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10-year note auction of 6 May 2025 (new issue)

The 10-year note sold $56.826 billion at a high yield of 4.342% on , with a bid-to-cover ratio of 2.60.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.342%

Median yield 4.281%

Bid-to-cover

2.60

▼ −0.07 since 9 Apr

Sold

$56.83 billion

$42 billion offered

Indirect bidders

71.2%

Of competitive bids accepted

High yield at the last 36 10-year note auctions

High yield at each 10-year note auction, %

High yield at the last 36 10-year note auctions36 auctions from 8 June 2022 to 6 May 2025; the latest at 4.342%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 4.342%High yield at the last 36 10-year note auctions36 auctions from 8 June 2022 to 6 May 2025; the latest at 4.342%.3.5%4.0%4.5%5.0%2023202420254.342%

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

The 36 auctions as a table
High yield and bid-to-cover of the last 36 10-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
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
3.3302.37
2.7552.53
2.9602.34
3.0302.41

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.602.584 of 128 of 12
High yield4.3424.3286 of 126 of 12
Indirect bidders' share71.268.85 of 127 of 12
Direct bidders' share19.917.33 of 129 of 12
Primary dealers' share8.913.512 of 120 of 12
High minus median, basis points6.15.84 of 127 of 12

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

  • Primary dealers' share: Lowest for a 10-year note since 8 February 2023 (26 auctions in between).

Who bought the 10-year note?

Indirect bidders took 71.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 9 April 2025

Indirect bidders took 71.2% of the competitive bids acceptedIndirect bidders 71.2%, Direct bidders 19.9%, Primary dealers 8.9%Indirect bidders71.2%87.9%Direct bidders19.9%1.4%Primary dealers8.9%10.7%Indirect bidders took 71.2% of the competitive bids acceptedIndirect bidders 71.2%, Direct bidders 19.9%, Primary dealers 8.9%Indirect bidders71.2%87.9%Direct bidders19.9%1.4%Primary dealers8.9%10.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.287.9
Direct bidders19.91.4
Primary dealers8.910.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$42,000,000,000
Bids received$124,203,861,900
Sold$56,825,711,900
Competitive bids accepted$41,852,615,000
Non-competitive bids accepted$147,392,100
Federal Reserve (SOMA) add-on$14,825,704,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.342
Median rate, %4.281
Low rate, %4.200
Interest rate (coupon), %4.250
Bids at the high rate filled, %92.86
Bid-to-cover ratio2.60
Indirect bidders accepted$29,794,965,000
Direct bidders accepted$8,321,500,000
Primary dealers accepted$3,736,150,000
Indirect bidders' share, % (ours)71.2
Direct bidders' share, % (ours)19.9
Primary dealers' share, % (ours)8.9
High minus median, basis points (ours)6.1
Treasury par yield curve, 10-year point, same day, %4.30
High yield minus that point, basis points (ours)4.2

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 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.

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 ratio2.60Last 24 auctions4 of 2420 of 242.53
Bid-to-cover ratio2.60Since 7 May 200882 of 208125 of 2082.56
Bid-to-cover ratio2.60All 262 since 10 November 199995 of 262166 of 2622.53
High yield4.342Last 24 auctions9 of 2415 of 244.282
High yield4.342Since 7 May 20089 of 208199 of 2082.570
High yield4.342All 344 since 31 October 1979127 of 344217 of 3443.638
Indirect bidders' share71.2Last 24 auctions6 of 2418 of 2467.5
Indirect bidders' share71.2All 208 since 7 May 200816 of 208192 of 20858.0
Direct bidders' share19.9Last 24 auctions6 of 2418 of 2418.7
Direct bidders' share19.9All 208 since 7 May 200824 of 208184 of 20813.4
Primary dealers' share8.9Last 24 auctions24 of 240 of 2414.3
Primary dealers' share8.9All 208 since 7 May 2008206 of 2082 of 20829.5
High minus median, basis points6.1Last 24 auctions14 of 249 of 246.6
High minus median, basis points6.1Since 7 May 200857 of 208147 of 2084.8
High minus median, basis points6.1All 344 since 31 October 197963 of 344277 of 3444.0

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

Sources

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.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 6 May 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250506_2.pdf. Compiled by 500metrics, "10-year note auction of 6 May 2025 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2025-05-06.

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, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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