratio2.37All 230 since 10 November 1999166 of 23061 of 2302.54
High yield3.330Last 24 auctions0 of 2424 of 241.520
High yield3.330Since 7 May 200823 of 176153 of 1762.332
High yield3.330All 312 since 31 October 1979159 of 312153 of 3123.414
Indirect bidders' share62.3Last 24 auctions17 of 247 of 2464.0
Indirect bidders' share62.3All 176 since 7 May 200849 of 176127 of 17655.3
Direct bidders' share17.9Last 24 auctions6 of 2418 of 2417.3
Direct bidders' share17.9All 176 since 7 May 200825 of 176151 of 17612.1
Primary dealers' share19.8Last 24 auctions9 of 2415 of 2417.8
Primary dealers' share19.8All 176 since 7 May 2008153 of 17623 of 17633.0
High minus median, basis points9.0Last 24 auctions3 of 2421 of 245.6
High minus median, basis points9.0Since 7 May 20088 of 176168 of 1764.5
High minus median, basis points9.0All 312 since 31 October 19798 of 312303 of 3123.8

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 September 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220912_3.pdf. Compiled by 500metrics, "10-year note auction of 12 September 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2022-09-12.

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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