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10-year note auction of 9 July 2025 (reopening)

The 10-year note sold $43.615 billion at a high yield of 4.362% on , with a bid-to-cover ratio of 2.61.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.362%

Median yield 4.310%

Bid-to-cover

2.61

▲ +0.09 since 11 Jun

Sold

$43.61 billion

$39 billion offered

Indirect bidders

65.4%

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 10 August 2022 to 9 July 2025; the latest at 4.362%.2.5%3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 4.362%High yield at the last 36 10-year note auctions36 auctions from 10 August 2022 to 9 July 2025; the latest at 4.362%.3.5%4.0%4.5%5.0%2023202420254.362%

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
4.3622.61
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
3.3302.37
2.7552.53

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.612.583 of 129 of 12
High yield4.3624.3264 of 128 of 12
Indirect bidders' share65.470.310 of 122 of 12
Direct bidders' share23.719.50 of 1212 of 12
Primary dealers' share10.912.37 of 125 of 12
High minus median, basis points5.25.88 of 124 of 12

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

  • Direct bidders' share: Highest for a 10-year note since 12 March 2014 (137 auctions in between).

Who bought the 10-year note?

Indirect bidders took 65.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 June 2025

Indirect bidders took 65.4% of the competitive bids acceptedIndirect bidders 65.4%, Direct bidders 23.7%, Primary dealers 10.9%Indirect bidders65.4%70.6%Direct bidders23.7%20.5%Primary dealers10.9%9.0%Indirect bidders took 65.4% of the competitive bids acceptedIndirect bidders 65.4%, Direct bidders 23.7%, Primary dealers 10.9%Indirect bidders65.4%70.6%Direct bidders23.7%20.5%Primary dealers10.9%9.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.470.6
Direct bidders23.720.5
Primary dealers10.99.0

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$39,000,000,000
Bids received$106,441,100,400
Sold$43,614,645,500
Competitive bids accepted$38,897,801,100
Non-competitive bids accepted$102,230,900
Federal Reserve (SOMA) add-on$4,614,613,500
Foreign and international (FIMA) non-competitive$0
High yield, %4.362
Median rate, %4.310
Low rate, %4.200
Interest rate (coupon), %4.250
Bids at the high rate filled, %94.68
Bid-to-cover ratio2.61
Indirect bidders accepted$25,447,656,000
Direct bidders accepted$9,220,455,100
Primary dealers accepted$4,229,690,000
Indirect bidders' share, % (ours)65.4
Direct bidders' share, % (ours)23.7
Primary dealers' share, % (ours)10.9
High minus median, basis points (ours)5.2
Treasury par yield curve, 10-year point, same day, %4.34
High yield minus that point, basis points (ours)2.2

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 ratio2.61Last 24 auctions4 of 2420 of 242.53
Bid-to-cover ratio2.61Since 7 May 200879 of 210128 of 2102.56
Bid-to-cover ratio2.61All 264 since 10 November 199992 of 264169 of 2642.53
High yield4.362Last 24 auctions9 of 2415 of 244.303
High yield4.362Since 7 May 20089 of 210201 of 2102.588
High yield4.362All 346 since 31 October 1979124 of 346222 of 3463.656
Indirect bidders' share65.4Last 24 auctions18 of 246 of 2467.7
Indirect bidders' share65.4All 210 since 7 May 200850 of 210160 of 21058.2
Direct bidders' share23.7Last 24 auctions0 of 2424 of 2418.7
Direct bidders' share23.7All 210 since 7 May 20089 of 210201 of 21013.5
Primary dealers' share10.9Last 24 auctions18 of 246 of 2413.8
Primary dealers' share10.9All 210 since 7 May 2008200 of 21010 of 21029.3
High minus median, basis points5.2Last 24 auctions20 of 244 of 246.2
High minus median, basis points5.2Since 7 May 200889 of 210120 of 2104.8
High minus median, basis points5.2All 346 since 31 October 197997 of 346248 of 3464.0

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 9 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250709_2.pdf. Compiled by 500metrics, "10-year note auction of 9 July 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2025-07-09.

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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