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Treasury auctions · 10-year note

How did the latest 10-year Treasury note auction go?

The last 10-year note auction, on , sold at a high yield of 5.300% with a bid-to-cover of 2.77.

High yield at each 10-year note auction

362 auctions with results since 31 Oct 1979200 on this page

High yield at each 10-year note auction, 12 May 2010 to 7 Oct 2026
High yield at each 10-year note auction, 12 Oct 2016 to 7 Oct 2026
High yield at each 10-year note auction, 9 Oct 2024 to 7 Oct 2026

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

362 auctions with results since 31 Oct 1979200 on this page

Bid-to-cover ratio at each 10-year note auction, 12 May 2010 to 7 Oct 2026
Bid-to-cover ratio at each 10-year note auction, 12 Oct 2016 to 7 Oct 2026
Bid-to-cover ratio at each 10-year note auction, 9 Oct 2024 to 7 Oct 2026

Who bought each 10-year note auction: shares of the competitive bids accepted

362 auctions with results since 31 Oct 1979200 on this page

Who bought each 10-year note auction: shares of the competitive bids accepted, 12 May 2010 to 7 Oct 2026
Who bought each 10-year note auction: shares of the competitive bids accepted, 12 Oct 2016 to 7 Oct 2026
Who bought each 10-year note auction: shares of the competitive bids accepted, 9 Oct 2024 to 7 Oct 2026

The linesLatest:

  • Indirect bidders80.3%
  • Direct bidders17.1%
  • Primary dealers2.5%

Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".

Select a line to followLatest:

Inspect and compare dates

The latest 10-year note auction beside the one before it and the nearest ones a year, five and ten years earlier.

MeasureLatestThe auction beforeA year earlierFive years earlierTen years earlier
Auction
High yield, %5.3004.8344.0331.3381.699
Bid-to-cover2.772.712.652.592.35
Indirect bidders, %80.379.283.171.162.1
Direct bidders, %17.116.512.716.63.4
Primary dealers, %2.54.34.212.334.5
Sold, $ billion39.92639.00039.00042.04620.000

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Observed .

Right now

The high yield of 5.300% on 7 October 2026 was the highest for a 10-year note since 8 November 2000.

The bid-to-cover ratio of 2.77 was the highest for a 10-year note since 21 June 2019, with 88 auctions in between.

The primary dealers' share of 2.5% was the lowest of all 225 earlier 10-year note auctions we hold.

Higher than all 225 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the bid-to-cover ratio and the high yield 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 at the 7 Oct 2026 auction.

  • Indirect bidders 80.3%
  • Direct bidders 17.1%
  • Primary dealers 2.5%

Size

Treasury offered $39 billion and sold $39.926 billion on 7 Oct 2026.

Next

Treasury has announced no 10-year note auction yet; its tentative schedule names these dates.

  • Tentative
  • Tentative
  • Tentative

See every auction announced and scheduled

Understanding the 10-year note auction

Where it stands today

The high yield was 5.300% at the 10-year note auction of , with a bid-to-cover ratio of 2.77.

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

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

How does the latest auction compare with earlier ones?Every measure, window by window
  • Bid-to-cover ratio: Highest for a 10-year note since 21 June 2019 (88 auctions in between).
  • High yield: Highest for a 10-year note since 8 November 2000 (274 auctions in between).
  • Primary dealers' share: Lowest of all 225 earlier 10-year note auctions we hold.
  • High minus median, basis points: Lowest for a 10-year note since 11 June 2025 (15 auctions in between).
Each measure against earlier 10-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.77Last 12 auctions0 of 1212 of 122.50
Bid-to-cover ratio2.77Last 24 auctions0 of 2424 of 242.54
Bid-to-cover ratio2.77Since 7 May 200844 of 225179 of 2252.56
Bid-to-cover ratio2.77All 279 since 10 November 199951 of 279226 of 2792.53
High yield5.300Last 12 auctions0 of 1212 of 124.250
High yield5.300Last 24 auctions0 of 2424 of 244.326
High yield5.300Since 7 May 20080 of 225225 of 2252.670
High yield5.300All 361 since 31 October 197985 of 361276 of 3613.783
Indirect bidders' share80.3Last 12 auctions1 of 1211 of 1269.9
Indirect bidders' share80.3Last 24 auctions3 of 2421 of 2470.1
Indirect bidders' share80.3All 225 since 7 May 20083 of 225222 of 22559.5
Direct bidders' share17.1Last 12 auctions7 of 125 of 1221.5
Direct bidders' share17.1Last 24 auctions15 of 249 of 2419.7
Direct bidders' share17.1All 225 since 7 May 200869 of 225156 of 22513.6
Primary dealers' share2.5Last 12 auctions12 of 120 of 129.3
Primary dealers' share2.5Last 24 auctions24 of 240 of 2410.6
Primary dealers' share2.5All 225 since 7 May 2008225 of 2250 of 22528.4
High minus median, basis points4.5Last 12 auctions12 of 120 of 125.5
High minus median, basis points4.5Last 24 auctions21 of 241 of 245.5
High minus median, basis points4.5Since 7 May 2008127 of 22585 of 2254.9
High minus median, basis points4.5All 361 since 31 October 1979139 of 361208 of 3614.0

