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10-year note auction of 9 November 2022 (new issue)

The 10-year note sold $47.274 billion at a high yield of 4.140% on , with a bid-to-cover ratio of 2.23.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.140%

Median yield 4.044%

Bid-to-cover

2.23

▼ −0.11 since 12 Oct

Sold

$47.27 billion

$35 billion offered

Indirect bidders

57.5%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 12 June 2008

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 12 June 200836 auctions from 10 December 2019 to 9 November 2022; the latest at 4.140%.0.0%1.0%2.0%3.0%4.0%5.0%202020212022This auction, 4.140%The high yield was the highest for a 10-year note since 12 June 200836 auctions from 10 December 2019 to 9 November 2022; the latest at 4.140%.0.0%1.0%2.0%3.0%4.0%5.0%202120224.140%

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
4.1402.23
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.232.4312 of 120 of 12
High yield4.1402.7380 of 1212 of 12
Indirect bidders' share57.566.911 of 121 of 12
Direct bidders' share18.117.93 of 129 of 12
Primary dealers' share24.415.90 of 1212 of 12
High minus median, basis points9.68.02 of 1210 of 12

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

  • Bid-to-cover ratio: Lowest for a 10-year note since 7 August 2019 (39 auctions in between).
  • Primary dealers' share: Highest for a 10-year note since 10 March 2021 (19 auctions in between).

Who bought the 10-year note?

Indirect bidders took 57.5% of the competitive bids accepted

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

Indirect bidders took 57.5% of the competitive bids acceptedIndirect bidders 57.5%, Direct bidders 18.1%, Primary dealers 24.4%Indirect bidders57.5%56.8%Direct bidders18.1%23.5%Primary dealers24.4%19.7%Indirect bidders took 57.5% of the competitive bids acceptedIndirect bidders 57.5%, Direct bidders 18.1%, Primary dealers 24.4%Indirect bidders57.5%56.8%Direct bidders18.1%23.5%Primary dealers24.4%19.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.556.8
Direct bidders18.123.5
Primary dealers24.419.7

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$90,459,381,400
Sold$47,273,701,400
Competitive bids accepted$34,879,130,000
Non-competitive bids accepted$120,900,800
Federal Reserve (SOMA) add-on$12,273,670,600
Foreign and international (FIMA) non-competitive$0
High yield, %4.140
Median rate, %4.044
Low rate, %3.960
Interest rate (coupon), %4.125
Bids at the high rate filled, %32.29
Bid-to-cover ratio2.23
Indirect bidders accepted$20,055,882,500
Direct bidders accepted$6,303,000,000
Primary dealers accepted$8,520,247,500
Indirect bidders' share, % (ours)57.5
Direct bidders' share, % (ours)18.1
Primary dealers' share, % (ours)24.4
High minus median, basis points (ours)9.6
Treasury par yield curve, 10-year point, same day, %4.12
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 ratio2.23Last 24 auctions24 of 240 of 242.43
Bid-to-cover ratio2.23Since 7 May 2008168 of 1789 of 1782.58
Bid-to-cover ratio2.23All 232 since 10 November 1999198 of 23230 of 2322.54
High yield4.140Last 24 auctions0 of 2424 of 241.632
High yield4.140Since 7 May 20081 of 178177 of 1782.338
High yield4.140All 314 since 31 October 1979127 of 314187 of 3143.414
Indirect bidders' share57.5Last 24 auctions21 of 243 of 2464.0
Indirect bidders' share57.5All 178 since 7 May 200878 of 178100 of 17855.5
Direct bidders' share18.1Last 24 auctions5 of 2419 of 2417.8
Direct bidders' share18.1All 178 since 7 May 200824 of 178154 of 17812.2
Primary dealers' share24.4Last 24 auctions2 of 2422 of 2417.8
Primary dealers' share24.4All 178 since 7 May 2008133 of 17845 of 17832.7
High minus median, basis points9.6Last 24 auctions2 of 2422 of 245.8
High minus median, basis points9.6Since 7 May 20087 of 178171 of 1784.5
High minus median, basis points9.6All 314 since 31 October 19797 of 314307 of 3143.8

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 9 November 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221109_2.pdf. Compiled by 500metrics, "10-year note auction of 9 November 2022 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2022-11-09.

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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