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Treasury auctions · 9-Year 11-Month Note, reopening

10-year note auction of 8 June 2022 (reopening)

The 10-year note sold $34.94 billion at a high yield of 3.030% on , with a bid-to-cover ratio of 2.41.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 7 Aug 2019 to 8 Jun 2022
High yield at each 10-year note auction, 9 Jun 2020 to 8 Jun 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, 7 Aug 2019 to 8 Jun 2022
Bid-to-cover ratio at each 10-year note auction, 9 Jun 2020 to 8 Jun 2022

Who bought the 10-year note of 8 Jun 2022

Shares of the competitive bids accepted

  • Indirect bidders 63.6%
  • Direct bidders 19.4%
  • Primary dealers 17.0%
This auction, 8 Jun 2022
  • Indirect bidders 70.3%
  • Direct bidders 18.2%
  • Primary dealers 11.5%
The 10-year note auction before, 11 May 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 bidders63.6%
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
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
1.5902.43
1.7392.46
1.6702.20

Observed .

Right now

The high yield of 3.030% on 8 June 2022 was the highest for a 10-year note since 6 November 2018.

The direct bidders' share of 19.4% was the highest for a 10-year note since 9 January 2019, with 42 auctions in between.

Higher than 140 of the 173 since 7 May 2008

Its own history

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

The high minus median was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 63.6%
  • Direct bidders 19.4%
  • Primary dealers 17.0%

Size

Treasury sold $34.94 billion of the $33 billion offered.

Bids received came to $81.537 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 2.26 on , highest 2.68 on ; 35.7% of the way from the low to the high.

2.41

Low 2.26 Midpoint 2.470 High 2.68

The security9-Year 11-Month, reopening

Coupon
2.875%
Announced
Issued
Matures

It adds to the debt that matures in May 2032.

Understanding this result

Where it stands today

The high yield was 3.030% at this 10-year note auction, the median yield 2.950% and a bid-to-cover ratio of 2.41.

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 as9-Year 11-Month, reopening
Offering amount$33,000,000,000
Bids received$81,537,299,200
Sold$34,940,394,200
Competitive bids accepted$32,980,790,000
Non-competitive bids accepted$19,228,200
Federal Reserve (SOMA) add-on$1,940,376,000
Foreign and international (FIMA) non-competitive$0
High yield, %3.030
Median rate, %2.950
Low rate, %2.890
Interest rate (coupon), %2.875
Bids at the high rate filled, %42.58
Bid-to-cover ratio2.41
Indirect bidders accepted$20,973,695,000
Direct bidders accepted$6,388,000,000
Primary dealers accepted$5,619,095,000
Indirect bidders' share, % (ours)63.6
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)17.0
High minus median, basis points (ours)8.0
Treasury par yield curve, 10-year point, same day, %3.03
High yield minus that point, basis points (ours)0.0
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 ratio2.412.5010 of 122 of 12
High yield3.0301.5510 of 1212 of 12
Indirect bidders' share63.669.611 of 121 of 12
Direct bidders' share19.417.60 of 1212 of 12
Primary dealers' share17.013.62 of 1210 of 12
High minus median, basis points8.06.22 of 129 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 ratio2.41Last 24 auctions14 of 249 of 242.44
Bid-to-cover ratio2.41Since 7 May 2008136 of 17335 of 1732.58
Bid-to-cover ratio2.41All 227 since 10 November 1999156 of 22768 of 2272.55
High yield3.030Last 24 auctions0 of 2424 of 241.408
High yield3.030Since 7 May 200833 of 173140 of 1732.325
High yield3.030All 309 since 31 October 1979169 of 309140 of 3093.448
Indirect bidders' share63.6Last 24 auctions12 of 2412 of 2463.9
Indirect bidders' share63.6All 173 since 7 May 200837 of 173136 of 17355.2
Direct bidders' share19.4Last 24 auctions0 of 2424 of 2417.0
Direct bidders' share19.4All 173 since 7 May 200817 of 173156 of 17312.1
Primary dealers' share17.0Last 24 auctions14 of 2410 of 2419.3
Primary dealers' share17.0All 173 since 7 May 2008161 of 17312 of 17333.2
High minus median, basis points8.0Last 24 auctions2 of 2421 of 245.4
High minus median, basis points8.0Since 7 May 200810 of 173161 of 1734.5
High minus median, basis points8.0All 309 since 31 October 197912 of 309295 of 3093.8

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 8 June 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220608_2.pdf. Compiled by 500metrics, "10-year note auction of 8 June 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2022-06-08.

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