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10-year note auction of 8 October 2025 (reopening)

The 10-year note sold $39.724 billion at a high yield of 4.117% on , with a bid-to-cover ratio of 2.48.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.117%

Median yield 4.060%

Bid-to-cover

2.48

▼ −0.17 since 10 Sep

Sold

$39.72 billion

$39 billion offered

Indirect bidders

66.8%

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 9 November 2022 to 8 October 2025; the latest at 4.117%.3.0%3.5%4.0%4.5%5.0%202320242025This auction, 4.117%High yield at the last 36 10-year note auctions36 auctions from 9 November 2022 to 8 October 2025; the latest at 4.117%.3.5%4.0%4.5%5.0%202420254.117%

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
4.1172.48
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.482.589 of 121 of 12
High yield4.1174.34410 of 122 of 12
Indirect bidders' share66.870.38 of 124 of 12
Direct bidders' share24.119.60 of 1212 of 12
Primary dealers' share9.112.09 of 123 of 12
High minus median, basis points5.75.65 of 126 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 (140 auctions in between).

Who bought the 10-year note?

Indirect bidders took 66.8% of the competitive bids accepted

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

Indirect bidders took 66.8% of the competitive bids acceptedIndirect bidders 66.8%, Direct bidders 24.1%, Primary dealers 9.1%Indirect bidders66.8%83.1%Direct bidders24.1%12.7%Primary dealers9.1%4.2%Indirect bidders took 66.8% of the competitive bids acceptedIndirect bidders 66.8%, Direct bidders 24.1%, Primary dealers 9.1%Indirect bidders66.8%83.1%Direct bidders24.1%12.7%Primary dealers9.1%4.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.883.1
Direct bidders24.112.7
Primary dealers9.14.2

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$97,359,794,300
Sold$39,723,990,300
Competitive bids accepted$38,921,677,000
Non-competitive bids accepted$78,344,500
Federal Reserve (SOMA) add-on$723,968,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.117
Median rate, %4.060
Low rate, %4.010
Interest rate (coupon), %4.250
Bids at the high rate filled, %78.38
Bid-to-cover ratio2.48
Indirect bidders accepted$26,001,456,000
Direct bidders accepted$9,381,000,000
Primary dealers accepted$3,539,221,000
Indirect bidders' share, % (ours)66.8
Direct bidders' share, % (ours)24.1
Primary dealers' share, % (ours)9.1
High minus median, basis points (ours)5.7
Treasury par yield curve, 10-year point, same day, %4.13
High yield minus that point, basis points (ours)-1.3

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 ratio2.48Last 24 auctions18 of 244 of 242.54
Bid-to-cover ratio2.48Since 7 May 2008141 of 21368 of 2132.56
Bid-to-cover ratio2.48All 267 since 10 November 1999159 of 267102 of 2672.53
High yield4.117Last 24 auctions18 of 246 of 244.326
High yield4.117Since 7 May 200821 of 213192 of 2132.612
High yield4.117All 349 since 31 October 1979148 of 349201 of 3493.692
Indirect bidders' share66.8Last 24 auctions13 of 2411 of 2467.5
Indirect bidders' share66.8All 213 since 7 May 200840 of 213173 of 21358.5
Direct bidders' share24.1Last 24 auctions0 of 2424 of 2418.7
Direct bidders' share24.1All 213 since 7 May 20089 of 213204 of 21313.5
Primary dealers' share9.1Last 24 auctions21 of 243 of 2414.3
Primary dealers' share9.1All 213 since 7 May 2008208 of 2135 of 21329.1
High minus median, basis points5.7Last 24 auctions15 of 248 of 246.0
High minus median, basis points5.7Since 7 May 200872 of 213138 of 2134.8
High minus median, basis points5.7All 349 since 31 October 197979 of 349267 of 3494.0

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 8 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251008_2.pdf. Compiled by 500metrics, "10-year note auction of 8 October 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2025-10-08.

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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