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

10-year note auction of 10 September 2025 (reopening)

The 10-year note sold $39 billion at a high yield of 4.033% on , with a bid-to-cover ratio of 2.65.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Oct 2022 to 10 Sep 2025
High yield at each 10-year note auction, 12 Sep 2023 to 10 Sep 2025

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, 12 Oct 2022 to 10 Sep 2025
Bid-to-cover ratio at each 10-year note auction, 12 Sep 2023 to 10 Sep 2025

Who bought the 10-year note of 10 Sep 2025

Shares of the competitive bids accepted

  • Indirect bidders 83.1%
  • Direct bidders 12.7%
  • Primary dealers 4.2%
This auction, 10 Sep 2025
  • Indirect bidders 64.2%
  • Direct bidders 19.6%
  • Primary dealers 16.2%
The 10-year note auction before, 6 Aug 2025

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 bidders83.1%
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
4.0332.65
4.2552.35
4.3622.61
4.4212.52
4.3422.60
4.4352.67
4.3102.59
4.6322.48
4.6802.53
4.2352.70
4.3472.58
4.0662.48
3.6482.64
3.9602.32
4.2762.58
4.4382.67
4.4832.49
4.5602.34
4.1662.51
4.0932.56
4.0242.56
4.2962.53
4.5192.45
4.6102.50
4.2892.52
3.9992.56
3.8572.53
3.7912.36
3.4482.45
3.4552.36
3.9852.35
3.6132.66
3.5752.53
3.6252.31
4.1402.23
3.9302.34

Observed .

Right now

The high yield of 4.033% on 10 September 2025 was the lowest for a 10-year note since 11 September 2024.

The primary dealers' share of 4.2% was the lowest of all 212 earlier 10-year note auctions we hold.

Higher than 188 of the 212 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the primary dealers' share was lower than all 24.

The indirect bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 83.1%
  • Direct bidders 12.7%
  • Primary dealers 4.2%

Size

Treasury sold $39 billion of the $39 billion offered.

Bids received came to $103.347 billion; the bid-to-cover ratio was 2.65.

Its bid-to-cover of 2.65 compares with the 24 auctions before it: lowest 2.32 on , highest 2.70 on ; 86.8% of the way from the low to the high.

2.65

Low 2.32 Midpoint 2.510 High 2.70

The security9-Year 11-Month, reopening

Coupon
4.250%
Announced
Issued
Matures

It adds to the debt that matures in August 2035.

Understanding this result

Where it stands today

The high yield was 4.033% at this 10-year note auction, the median yield 3.986% and a bid-to-cover ratio of 2.65.

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$39,000,000,000
Bids received$103,346,522,500
Sold$39,000,024,500
Competitive bids accepted$38,881,412,000
Non-competitive bids accepted$118,612,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.033
Median rate, %3.986
Low rate, %3.900
Interest rate (coupon), %4.250
Bids at the high rate filled, %81.53
Bid-to-cover ratio2.65
Indirect bidders accepted$32,322,912,000
Direct bidders accepted$4,920,500,000
Primary dealers accepted$1,638,000,000
Indirect bidders' share, % (ours)83.1
Direct bidders' share, % (ours)12.7
Primary dealers' share, % (ours)4.2
High minus median, basis points (ours)4.7
Treasury par yield curve, 10-year point, same day, %4.04
High yield minus that point, basis points (ours)-0.7
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 ratio2.652.582 of 1210 of 12
High yield4.0334.34411 of 121 of 12
Indirect bidders' share83.170.31 of 1211 of 12
Direct bidders' share12.719.610 of 122 of 12
Primary dealers' share4.212.012 of 120 of 12
High minus median, basis points4.75.68 of 124 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 ratio2.65Last 24 auctions3 of 2421 of 242.53
Bid-to-cover ratio2.65Since 7 May 200868 of 212142 of 2122.56
Bid-to-cover ratio2.65All 266 since 10 November 199978 of 266186 of 2662.53
High yield4.033Last 24 auctions21 of 243 of 244.326
High yield4.033Since 7 May 200824 of 212188 of 2122.604
High yield4.033All 348 since 31 October 1979154 of 348194 of 3483.678
Indirect bidders' share83.1Last 24 auctions1 of 2423 of 2466.9
Indirect bidders' share83.1All 212 since 7 May 20081 of 212211 of 21258.4
Direct bidders' share12.7Last 24 auctions22 of 242 of 2418.8
Direct bidders' share12.7All 212 since 7 May 2008119 of 21293 of 21213.5
Primary dealers' share4.2Last 24 auctions24 of 240 of 2414.3
Primary dealers' share4.2All 212 since 7 May 2008212 of 2120 of 21229.1
High minus median, basis points4.7Last 24 auctions20 of 244 of 246.0
High minus median, basis points4.7Since 7 May 2008108 of 212102 of 2124.8
High minus median, basis points4.7All 348 since 31 October 1979120 of 348226 of 3484.0

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 10 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250910_2.pdf. Compiled by 500metrics, "10-year note auction of 10 September 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2025-09-10.

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