500metrics

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

10-year note auction of 10 June 2026 (reopening)

The 10-year note sold $39 billion at a high yield of 4.538% on , with a bid-to-cover ratio of 2.57.

High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 12 Jul 2023 to 10 Jun 2026
High yield at each 10-year note auction, 11 Jun 2024 to 10 Jun 2026

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 Jul 2023 to 10 Jun 2026
Bid-to-cover ratio at each 10-year note auction, 11 Jun 2024 to 10 Jun 2026

Who bought the 10-year note of 10 Jun 2026

Shares of the competitive bids accepted

  • Indirect bidders 78.2%
  • Direct bidders 12.3%
  • Primary dealers 9.5%
This auction, 10 Jun 2026
  • Indirect bidders 64.0%
  • Direct bidders 24.1%
  • Primary dealers 12.0%
The 10-year note auction before, 12 May 2026

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 bidders78.2%
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
4.5382.57
4.4682.40
4.2822.43
4.2172.45
4.1772.39
4.1732.55
4.1752.55
4.0742.43
4.1172.48
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

Observed .

Right now

The high yield of 4.538% on 10 June 2026 was the highest for a 10-year note since 12 February 2025.

The direct bidders' share of 12.3% was the lowest for a 10-year note since 9 April 2025, with 13 auctions in between.

Higher than 217 of the 221 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the high yield was higher than 22 of the 24.

The direct bidders' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 78.2%
  • Direct bidders 12.3%
  • Primary dealers 9.5%

Size

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

Bids received came to $100.045 billion; the bid-to-cover ratio was 2.57.

Its bid-to-cover of 2.57 compares with the 24 auctions before it: lowest 2.32 on , highest 2.70 on ; 65.8% of the way from the low to the high.

2.57

Low 2.32 Midpoint 2.510 High 2.70

The security9-Year 11-Month, reopening

Coupon
4.375%
Announced
Issued
Matures

It adds to the debt that matures in May 2036.

Understanding this result

Where it stands today

The high yield was 4.538% at this 10-year note auction, the median yield 4.480% and a bid-to-cover ratio of 2.57.

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$100,044,669,600
Sold$39,000,001,000
Competitive bids accepted$38,914,680,400
Non-competitive bids accepted$85,320,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.538
Median rate, %4.480
Low rate, %4.400
Interest rate (coupon), %4.375
Bids at the high rate filled, %71.34
Bid-to-cover ratio2.57
Indirect bidders accepted$30,435,505,400
Direct bidders accepted$4,796,000,000
Primary dealers accepted$3,683,175,000
Indirect bidders' share, % (ours)78.2
Direct bidders' share, % (ours)12.3
Primary dealers' share, % (ours)9.5
High minus median, basis points (ours)5.8
Treasury par yield curve, 10-year point, same day, %4.55
High yield minus that point, basis points (ours)-1.2
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 ratio2.572.462 of 1210 of 12
High yield4.5384.1970 of 1212 of 12
Indirect bidders' share78.266.91 of 1211 of 12
Direct bidders' share12.322.312 of 120 of 12
Primary dealers' share9.510.67 of 125 of 12
High minus median, basis points5.85.42 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 ratio2.57Last 24 auctions10 of 2414 of 242.54
Bid-to-cover ratio2.57Since 7 May 2008102 of 221116 of 2212.55
Bid-to-cover ratio2.57All 275 since 10 November 1999116 of 275156 of 2752.53
High yield4.538Last 24 auctions2 of 2422 of 244.266
High yield4.538Since 7 May 20084 of 221217 of 2212.648
High yield4.538All 357 since 31 October 1979111 of 357246 of 3573.752
Indirect bidders' share78.2Last 24 auctions2 of 2422 of 2468.6
Indirect bidders' share78.2All 221 since 7 May 20083 of 221218 of 22159.4
Direct bidders' share12.3Last 24 auctions22 of 242 of 2420.2
Direct bidders' share12.3All 221 since 7 May 2008129 of 22192 of 22113.6
Primary dealers' share9.5Last 24 auctions18 of 246 of 2411.2
Primary dealers' share9.5All 221 since 7 May 2008213 of 2218 of 22128.7
High minus median, basis points5.8Last 24 auctions7 of 2415 of 245.6
High minus median, basis points5.8Since 7 May 200869 of 221148 of 2214.9
High minus median, basis points5.8All 357 since 31 October 197976 of 357277 of 3574.0

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 June 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260610_2.pdf. Compiled by 500metrics, "10-year note auction of 10 June 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2026-06-10.

Page updated