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What were the results of every 10-year note auction?Page 1 of 2: 200 auctions, newest first

362 10-year note auctions with results since 31 October 1979; this page holds 200 of them, newest first.

10-year note auctions, newest first; dated links open an auction's own page
AuctionOffered asHigh yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
9-Year 10-Month, reopening5.3002.7739.00039.92680.317.12.54.5
9-Year 11-Month, reopening4.8342.7139.00039.00079.216.54.36.5
10-Year4.6832.5342.00052.62476.714.78.65.3
9-Year 10-Month, reopening4.5802.5939.00043.05681.510.77.85.0
9-Year 11-Month, reopening4.5382.5739.00039.00078.212.39.55.8
10-Year4.4682.4042.00051.97364.024.112.05.5
9-Year 10-Month, reopening4.2822.4339.00045.91665.323.910.85.2
9-Year 11-Month, reopening4.2172.4539.00039.01074.512.812.75.7
10-Year4.1772.3942.00053.90164.522.113.46.7
9-Year 10-Month, reopening4.1732.5539.00050.35269.624.55.84.8
9-Year 11-Month, reopening4.1752.5539.00039.00070.221.08.85.5
10-Year4.0742.4342.00048.54267.022.610.54.6
Show 188 more rows
AuctionOffered asHigh yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
9-Year 10-Month, reopening4.1172.4839.00039.72466.824.19.15.7
9-Year 11-Month, reopening4.0332.6539.00039.00083.112.74.24.7
10-Year4.2552.3542.00056.25464.219.616.26.0
9-Year 10-Month, reopening4.3622.6139.00043.61565.423.710.95.2
9-Year 11-Month, reopening4.4212.5239.00039.70170.620.59.04.3
10-Year4.3422.6042.00056.82671.219.98.96.1
9-Year 10-Month, reopening4.4352.6739.00045.51087.91.410.79.5
9-Year 11-Month, reopening4.3102.5939.00039.66167.419.513.14.5
10-Year4.6322.4842.00053.53871.513.614.87.2
9-Year 10-Month, reopening4.6802.5339.00047.57061.423.015.65.5
9-Year 11-Month, reopening4.2352.7039.00039.27970.019.510.54.5
10-Year4.3472.5842.00052.20761.723.614.75.7
9-Year 10-Month, reopening4.0662.4839.00039.53577.68.413.95.8
9-Year 11-Month, reopening3.6482.6439.00039.37376.013.710.24.3
10-Year3.9602.3242.00049.98766.216.017.97.2
9-Year 10-Month, reopening4.2762.5839.00045.33767.620.911.55.8
9-Year 11-Month, reopening4.4382.6739.00040.26274.613.811.66.4
10-Year4.4832.4942.00047.27965.518.715.76.1
9-Year 10-Month, reopening4.5602.3439.00039.64361.814.224.09.5
9-Year 11-Month, reopening4.1662.5139.00039.00064.318.617.16.6
10-Year4.0932.5642.00045.10671.016.113.05.6
9-Year 10-Month, reopening4.0242.5637.00037.00066.118.715.16.7
9-Year 11-Month, reopening4.2962.5337.00037.00063.818.917.37.2
10-Year4.5192.4540.00040.76169.715.215.17.9
9-Year 10-Month, reopening4.6102.5035.00035.00060.320.918.78.0
9-Year 11-Month, reopening4.2892.5235.00035.00066.319.913.86.0
10-Year3.9992.5638.00052.21672.218.39.57.7
9-Year 10-Month, reopening3.8572.5332.00032.00067.719.912.48.2
9-Year 11-Month, reopening3.7912.3632.00032.00062.319.917.87.7
10-Year3.4482.4535.00044.53667.519.513.08.5
9-Year 10-Month, reopening3.4552.3632.00034.04663.019.917.19.1
9-Year 11-Month, reopening3.9852.3532.00032.00062.320.017.79.6
10-Year3.6132.6635.00048.67879.515.25.46.3
9-Year 10-Month, reopening3.5752.5332.00032.00067.017.915.17.6
9-Year 11-Month, reopening3.6252.3132.00032.00059.418.721.99.0
