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

The 10-year note sold $32 billion at a high yield of 3.930% on , with a bid-to-cover ratio of 2.34.

Coupon
2.750%
Announced
Issued
Matures

High yield

3.930%

Median yield 3.850%

Bid-to-cover

2.34

▼ −0.03 since 12 Sep

Sold

$32.00 billion

$32 billion offered

Indirect bidders

56.8%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 10 June 2009

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 10 June 200936 auctions from 6 November 2019 to 12 October 2022; the latest at 3.930%.0.0%1.0%2.0%3.0%4.0%202020212022This auction, 3.930%The high yield was the highest for a 10-year note since 10 June 200936 auctions from 6 November 2019 to 12 October 2022; the latest at 3.930%.0.0%1.0%2.0%3.0%4.0%202120223.930%

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
3.9302.34
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.4511 of 120 of 12
High yield3.9302.3200 of 1212 of 12
Indirect bidders' share56.868.512 of 120 of 12
Direct bidders' share23.517.80 of 1212 of 12
Primary dealers' share19.714.52 of 1210 of 12
High minus median, basis points8.07.74 of 126 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 10 November 2020 (22 auctions in between).
  • Direct bidders' share: Highest for a 10-year note since 12 March 2014 (104 auctions in between).

Who bought the 10-year note?

Indirect bidders took 56.8% of the competitive bids accepted

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

Indirect bidders took 56.8% of the competitive bids acceptedIndirect bidders 56.8%, Direct bidders 23.5%, Primary dealers 19.7%Indirect bidders56.8%62.3%Direct bidders23.5%17.9%Primary dealers19.7%19.8%Indirect bidders took 56.8% of the competitive bids acceptedIndirect bidders 56.8%, Direct bidders 23.5%, Primary dealers 19.7%Indirect bidders56.8%62.3%Direct bidders23.5%17.9%Primary dealers19.7%19.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.862.3
Direct bidders23.517.9
Primary dealers19.719.8

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$32,000,000,000
Bids received$74,894,397,100
Sold$32,000,029,600
Competitive bids accepted$31,985,066,500
Non-competitive bids accepted$14,963,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.930
Median rate, %3.850
Low rate, %3.800
Interest rate (coupon), %2.750
Bids at the high rate filled, %41.09
Bid-to-cover ratio2.34
Indirect bidders accepted$18,163,834,000
Direct bidders accepted$7,520,600,000
Primary dealers accepted$6,300,632,500
Indirect bidders' share, % (ours)56.8
Direct bidders' share, % (ours)23.5
Primary dealers' share, % (ours)19.7
High minus median, basis points (ours)8.0
Treasury par yield curve, 10-year point, same day, %3.91
High yield minus that point, basis points (ours)2.0

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 ratio2.34Last 24 auctions21 of 242 of 242.44
Bid-to-cover ratio2.34Since 7 May 2008155 of 17720 of 1772.58
Bid-to-cover ratio2.34All 231 since 10 November 1999178 of 23149 of 2312.54
High yield3.930Last 24 auctions0 of 2424 of 241.554
High yield3.930Since 7 May 20084 of 177173 of 1772.333
High yield3.930All 313 since 31 October 1979136 of 313177 of 3133.388
Indirect bidders' share56.8Last 24 auctions23 of 241 of 2464.0
Indirect bidders' share56.8All 177 since 7 May 200882 of 17795 of 17755.3
Direct bidders' share23.5Last 24 auctions0 of 2424 of 2417.6
Direct bidders' share23.5All 177 since 7 May 20089 of 177168 of 17712.1
Primary dealers' share19.7Last 24 auctions9 of 2415 of 2417.8
Primary dealers' share19.7All 177 since 7 May 2008154 of 17723 of 17733.0
High minus median, basis points8.0Last 24 auctions4 of 2418 of 245.7
High minus median, basis points8.0Since 7 May 200812 of 177162 of 1774.5
High minus median, basis points8.0All 313 since 31 October 197914 of 313296 of 3133.8

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 October 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221012_2.pdf. Compiled by 500metrics, "10-year note auction of 12 October 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2022-10-12.

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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