Reopening
10-Year Treasury Note auction result for January 11, 2023
The 10-Year Treasury Note reopening held on January 11, 2023 recorded an official high rate of 3.575% and a bid-to-cover ratio of 2.53. Bid-to-cover increased from 2.31 at the preceding comparable auction.
High yield
3.575%
Bid-to-cover
2.53
Direct bidders
17.9%
Primary dealers
15.0%
Comparable historical context
| Auction date | Series | Result | Bid-to-cover | Offering | Direct | Indirect | Dealers |
|---|---|---|---|---|---|---|---|
| 2023-01-11 | 9Y Note · reopening | High yield: 3.575% | 2.53 | $32.0B | 17.9% | 67.0% | 15.0% |
| 2022-12-12 | 9Y Note · reopening | High yield: 3.625% | 2.31 | $32.0B | 18.7% | 59.4% | 21.8% |
| 2022-11-09 | 10Y Note | High yield: 4.140% | 2.23 | $35.0B | 13.3% | 42.4% | 18.0% |
| 2022-10-12 | 9Y Note · reopening | High yield: 3.930% | 2.34 | $32.0B | 23.5% | 56.8% | 19.7% |
| 2022-09-12 | 9Y Note · reopening | High yield: 3.330% | 2.37 | $32.0B | 17.9% | 62.3% | 19.8% |
| 2022-08-10 | 10Y Note | High yield: 2.755% | 2.53 | $35.0B | 9.5% | 45.6% | 6.1% |
| 2022-07-12 | 9Y Note · reopening | High yield: 2.960% | 2.34 | $33.0B | 15.9% | 54.4% | 18.4% |
| 2022-06-08 | 9Y Note · reopening | High yield: 3.030% | 2.41 | $33.0B | 18.3% | 60.0% | 16.1% |
| 2022-05-11 | 10Y Note | High yield: 2.943% | 2.49 | $36.0B | 10.7% | 41.3% | 6.8% |
| 2022-04-12 | 9Y Note · reopening | High yield: 2.720% | 2.43 | $34.0B | 13.7% | 51.9% | 15.1% |
| 2022-03-09 | 9Y Note · reopening | High yield: 1.920% | 2.47 | $34.0B | 15.4% | 58.4% | 11.8% |
| 2022-02-09 | 10Y Note | High yield: 1.904% | 2.68 | $37.0B | 9.3% | 48.3% | 4.6% |
| 2022-01-12 | 9Y Note · reopening | High yield: 1.723% | 2.51 | $36.0B | 15.4% | 56.5% | 14.3% |
| 2021-12-08 | 9Y Note · reopening | High yield: 1.518% | 2.43 | $36.0B | 15.5% | 60.0% | 11.6% |
| 2021-11-09 | 10Y Note | High yield: 1.444% | 2.35 | $39.0B | 8.7% | 45.0% | 9.6% |
| 2021-10-12 | 9Y Note · reopening | High yield: 1.584% | 2.58 | $38.0B | 16.5% | 66.1% | 10.4% |
| 2021-09-08 | 9Y Note · reopening | High yield: 1.338% | 2.59 | $38.0B | 15.0% | 64.2% | 11.1% |
| 2021-08-11 | 10Y Note | High yield: 1.340% | 2.65 | $41.0B | 9.1% | 53.4% | 6.7% |