10-Year4.1402.2335.00047.27457.518.124.49.6
9-Year 10-Month, reopening3.9302.3432.00032.00056.823.519.78.0
9-Year 11-Month, reopening3.3302.3732.00032.00062.317.919.89.0
10-Year2.7552.5335.00057.13774.515.69.96.5
9-Year 10-Month, reopening2.9602.3433.00037.20661.318.020.711.0
9-Year 11-Month, reopening3.0302.4133.00034.94063.619.417.08.0
10-Year2.9432.4936.00061.19470.318.211.59.3
9-Year 10-Month, reopening2.7202.4334.00042.11164.317.018.710.0
9-Year 11-Month, reopening1.9202.4734.00039.71368.218.013.78.0
10-Year1.9042.6837.00059.38477.615.07.45.1
9-Year 10-Month, reopening1.7232.5136.00041.77665.517.916.67.1
9-Year 11-Month, reopening1.5182.4336.00041.30868.817.813.46.8
10-Year1.4442.3539.00061.56071.013.815.27.4
9-Year 10-Month, reopening1.5842.5838.00040.85971.117.711.24.4
9-Year 11-Month, reopening1.3382.5938.00042.04671.116.612.35.0
10-Year1.3402.6541.00059.29277.213.19.62.5
9-Year 10-Month, reopening1.3712.3938.00044.25663.517.519.05.7
9-Year 11-Month, reopening1.4972.5838.00041.49365.019.215.75.7
10-Year1.6842.4541.00062.75163.417.119.55.5
9-Year 10-Month, reopening1.6802.3638.00043.83459.616.224.26.0
9-Year 11-Month, reopening1.5232.3838.00040.35556.817.825.45.6
10-Year1.1552.3741.00055.87460.618.920.55.0
9-Year 10-Month, reopening1.1642.4738.00041.82062.217.820.04.4
9-Year 11-Month, reopening0.9512.3338.00039.61962.314.723.04.7
10-Year0.9602.3241.00052.24254.813.132.04.8
9-Year 10-Month, reopening0.7652.4735.00035.97962.914.222.94.9
9-Year 11-Month, reopening0.7042.3035.00036.43958.314.627.15.4
10-Year0.6772.4138.00060.60165.414.719.83.8
9-Year 10-Month, reopening0.6532.6229.00031.54463.417.019.74.2
9-Year 11-Month, reopening0.8322.2629.00029.41256.711.831.56.3
10-Year0.7002.6932.00048.92366.113.320.55.0
9-Year 10-Month, reopening0.7822.4325.00025.08259.213.227.65.8
9-Year 11-Month, reopening0.8492.3624.00024.02361.09.229.89.9
10-Year1.6222.5827.00039.00861.314.823.94.5
9-Year 10-Month, reopening1.8692.4524.00024.76855.216.128.74.9
9-Year 11-Month, reopening1.8422.4324.00024.00056.119.424.54.2
10-Year1.8092.4927.00039.78564.512.423.13.9
3-Year, reopening1.6302.6038.00055.99353.316.929.73.0
9-Year 10-Month, reopening1.5902.4324.00024.00058.512.828.75.5
9-Year 11-Month, reopening1.7392.4624.00024.00062.612.724.73.9
10-Year1.6702.2027.00044.61955.713.630.77.5
9-Year 10-Month, reopening2.0642.4124.00024.20460.812.926.43.4
9-Year 11-Month, reopening2.0653.430.0250.0250.00.0100.00.5
9-Year 11-Month, reopening2.1302.4924.00024.00065.613.620.85.5
10-Year2.4792.1727.00036.19853.311.535.24.9
9-Year 10-Month, reopening2.4662.5524.00024.00368.412.019.64.1
9-Year 11-Month, reopening2.6152.5924.00024.00069.49.121.53.0
10-Year2.6892.3527.00033.50259.512.228.44.9
9-Year 10-Month, reopening2.7282.5124.00024.00056.920.822.33.8
9-Year 11-Month, reopening2.9152.3524.00024.00063.110.826.14.5
10-Year3.2092.5427.00032.50673.81.225.04.4
9-Year 10-Month, reopening3.2252.3923.00023.00064.55.430.14.5
9-Year 11-Month, reopening2.9572.5823.00023.00063.913.422.64.1
10-Year2.9602.5526.00029.49661.311.327.54.0
9-Year 10-Month, reopening2.8592.5722.00022.08665.010.524.53.9
