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10-year note auction of 8 April 2026 (reopening)

The 10-year note sold $45.916 billion at a high yield of 4.282% on , with a bid-to-cover ratio of 2.43.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.282%

Median yield 4.230%

Bid-to-cover

2.43

▼ −0.02 since 11 Mar

Sold

$45.92 billion

$39 billion offered

Indirect bidders

65.3%

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 May 2023 to 8 April 2026; the latest at 4.282%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 4.282%High yield at the last 36 10-year note auctions36 auctions from 10 May 2023 to 8 April 2026; the latest at 4.282%.3.5%4.0%4.5%5.0%2024202520264.282%

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
4.2822.43
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.549 of 122 of 12
High yield4.2824.1974 of 128 of 12
Indirect bidders' share65.369.910 of 122 of 12
Direct bidders' share23.920.72 of 1210 of 12
Primary dealers' share10.89.84 of 128 of 12
High minus median, basis points5.25.67 of 124 of 12

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

Who bought the 10-year note?

Indirect bidders took 65.3% of the competitive bids accepted

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

Indirect bidders took 65.3% of the competitive bids acceptedIndirect bidders 65.3%, Direct bidders 23.9%, Primary dealers 10.8%Indirect bidders65.3%74.5%Direct bidders23.9%12.8%Primary dealers10.8%12.7%Indirect bidders took 65.3% of the competitive bids acceptedIndirect bidders 65.3%, Direct bidders 23.9%, Primary dealers 10.8%Indirect bidders65.3%74.5%Direct bidders23.9%12.8%Primary dealers10.8%12.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.374.5
Direct bidders23.912.8
Primary dealers10.812.7

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$101,631,879,900
Sold$45,916,047,400
Competitive bids accepted$38,921,968,500
Non-competitive bids accepted$78,033,800
Federal Reserve (SOMA) add-on$6,916,045,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.282
Median rate, %4.230
Low rate, %4.120
Interest rate (coupon), %4.125
Bids at the high rate filled, %38.89
Bid-to-cover ratio2.43
Indirect bidders accepted$25,424,801,000
Direct bidders accepted$9,295,000,000
Primary dealers accepted$4,202,167,500
Indirect bidders' share, % (ours)65.3
Direct bidders' share, % (ours)23.9
Primary dealers' share, % (ours)10.8
High minus median, basis points (ours)5.2
Treasury par yield curve, 10-year point, same day, %4.29
High yield minus that point, basis points (ours)-0.8

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 ratio2.43Last 24 auctions19 of 244 of 242.54
Bid-to-cover ratio2.43Since 7 May 2008162 of 21950 of 2192.56
Bid-to-cover ratio2.43All 273 since 10 November 1999182 of 27384 of 2732.53
High yield4.282Last 24 auctions11 of 2413 of 244.266
High yield4.282Since 7 May 200815 of 219204 of 2192.636
High yield4.282All 355 since 31 October 1979134 of 355221 of 3553.735
Indirect bidders' share65.3Last 24 auctions19 of 245 of 2468.6
Indirect bidders' share65.3All 219 since 7 May 200857 of 219162 of 21959.2
Direct bidders' share23.9Last 24 auctions2 of 2422 of 2419.6
Direct bidders' share23.9All 219 since 7 May 200811 of 219208 of 21913.6
Primary dealers' share10.8Last 24 auctions14 of 2410 of 2411.6
Primary dealers' share10.8All 219 since 7 May 2008204 of 21915 of 21928.7
High minus median, basis points5.2Last 24 auctions16 of 247 of 245.7
High minus median, basis points5.2Since 7 May 200894 of 219123 of 2194.9
High minus median, basis points5.2All 355 since 31 October 1979102 of 355251 of 3554.0

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 April 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260408_2.pdf. Compiled by 500metrics, "10-year note auction of 8 April 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2026-04-08.

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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