500metrics

All sources checked Checked

10-year note auction of 11 March 2026 (reopening)

The 10-year note sold $39.01 billion at a high yield of 4.217% on , with a bid-to-cover ratio of 2.45.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.217%

Median yield 4.160%

Bid-to-cover

2.45

▲ +0.06 since 11 Feb

Sold

$39.01 billion

$39 billion offered

Indirect bidders

74.5%

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 April 2023 to 11 March 2026; the latest at 4.217%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 4.217%High yield at the last 36 10-year note auctions36 auctions from 12 April 2023 to 11 March 2026; the latest at 4.217%.3.5%4.0%4.5%5.0%2024202520264.217%

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
4.2172.45
4.1772.39
4.1732.55
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.452.559 of 123 of 12
High yield4.2174.2166 of 126 of 12
Indirect bidders' share74.568.52 of 1210 of 12
Direct bidders' share12.820.710 of 122 of 12
Primary dealers' share12.79.83 of 129 of 12
High minus median, basis points5.75.44 of 127 of 12

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

Who bought the 10-year note?

Indirect bidders took 74.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 11 February 2026

Indirect bidders took 74.5% of the competitive bids acceptedIndirect bidders 74.5%, Direct bidders 12.8%, Primary dealers 12.7%Indirect bidders74.5%64.5%Direct bidders12.8%22.1%Primary dealers12.7%13.4%Indirect bidders took 74.5% of the competitive bids acceptedIndirect bidders 74.5%, Direct bidders 12.8%, Primary dealers 12.7%Indirect bidders74.5%64.5%Direct bidders12.8%22.1%Primary dealers12.7%13.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.564.5
Direct bidders12.822.1
Primary dealers12.713.4

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$95,537,822,700
Sold$39,009,856,200
Competitive bids accepted$38,926,836,500
Non-competitive bids accepted$73,187,800
Federal Reserve (SOMA) add-on$9,831,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.217
Median rate, %4.160
Low rate, %4.100
Interest rate (coupon), %4.125
Bids at the high rate filled, %24.68
Bid-to-cover ratio2.45
Indirect bidders accepted$28,981,761,700
Direct bidders accepted$4,994,894,800
Primary dealers accepted$4,950,180,000
Indirect bidders' share, % (ours)74.5
Direct bidders' share, % (ours)12.8
Primary dealers' share, % (ours)12.7
High minus median, basis points (ours)5.7
Treasury par yield curve, 10-year point, same day, %4.21
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 ratio2.45Last 24 auctions19 of 245 of 242.54
Bid-to-cover ratio2.45Since 7 May 2008154 of 21858 of 2182.56
Bid-to-cover ratio2.45All 272 since 10 November 1999174 of 27292 of 2722.53
High yield4.217Last 24 auctions14 of 2410 of 244.266
High yield4.217Since 7 May 200819 of 218199 of 2182.628
High yield4.217All 354 since 31 October 1979142 of 354212 of 3543.734
Indirect bidders' share74.5Last 24 auctions5 of 2419 of 2467.5
Indirect bidders' share74.5All 218 since 7 May 20089 of 218209 of 21858.9
Direct bidders' share12.8Last 24 auctions21 of 243 of 2419.6
Direct bidders' share12.8All 218 since 7 May 2008121 of 21897 of 21813.6
Primary dealers' share12.7Last 24 auctions11 of 2413 of 2411.6
Primary dealers' share12.7All 218 since 7 May 2008196 of 21822 of 21828.7
High minus median, basis points5.7Last 24 auctions12 of 2410 of 245.8
High minus median, basis points5.7Since 7 May 200873 of 218141 of 2184.8
High minus median, basis points5.7All 354 since 31 October 197980 of 354270 of 3544.0

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 March 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260311_2.pdf. Compiled by 500metrics, "10-year note auction of 11 March 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2026-03-11.

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

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