9-Year 11-Month, reopening2.9622.5922.00022.00056.016.327.74.2
10-Year2.9952.5625.00031.02763.08.328.74.5
9-Year 10-Month, reopening2.7952.4621.00021.03653.28.438.45.5
9-Year 11-Month, reopening2.8892.5021.00021.00066.26.527.33.9
10-Year2.8112.3424.00028.53667.55.427.16.1
9-Year 10-Month, reopening2.5792.6920.00020.67771.46.522.03.9
9-Year 11-Month, reopening2.3842.3720.00020.00057.28.434.44.4
10-Year2.3142.4823.00025.79768.09.023.05.9
9-Year 10-Month, reopening2.3462.5420.00020.00069.16.024.94.6
9-Year 11-Month, reopening2.1802.2820.00020.00055.36.038.75.5
10-Year2.2502.2323.00029.92057.96.835.35.0
9-Year 10-Month, reopening2.3252.4520.00020.45764.85.729.54.5
9-Year 11-Month, reopening2.1952.5420.00020.00066.15.328.64.5
10-Year2.4002.3323.00030.59960.75.134.25.8
9-Year 10-Month, reopening2.3322.4820.00020.16465.25.329.57.2
9-Year 11-Month, reopening2.5602.6620.00020.00065.815.718.65.0
10-Year2.3332.2923.00025.65665.14.430.67.3
9-Year 10-Month, reopening2.3422.5820.00021.10870.58.720.74.2
9-Year 11-Month, reopening2.4852.3920.00020.00057.56.036.54.5
10-Year2.0202.2223.00028.03552.58.339.27.0
9-Year 10-Month, reopening1.7932.5320.00020.00062.76.630.64.4
9-Year 11-Month, reopening1.6992.3520.00020.00062.13.434.55.9
10-Year1.5032.4323.00025.35672.27.620.25.3
9-Year 10-Month, reopening1.5162.3320.00021.30354.37.937.74.6
9-Year 11-Month, reopening1.7022.7020.00020.00073.67.219.24.2
10-Year1.7102.6823.00028.20173.511.814.73.0
9-Year 10-Month, reopening1.7652.7520.00020.14160.015.324.84.0
9-Year 11-Month, reopening1.8952.4920.00020.00056.511.132.46.5
10-Year1.7302.5623.00024.80662.315.322.44.0
9-Year 10-Month, reopening2.0902.7721.00021.00071.011.317.74.2
9-Year 11-Month, reopening2.2332.6421.00021.00062.012.126.05.3
10-Year2.3042.5824.00024.12260.514.325.22.9
9-Year 10-Month, reopening2.0662.5921.00021.00062.210.327.54.6
9-Year 11-Month, reopening2.2352.7021.00021.00057.513.828.74.5
10-Year2.1152.4024.00024.48260.15.834.06.5
9-Year 10-Month, reopening2.2252.7221.00021.00058.112.129.83.5
9-Year 11-Month, reopening2.4612.7421.00021.00057.912.130.02.7
10-Year2.2372.7224.00024.54360.220.918.91.7
9-Year 10-Month, reopening1.9252.6221.00021.00058.59.332.23.7
9-Year 11-Month, reopening2.1392.6521.00021.00058.610.231.23.4
10-Year2.0002.6224.00024.00159.512.727.83.0
9-Year 10-Month, reopening1.9302.6121.00021.00050.09.240.84.0
9-Year 11-Month, reopening2.2142.9721.00021.00053.86.939.33.5
10-Year2.3652.5224.00024.03244.713.442.03.7
9-Year 10-Month, reopening2.3812.5221.00021.00044.46.649.04.1
9-Year 11-Month, reopening2.5352.7121.00021.00053.013.533.54.4
10-Year2.4392.8324.00024.00047.015.137.93.9
9-Year 10-Month, reopening2.5972.5721.00021.00039.613.946.53.7
9-Year 11-Month, reopening2.6482.8821.00021.00036.119.444.54.2
10-Year2.6122.6324.00024.00049.321.629.12.7
9-Year 10-Month, reopening2.7202.7621.00021.00044.715.240.13.4
9-Year 11-Month, reopening2.7292.9221.00021.00043.427.529.12.0
10-Year2.7952.5424.00024.00049.716.234.13.2
9-Year 10-Month, reopening3.0092.6821.00021.00046.613.639.83.4
9-Year 11-Month, reopening2.8242.6121.00021.00048.910.640.54.1
10-Year2.7502.7024.00024.00047.718.633.83.1
