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10-year note auction of 11 June 2025 (reopening)

The 10-year note sold $39.701 billion at a high yield of 4.421% on , with a bid-to-cover ratio of 2.52.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.421%

Median yield 4.378%

Bid-to-cover

2.52

▼ −0.08 since 6 May

Sold

$39.70 billion

$39 billion offered

Indirect bidders

70.6%

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 12 July 2022 to 11 June 2025; the latest at 4.421%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 4.421%High yield at the last 36 10-year note auctions36 auctions from 12 July 2022 to 11 June 2025; the latest at 4.421%.3.5%4.0%4.5%5.0%2023202420254.421%

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
4.4212.52
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
3.3302.37
2.7552.53
2.9602.34

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.589 of 123 of 12
High yield4.4214.3264 of 128 of 12
Indirect bidders' share70.670.66 of 126 of 12
Direct bidders' share20.517.73 of 129 of 12
Primary dealers' share9.012.311 of 121 of 12
High minus median, basis points4.35.811 of 120 of 12

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

Who bought the 10-year note?

Indirect bidders took 70.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 6 May 2025

Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 20.5%, Primary dealers 9.0%Indirect bidders70.6%71.2%Direct bidders20.5%19.9%Primary dealers9.0%8.9%Indirect bidders took 70.6% of the competitive bids acceptedIndirect bidders 70.6%, Direct bidders 20.5%, Primary dealers 9.0%Indirect bidders70.6%71.2%Direct bidders20.5%19.9%Primary dealers9.0%8.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.671.2
Direct bidders20.519.9
Primary dealers9.08.9

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 11-Month, reopening
Offering amount$39,000,000,000
Bids received$98,949,645,700
Sold$39,701,375,700
Competitive bids accepted$38,875,284,000
Non-competitive bids accepted$124,721,100
Federal Reserve (SOMA) add-on$701,370,600
Foreign and international (FIMA) non-competitive$0
High yield, %4.421
Median rate, %4.378
Low rate, %4.320
Interest rate (coupon), %4.250
Bids at the high rate filled, %30.58
Bid-to-cover ratio2.52
Indirect bidders accepted$27,429,054,000
Direct bidders accepted$7,962,750,000
Primary dealers accepted$3,483,480,000
Indirect bidders' share, % (ours)70.6
Direct bidders' share, % (ours)20.5
Primary dealers' share, % (ours)9.0
High minus median, basis points (ours)4.3
Treasury par yield curve, 10-year point, same day, %4.41
High yield minus that point, basis points (ours)1.1

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 ratio2.52Last 24 auctions14 of 249 of 242.53
Bid-to-cover ratio2.52Since 7 May 2008121 of 20985 of 2092.56
Bid-to-cover ratio2.52All 263 since 10 November 1999138 of 263122 of 2632.53
High yield4.421Last 24 auctions8 of 2416 of 244.292
High yield4.421Since 7 May 20088 of 209201 of 2092.579
High yield4.421All 345 since 31 October 1979120 of 345225 of 3453.648
Indirect bidders' share70.6Last 24 auctions8 of 2416 of 2467.5
Indirect bidders' share70.6All 209 since 7 May 200822 of 209187 of 20958.1
Direct bidders' share20.5Last 24 auctions4 of 2420 of 2418.7
Direct bidders' share20.5All 209 since 7 May 200820 of 209189 of 20913.4
Primary dealers' share9.0Last 24 auctions23 of 241 of 2414.3
Primary dealers' share9.0All 209 since 7 May 2008206 of 2093 of 20929.5
High minus median, basis points4.3Last 24 auctions23 of 240 of 246.5
High minus median, basis points4.3Since 7 May 2008132 of 20973 of 2094.8
High minus median, basis points4.3All 345 since 31 October 1979145 of 345196 of 3454.0

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 11 June 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250611_2.pdf. Compiled by 500metrics, "10-year note auction of 11 June 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2025-06-11.

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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