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Treasury auctions · 10-Year Note

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.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 10 Dec 2019 to 9 Nov 2022
High yield at each 10-year note auction, 10 Nov 2020 to 9 Nov 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, 10 Dec 2019 to 9 Nov 2022
Bid-to-cover ratio at each 10-year note auction, 10 Nov 2020 to 9 Nov 2022

Who bought the 10-year note of 9 Nov 2022

Shares of the competitive bids accepted

  • Indirect bidders 57.5%
  • Direct bidders 18.1%
  • Primary dealers 24.4%
This auction, 9 Nov 2022
  • Indirect bidders 56.8%
  • Direct bidders 23.5%
  • Primary dealers 19.7%
The 10-year note auction before, 12 Oct 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 bidders57.5%
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
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

Observed .

Right now

The high yield of 4.140% on 9 November 2022 was the highest for a 10-year note since 12 June 2008.

The bid-to-cover ratio of 2.23 was the lowest for a 10-year note since 7 August 2019, with 39 auctions in between.

The primary dealers' share of 24.4% was the highest for a 10-year note since 10 March 2021, with 19 auctions in between.

Higher than 177 of the 178 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was higher than all 24.

The bid-to-cover ratio 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 57.5%
  • Direct bidders 18.1%
  • Primary dealers 24.4%

Size

Treasury sold $47.274 billion of the $35 billion offered.

Bids received came to $90.459 billion; the bid-to-cover ratio was 2.23.

Its bid-to-cover of 2.23 compares with the 24 auctions before it: lowest 2.23 on , highest 2.68 on ; 0.0% of the way from the low to the high.

2.23

Low 2.23 Midpoint 2.455 High 2.68

The security10-Year, new issue

Coupon
4.125%
Announced
Issued
Matures

It adds to the debt that matures in November 2032.

Understanding this result

Where it stands today

The high yield was 4.140% at this 10-year note auction, the median yield 4.044% and a bid-to-cover ratio of 2.23.

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$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
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 ratio2.232.4312 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.

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.

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 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.

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