500metrics

All sources checked Checked

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

The 10-year note sold $39 billion at a high yield of 4.175% on , with a bid-to-cover ratio of 2.55.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.175%

Median yield 4.120%

Bid-to-cover

2.55

▲ +0.12 since 12 Nov

Sold

$39.00 billion

$39 billion offered

Indirect bidders

70.2%

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 11 January 2023 to 9 December 2025; the latest at 4.175%.3.0%3.5%4.0%4.5%5.0%202320242025This auction, 4.175%High yield at the last 36 10-year note auctions36 auctions from 11 January 2023 to 9 December 2025; the latest at 4.175%.3.5%4.0%4.5%5.0%202420254.175%

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
4.1752.55
4.0742.43
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.566 of 126 of 12
High yield4.1754.3269 of 123 of 12
Indirect bidders' share70.268.75 of 127 of 12
Direct bidders' share21.019.74 of 128 of 12
Primary dealers' share8.810.611 of 121 of 12
High minus median, basis points5.55.45 of 126 of 12

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

Who bought the 10-year note?

Indirect bidders took 70.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 November 2025

Indirect bidders took 70.2% of the competitive bids acceptedIndirect bidders 70.2%, Direct bidders 21.0%, Primary dealers 8.8%Indirect bidders70.2%67.0%Direct bidders21.0%22.6%Primary dealers8.8%10.5%Indirect bidders took 70.2% of the competitive bids acceptedIndirect bidders 70.2%, Direct bidders 21.0%, Primary dealers 8.8%Indirect bidders70.2%67.0%Direct bidders21.0%22.6%Primary dealers8.8%10.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.267.0
Direct bidders21.022.6
Primary dealers8.810.5

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$99,450,938,600
Sold$39,000,048,600
Competitive bids accepted$38,904,926,000
Non-competitive bids accepted$95,122,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.175
Median rate, %4.120
Low rate, %4.070
Interest rate (coupon), %4.000
Bids at the high rate filled, %70.50
Bid-to-cover ratio2.55
Indirect bidders accepted$27,325,201,000
Direct bidders accepted$8,153,500,000
Primary dealers accepted$3,426,225,000
Indirect bidders' share, % (ours)70.2
Direct bidders' share, % (ours)21.0
Primary dealers' share, % (ours)8.8
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %4.18
High yield minus that point, basis points (ours)-0.5

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 ratio2.55Last 24 auctions12 of 2412 of 242.54
Bid-to-cover ratio2.55Since 7 May 2008110 of 215103 of 2152.56
Bid-to-cover ratio2.55All 269 since 10 November 1999125 of 269141 of 2692.53
High yield4.175Last 24 auctions15 of 249 of 244.286
High yield4.175Since 7 May 200819 of 215196 of 2152.615
High yield4.175All 351 since 31 October 1979143 of 351208 of 3513.700
Indirect bidders' share70.2Last 24 auctions9 of 2415 of 2467.2
Indirect bidders' share70.2All 215 since 7 May 200826 of 215189 of 21558.5
Direct bidders' share21.0Last 24 auctions5 of 2419 of 2418.8
Direct bidders' share21.0All 215 since 7 May 200818 of 215197 of 21513.5
Primary dealers' share8.8Last 24 auctions23 of 241 of 2413.0
Primary dealers' share8.8All 215 since 7 May 2008212 of 2153 of 21528.7
High minus median, basis points5.5Last 24 auctions16 of 247 of 245.8
High minus median, basis points5.5Since 7 May 200878 of 215130 of 2154.8
High minus median, basis points5.5All 351 since 31 October 197985 of 351258 of 3514.0

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 December 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251209_2.pdf. Compiled by 500metrics, "10-year note auction of 9 December 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2025-12-09.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.