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10-year note auction of 12 May 2026 (new issue)

The 10-year note sold $51.973 billion at a high yield of 4.468% on , with a bid-to-cover ratio of 2.40.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.468%

Median yield 4.413%

Bid-to-cover

2.40

▼ −0.03 since 8 Apr

Sold

$51.97 billion

$42 billion offered

Indirect bidders

64.0%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 12 February 2025

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 12 February 202536 auctions from 12 June 2023 to 12 May 2026; the latest at 4.468%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.468%The high yield was the highest for a 10-year note since 12 February 202536 auctions from 12 June 2023 to 12 May 2026; the latest at 4.468%.3.5%4.0%4.5%5.0%2024202520264.468%

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
4.4682.40
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.5010 of 122 of 12
High yield4.4684.1970 of 1212 of 12
Indirect bidders' share64.068.312 of 120 of 12
Direct bidders' share24.121.52 of 1210 of 12
Primary dealers' share12.09.83 of 129 of 12
High minus median, basis points5.55.45 of 126 of 12

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

  • Indirect bidders' share: Lowest for a 10-year note since 7 January 2025 (15 auctions in between).

Who bought the 10-year note?

Indirect bidders took 64.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 8 April 2026

Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 24.1%, Primary dealers 12.0%Indirect bidders64.0%65.3%Direct bidders24.1%23.9%Primary dealers12.0%10.8%Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 24.1%, Primary dealers 12.0%Indirect bidders64.0%65.3%Direct bidders24.1%23.9%Primary dealers12.0%10.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.065.3
Direct bidders24.123.9
Primary dealers12.010.8

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$42,000,000,000
Bids received$110,863,591,100
Sold$51,972,791,100
Competitive bids accepted$41,869,018,000
Non-competitive bids accepted$131,024,400
Federal Reserve (SOMA) add-on$9,972,748,700
Foreign and international (FIMA) non-competitive$0
High yield, %4.468
Median rate, %4.413
Low rate, %4.340
Interest rate (coupon), %4.375
Bids at the high rate filled, %22.00
Bid-to-cover ratio2.40
Indirect bidders accepted$26,775,518,000
Direct bidders accepted$10,078,500,000
Primary dealers accepted$5,015,000,000
Indirect bidders' share, % (ours)64.0
Direct bidders' share, % (ours)24.1
Primary dealers' share, % (ours)12.0
High minus median, basis points (ours)5.5
Treasury par yield curve, 10-year point, same day, %4.46
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 ratio2.40Last 24 auctions21 of 243 of 242.54
Bid-to-cover ratio2.40Since 7 May 2008173 of 22046 of 2202.56
Bid-to-cover ratio2.40All 274 since 10 November 1999194 of 27479 of 2742.53
High yield4.468Last 24 auctions3 of 2421 of 244.266
High yield4.468Since 7 May 20086 of 220214 of 2202.642
High yield4.468All 356 since 31 October 1979118 of 356238 of 3563.744
Indirect bidders' share64.0Last 24 auctions22 of 242 of 2468.6
Indirect bidders' share64.0All 220 since 7 May 200869 of 220151 of 22059.3
Direct bidders' share24.1Last 24 auctions2 of 2422 of 2419.7
Direct bidders' share24.1All 220 since 7 May 200811 of 220209 of 22013.6
Primary dealers' share12.0Last 24 auctions10 of 2414 of 2411.2
Primary dealers' share12.0All 220 since 7 May 2008199 of 22021 of 22028.7
High minus median, basis points5.5Last 24 auctions13 of 249 of 245.7
High minus median, basis points5.5Since 7 May 200880 of 220132 of 2204.9
High minus median, basis points5.5All 356 since 31 October 197987 of 356260 of 3564.0

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 12 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260512_3.pdf. Compiled by 500metrics, "10-year note auction of 12 May 2026 (new issue)", https://500metrics.com/treasury/auctions/10-year-note/2026-05-12.

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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