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10-year note auction of 10 September 2025 (reopening)

The 10-year note sold $39 billion at a high yield of 4.033% on , with a bid-to-cover ratio of 2.65.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.033%

Median yield 3.986%

Bid-to-cover

2.65

▲ +0.30 since 6 Aug

Sold

$39.00 billion

$39 billion offered

Indirect bidders

83.1%

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 October 2022 to 10 September 2025; the latest at 4.033%.3.0%3.5%4.0%4.5%5.0%2022202320242025This auction, 4.033%High yield at the last 36 10-year note auctions36 auctions from 12 October 2022 to 10 September 2025; the latest at 4.033%.3.5%4.0%4.5%5.0%202420254.033%

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
4.0332.65
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
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.652.582 of 1210 of 12
High yield4.0334.34411 of 121 of 12
Indirect bidders' share83.170.31 of 1211 of 12
Direct bidders' share12.719.610 of 122 of 12
Primary dealers' share4.212.012 of 120 of 12
High minus median, basis points4.75.68 of 124 of 12

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

  • Primary dealers' share: Lowest of all 212 earlier 10-year note auctions we hold.

Who bought the 10-year note?

Indirect bidders took 83.1% of the competitive bids accepted

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

Indirect bidders took 83.1% of the competitive bids acceptedIndirect bidders 83.1%, Direct bidders 12.7%, Primary dealers 4.2%Indirect bidders83.1%64.2%Direct bidders12.7%19.6%Primary dealers4.2%16.2%Indirect bidders took 83.1% of the competitive bids acceptedIndirect bidders 83.1%, Direct bidders 12.7%, Primary dealers 4.2%Indirect bidders83.1%64.2%Direct bidders12.7%19.6%Primary dealers4.2%16.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders83.164.2
Direct bidders12.719.6
Primary dealers4.216.2

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$103,346,522,500
Sold$39,000,024,500
Competitive bids accepted$38,881,412,000
Non-competitive bids accepted$118,612,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.033
Median rate, %3.986
Low rate, %3.900
Interest rate (coupon), %4.250
Bids at the high rate filled, %81.53
Bid-to-cover ratio2.65
Indirect bidders accepted$32,322,912,000
Direct bidders accepted$4,920,500,000
Primary dealers accepted$1,638,000,000
Indirect bidders' share, % (ours)83.1
Direct bidders' share, % (ours)12.7
Primary dealers' share, % (ours)4.2
High minus median, basis points (ours)4.7
Treasury par yield curve, 10-year point, same day, %4.04
High yield minus that point, basis points (ours)-0.7

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 ratio2.65Last 24 auctions3 of 2421 of 242.53
Bid-to-cover ratio2.65Since 7 May 200868 of 212142 of 2122.56
Bid-to-cover ratio2.65All 266 since 10 November 199978 of 266186 of 2662.53
High yield4.033Last 24 auctions21 of 243 of 244.326
High yield4.033Since 7 May 200824 of 212188 of 2122.604
High yield4.033All 348 since 31 October 1979154 of 348194 of 3483.678
Indirect bidders' share83.1Last 24 auctions1 of 2423 of 2466.9
Indirect bidders' share83.1All 212 since 7 May 20081 of 212211 of 21258.4
Direct bidders' share12.7Last 24 auctions22 of 242 of 2418.8
Direct bidders' share12.7All 212 since 7 May 2008119 of 21293 of 21213.5
Primary dealers' share4.2Last 24 auctions24 of 240 of 2414.3
Primary dealers' share4.2All 212 since 7 May 2008212 of 2120 of 21229.1
High minus median, basis points4.7Last 24 auctions20 of 244 of 246.0
High minus median, basis points4.7Since 7 May 2008108 of 212102 of 2124.8
High minus median, basis points4.7All 348 since 31 October 1979120 of 348226 of 3484.0

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 10 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250910_2.pdf. Compiled by 500metrics, "10-year note auction of 10 September 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2025-09-10.

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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