9-Year 10-Month, reopening2.6572.5821.00021.00038.621.240.23.4
9-Year 11-Month, reopening2.9462.8621.00021.00036.629.633.83.8
10-Year2.6202.4524.00024.00046.315.238.53.1
9-Year 10-Month, reopening2.6702.5721.00021.00038.616.345.23.3
9-Year 11-Month, reopening2.2092.5321.00021.00051.711.736.64.1
10-Year1.8102.7024.00024.00033.916.949.23.6
9-Year 10-Month, reopening1.7952.7921.00021.00037.329.133.63.6
9-Year 11-Month, reopening2.0293.1921.00021.00047.730.022.32.4
10-Year2.0462.6824.00024.00028.024.247.73.6
9-Year 10-Month, reopening1.8632.8321.00021.00028.514.856.74.3
9-Year 11-Month, reopening1.6522.9521.00021.00024.242.733.11.8
10-Year1.6752.5924.00024.00039.714.146.24.5
9-Year 10-Month, reopening1.7003.2621.00021.00041.422.935.72.0
9-Year 11-Month, reopening1.7642.8521.00021.00036.211.652.24.4
10-Year1.6802.4924.00024.00040.65.254.25.0
9-Year 10-Month, reopening1.4593.6121.00021.00140.645.414.01.9
9-Year 11-Month, reopening1.6223.0621.00022.48342.020.837.22.4
10-Year1.8552.9024.00025.50238.715.845.54.5
9-Year 10-Month, reopening2.0433.0821.00024.82138.511.050.56.4
9-Year 11-Month, reopening2.0763.2421.00022.45838.619.442.05.1
10-Year2.0203.0524.00026.92638.917.943.34.2
9-Year 10-Month, reopening1.9003.2921.00022.49138.317.444.33.1
9-Year 11-Month, reopening2.0203.5321.00021.76961.98.429.73.1
10-Year2.0302.6424.00025.83641.68.250.26.1
9-Year 10-Month, reopening2.2712.8621.00021.00035.06.458.58.1
9-Year 11-Month, reopening2.0003.0321.00021.00048.511.140.45.3
10-Year2.1403.2224.00024.73535.431.733.03.9
9-Year 10-Month, reopening2.9183.1721.00021.00042.013.944.12.7
9-Year 11-Month, reopening2.9673.2321.00021.00050.68.341.04.7
10-Year3.2103.0024.00024.00047.28.444.43.5
9-Year 10-Month, reopening3.4943.1321.00022.03442.45.951.76.5
9-Year 11-Month, reopening3.4993.3221.00021.00053.06.540.52.4
10-Year3.6653.2324.00024.55171.30.528.24.5
9-Year 10-Month, reopening3.3883.3021.00021.46053.68.038.53.8
9-Year 11-Month, reopening3.3402.9221.00021.30544.411.444.28.1
10-Year2.6362.8024.00024.64456.69.434.07.7
9-Year 10-Month, reopening2.4752.9921.00021.18541.510.747.85.5
9-Year 11-Month, reopening2.6703.2121.00021.22754.76.938.34.0
10-Year2.7303.0424.00025.43745.810.643.66.1
9-Year 10-Month, reopening3.1193.0921.00021.00641.79.848.64.8
9-Year 11-Month, reopening3.2423.2421.00021.12140.213.546.44.3
10-Year3.5482.9624.00026.09241.925.033.23.8

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

When are the next 10-year note auctions?Treasury's tentative schedule, from its quarterly refunding
Tentative 10-year note auction dates
AuctionIssueAnnouncementSettles
New issue
Reopening
Reopening

Tentative: Treasury plans these dates in its quarterly refunding and may change them; amounts come with each announcement.

What do the figures leave out, and how are they cited?Limits, 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.

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 7 October 2026. Compiled by 500metrics, "How did the latest 10-year Treasury note auction go?", https://500metrics.com/treasury/auctions/10-year-note.

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