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10-year note auction of 11 January 2023 (reopening)

The 10-year note sold $32 billion at a high yield of 3.575% on , with a bid-to-cover ratio of 2.53.

Coupon
4.125%
Announced
Issued
Matures

High yield

3.575%

Median yield 3.499%

Bid-to-cover

2.53

▲ +0.22 since 12 Dec

Sold

$32.00 billion

$32 billion offered

Indirect bidders

67.0%

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 12 February 2020 to 11 January 2023; the latest at 3.575%.0.0%1.0%2.0%3.0%4.0%5.0%2020202120222023This auction, 3.575%High yield at the last 36 10-year note auctions36 auctions from 12 February 2020 to 11 January 2023; the latest at 3.575%.1.0%2.0%3.0%4.0%5.0%2021202220233.575%

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
3.5752.53
3.6252.31
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.532.421 of 1210 of 12
High yield3.5752.9523 of 129 of 12
Indirect bidders' share67.064.04 of 128 of 12
Direct bidders' share17.918.07 of 125 of 12
Primary dealers' share15.117.88 of 124 of 12
High minus median, basis points7.68.59 of 123 of 12

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

Who bought the 10-year note?

Indirect bidders took 67.0% of the competitive bids accepted

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

Indirect bidders took 67.0% of the competitive bids acceptedIndirect bidders 67.0%, Direct bidders 17.9%, Primary dealers 15.1%Indirect bidders67.0%59.4%Direct bidders17.9%18.7%Primary dealers15.1%21.9%Indirect bidders took 67.0% of the competitive bids acceptedIndirect bidders 67.0%, Direct bidders 17.9%, Primary dealers 15.1%Indirect bidders67.0%59.4%Direct bidders17.9%18.7%Primary dealers15.1%21.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.059.4
Direct bidders17.918.7
Primary dealers15.121.9

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$80,941,653,900
Sold$32,000,033,900
Competitive bids accepted$31,971,531,000
Non-competitive bids accepted$28,502,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.575
Median rate, %3.499
Low rate, %3.450
Interest rate (coupon), %4.125
Bids at the high rate filled, %71.80
Bid-to-cover ratio2.53
Indirect bidders accepted$21,427,151,000
Direct bidders accepted$5,728,380,000
Primary dealers accepted$4,816,000,000
Indirect bidders' share, % (ours)67.0
Direct bidders' share, % (ours)17.9
Primary dealers' share, % (ours)15.1
High minus median, basis points (ours)7.6
Treasury par yield curve, 10-year point, same day, %3.54
High yield minus that point, basis points (ours)3.5

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 2418 of 242.43
Bid-to-cover ratio2.53Since 7 May 2008102 of 18075 of 1802.58
Bid-to-cover ratio2.53All 234 since 10 November 1999118 of 234112 of 2342.54
High yield3.575Last 24 auctions3 of 2421 of 241.704
High yield3.575Since 7 May 200816 of 180164 of 1802.344
High yield3.575All 316 since 31 October 1979151 of 316165 of 3163.444
Indirect bidders' share67.0Last 24 auctions9 of 2415 of 2464.0
Indirect bidders' share67.0All 180 since 7 May 200822 of 180158 of 18055.9
Direct bidders' share17.9Last 24 auctions9 of 2415 of 2417.8
Direct bidders' share17.9All 180 since 7 May 200828 of 180152 of 18012.3
Primary dealers' share15.1Last 24 auctions16 of 248 of 2417.8
Primary dealers' share15.1All 180 since 7 May 2008170 of 18010 of 18032.3
High minus median, basis points7.6Last 24 auctions9 of 2415 of 246.6
High minus median, basis points7.6Since 7 May 200820 of 180160 of 1804.5
High minus median, basis points7.6All 316 since 31 October 197922 of 316294 of 3163.8

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 11 January 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230111_2.pdf. Compiled by 500metrics, "10-year note auction of 11 January 2023 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2023-01-11.

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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