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

The last 10-year note auction, on , sold at a high yield of 4.834% with a bid-to-cover of 2.71. Next auction: .

High yield

4.834%

9 September 2026 · Auction results

Bid-to-cover

2.71

9 September 2026 · Auction results

Sold

$39.00 billion

$39 billion offered

Indirect bidders

79.2%

Of competitive bids accepted

When is the next 10-year note auction?

  • 10-year note, reopening (offered as 9-Year 10-Month), bids close 01:00 PM ET · $39 billion offeredNot yet held

Treasury's announcements: 10-year note,

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. Treasury's file: tentative auction schedule (XML).

Bid-to-cover, last 36 auctions

Bid-to-cover of the last 36 10-year note auctions; the latest was 2.71

Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Bid-to-cover of the last 36 10-year note auctions; the latest was 2.712.32.42.52.62.72.8Latest 2.7120232026Bid-to-cover of the last 36 10-year note auctions; the latest was 2.712.32.42.52.62.72.82.7120242026

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. 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.

The numbers behind this chart
These auctions as a table

High yield of the last 36 10-year note auctions; the latest was 4.834%

High yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

High yield of the last 36 10-year note auctions; the latest was 4.834%3.504.004.505.00Latest 4.834%20232026High yield of the last 36 10-year note auctions; the latest was 4.834%4.004.254.504.755.004.83420242026
The numbers behind this chart
These auctions as a table

The latest auction against its own history

  • Bid-to-cover ratio: Highest for a 10-year note since 21 June 2019 (87 auctions in between).
  • High yield: Highest for a 10-year note since 8 August 2007 (229 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 ratio2.71Last 12 auctions0 of 1212 of 122.50
Bid-to-cover ratio2.71Last 24 auctions0 of 2424 of 242.54
Bid-to-cover ratio2.71Since 7 May 200851 of 224172 of 2242.56
Bid-to-cover ratio2.71All 278 since 10 November 199959 of 278218 of 2782.53
High yield4.834Last 12 auctions0 of 1212 of 124.197
High yield4.834Last 24 auctions0 of 2424 of 244.296
High yield4.834Since 7 May 20080 of 224224 of 2242.664
High yield4.834All 360 since 31 October 197997 of 360263 of 3603.768
Indirect bidders' share79.2Last 12 auctions2 of 1210 of 1269.9
Indirect bidders' share79.2Last 24 auctions3 of 2421 of 2470.1
Indirect bidders' share79.2All 224 since 7 May 20084 of 224220 of 22459.5
Direct bidders' share16.5Last 12 auctions7 of 125 of 1221.5
Direct bidders' share16.5Last 24 auctions15 of 249 of 2419.7
Direct bidders' share16.5All 224 since 7 May 200874 of 224150 of 22413.6
Primary dealers' share4.3Last 12 auctions11 of 121 of 129.3
Primary dealers' share4.3Last 24 auctions23 of 241 of 2410.6
Primary dealers' share4.3All 224 since 7 May 2008223 of 2241 of 22428.5
High minus median, basis points6.5Last 12 auctions1 of 1211 of 125.4
High minus median, basis points6.5Last 24 auctions3 of 2421 of 245.5
High minus median, basis points6.5Since 7 May 200849 of 224171 of 2244.9
High minus median, basis points6.5All 360 since 31 October 197954 of 360301 of 3604.0

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

What this number cannot tell you
  • 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.

Every 10-year note auction, page 1 of 2

Auctions with results since 31 October 1979: 361.

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 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
9-Year 10-Month, reopening4.1172.4839.00039.72466.824.19.15.7
Show 188 more rows
10-year note auctions, newest first; dated links open an auction's own page (continued)
AuctionOffered asHigh yield, %Bid-to-coverOffered, $ billionSold, $ billionIndirect, %Direct, %Dealers, %High − median, bp
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
9-Year 10-Month, reopening3.9003.7221.00022.53843.116.340.62.6

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

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government

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