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Treasury auctions · 9-Year 10-Month Note, reopening

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.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 6 Nov 2019 to 12 Oct 2022
High yield at each 10-year note auction, 10 Nov 2020 to 12 Oct 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, 6 Nov 2019 to 12 Oct 2022
Bid-to-cover ratio at each 10-year note auction, 10 Nov 2020 to 12 Oct 2022

Who bought the 10-year note of 12 Oct 2022

Shares of the competitive bids accepted

  • Indirect bidders 56.8%
  • Direct bidders 23.5%
  • Primary dealers 19.7%
This auction, 12 Oct 2022
  • Indirect bidders 62.3%
  • Direct bidders 17.9%
  • Primary dealers 19.8%
The 10-year note auction before, 12 Sep 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 bidders56.8%
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
3.9302.34
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

Observed .

Right now

The high yield of 3.930% on 12 October 2022 was the highest for a 10-year note since 10 June 2009.

The indirect bidders' share of 56.8% was the lowest for a 10-year note since 10 November 2020, with 22 auctions in between.

The direct bidders' share of 23.5% was the highest for a 10-year note since 12 March 2014, with 104 auctions in between.

Higher than 173 of the 177 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 18 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 56.8%
  • Direct bidders 23.5%
  • Primary dealers 19.7%

Size

Treasury sold $32 billion of the $32 billion offered.

Bids received came to $74.894 billion; the bid-to-cover ratio was 2.34.

Its bid-to-cover of 2.34 compares with the 24 auctions before it: lowest 2.32 on , highest 2.68 on ; 5.6% of the way from the low to the high.

2.34

Low 2.32 Midpoint 2.500 High 2.68

The security9-Year 10-Month, reopening

Coupon
2.750%
Announced
Issued
Matures

It adds to the debt that matures in August 2032.

Understanding this result

Where it stands today

The high yield was 3.930% at this 10-year note auction, the median yield 3.850% and a bid-to-cover ratio of 2.34.

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 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
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 ratio2.342.4511 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.

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.

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 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.

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