500metrics

Treasury auctions · 10-Year Note

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

The 10-year note sold $59.384 billion at a high yield of 1.904% on , with a bid-to-cover ratio of 2.68.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 8 May 2019 to 9 Feb 2022
High yield at each 10-year note auction, 12 Feb 2020 to 9 Feb 2022

Bid-to-cover ratio at each 10-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 10-year note auction, 8 May 2019 to 9 Feb 2022
Bid-to-cover ratio at each 10-year note auction, 12 Feb 2020 to 9 Feb 2022

Who bought the 10-year note of 9 Feb 2022

Shares of the competitive bids accepted

  • Indirect bidders 77.6%
  • Direct bidders 15.0%
  • Primary dealers 7.4%
This auction, 9 Feb 2022
  • Indirect bidders 65.5%
  • Direct bidders 17.9%
  • Primary dealers 16.6%
The 10-year note auction before, 12 Jan 2022

Each point is one 10-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders77.6%
Inspect and compare dates
High yield and bid-to-cover of the last 36 10-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
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
1.7392.46
1.6702.20
2.0642.41
2.0653.43
2.1302.49
2.4792.17

Observed .

Right now

The high yield of 1.904% on 9 February 2022 was the highest for a 10-year note since 10 July 2019.

The bid-to-cover ratio of 2.68 was the highest for a 10-year note since 12 May 2020, with 20 auctions in between.

The indirect bidders' share of 77.6% was the highest of all 169 earlier 10-year note auctions we hold.

Higher than 52 of the 169 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield and the indirect bidders' share were higher than all 24.

The primary dealers' share was lower than all 24.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 77.6%
  • Direct bidders 15.0%
  • Primary dealers 7.4%

Size

Treasury sold $59.384 billion of the $37 billion offered.

Bids received came to $121.559 billion; the bid-to-cover ratio was 2.68.

Its bid-to-cover of 2.68 compares with the 24 auctions before it: lowest 2.26 on , highest 2.69 on ; 97.7% of the way from the low to the high.

2.68

Low 2.26 Midpoint 2.475 High 2.69

The security10-Year, new issue

Coupon
1.875%
Announced
Issued
Matures

It adds to the debt that matures in February 2032.

Understanding this result

Where it stands today

The high yield was 1.904% at this 10-year note auction, the median yield 1.853% and a bid-to-cover ratio of 2.68.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as10-Year, new issue
Offering amount$37,000,000,000
Bids received$121,559,113,700
Sold$59,383,597,100
Competitive bids accepted$36,977,598,400
Non-competitive bids accepted$22,402,800
Federal Reserve (SOMA) add-on$22,383,595,900
Foreign and international (FIMA) non-competitive$0
High yield, %1.904
Median rate, %1.853
Low rate, %1.800
Interest rate (coupon), %1.875
Bids at the high rate filled, %29.34
Bid-to-cover ratio2.68
Indirect bidders accepted$28,680,126,400
Direct bidders accepted$5,545,000,000
Primary dealers accepted$2,752,472,000
Indirect bidders' share, % (ours)77.6
Direct bidders' share, % (ours)15.0
Primary dealers' share, % (ours)7.4
High minus median, basis points (ours)5.1
Treasury par yield curve, 10-year point, same day, %1.94
High yield minus that point, basis points (ours)-3.6
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.682.440 of 1212 of 12
High yield1.9041.5080 of 1212 of 12
Indirect bidders' share77.665.30 of 1212 of 12
Direct bidders' share15.017.610 of 122 of 12
Primary dealers' share7.416.212 of 120 of 12
High minus median, basis points5.15.68 of 124 of 12

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

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 ratio2.68Last 24 auctions1 of 2423 of 242.43
Bid-to-cover ratio2.68Since 7 May 200858 of 169108 of 1692.58
Bid-to-cover ratio2.68All 223 since 10 November 199966 of 223152 of 2232.55
High yield1.904Last 24 auctions0 of 2424 of 241.251
High yield1.904Since 7 May 2008117 of 16952 of 1692.325
High yield1.904All 305 since 31 October 1979253 of 30552 of 3053.494
Indirect bidders' share77.6Last 24 auctions0 of 2424 of 2463.1
Indirect bidders' share77.6All 169 since 7 May 20080 of 169169 of 16954.7
Direct bidders' share15.0Last 24 auctions12 of 2412 of 2415.5
Direct bidders' share15.0All 169 since 7 May 200849 of 169120 of 16911.8
Primary dealers' share7.4Last 24 auctions24 of 240 of 2420.2
Primary dealers' share7.4All 169 since 7 May 2008169 of 1690 of 16933.6
High minus median, basis points5.1Last 24 auctions12 of 2412 of 245.2
High minus median, basis points5.1Since 7 May 200854 of 169113 of 1694.5
High minus median, basis points5.1All 305 since 31 October 197962 of 305241 of 3053.7

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 9 February 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220209_2.pdf. Compiled by 500metrics, "10-year note auction of 9 February 2022 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2022-02-09.

Page updated