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

The 10-year note sold $43.056 billion at a high yield of 4.580% on , with a bid-to-cover ratio of 2.59.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.580%

Median yield 4.530%

Bid-to-cover

2.59

▲ +0.02 since 10 Jun

Sold

$43.06 billion

$39 billion offered

Indirect bidders

81.5%

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 9 August 2023 to 8 July 2026; the latest at 4.580%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.580%The high yield was the highest for a 10-year note since 12 February 202536 auctions from 9 August 2023 to 8 July 2026; the latest at 4.580%.3.5%4.0%4.5%5.0%2024202520264.580%

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
4.5802.59
4.5382.57
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.592.462 of 1210 of 12
High yield4.5804.1970 of 1212 of 12
Indirect bidders' share81.566.91 of 1211 of 12
Direct bidders' share10.722.312 of 120 of 12
Primary dealers' share7.810.610 of 122 of 12
High minus median, basis points5.05.59 of 123 of 12

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

  • Direct bidders' share: Lowest for a 10-year note since 9 April 2025 (14 auctions in between).

Who bought the 10-year note?

Indirect bidders took 81.5% of the competitive bids accepted

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

Indirect bidders took 81.5% of the competitive bids acceptedIndirect bidders 81.5%, Direct bidders 10.7%, Primary dealers 7.8%Indirect bidders81.5%78.2%Direct bidders10.7%12.3%Primary dealers7.8%9.5%Indirect bidders took 81.5% of the competitive bids acceptedIndirect bidders 81.5%, Direct bidders 10.7%, Primary dealers 7.8%Indirect bidders81.5%78.2%Direct bidders10.7%12.3%Primary dealers7.8%9.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders81.578.2
Direct bidders10.712.3
Primary dealers7.89.5

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$105,180,648,500
Sold$43,055,875,200
Competitive bids accepted$38,923,847,700
Non-competitive bids accepted$76,272,700
Federal Reserve (SOMA) add-on$4,055,754,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.580
Median rate, %4.530
Low rate, %4.400
Interest rate (coupon), %4.375
Bids at the high rate filled, %40.29
Bid-to-cover ratio2.59
Indirect bidders accepted$31,720,938,500
Direct bidders accepted$4,175,493,900
Primary dealers accepted$3,027,415,300
Indirect bidders' share, % (ours)81.5
Direct bidders' share, % (ours)10.7
Primary dealers' share, % (ours)7.8
High minus median, basis points (ours)5.0
Treasury par yield curve, 10-year point, same day, %4.56
High yield minus that point, basis points (ours)2.0

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 ratio2.59Last 24 auctions6 of 2417 of 242.54
Bid-to-cover ratio2.59Since 7 May 200886 of 222129 of 2222.56
Bid-to-cover ratio2.59All 276 since 10 November 199999 of 276169 of 2762.53
High yield4.580Last 24 auctions2 of 2422 of 244.266
High yield4.580Since 7 May 20083 of 222219 of 2222.652
High yield4.580All 358 since 31 October 1979107 of 358250 of 3583.753
Indirect bidders' share81.5Last 24 auctions2 of 2422 of 2468.6
Indirect bidders' share81.5All 222 since 7 May 20082 of 222220 of 22259.5
Direct bidders' share10.7Last 24 auctions22 of 242 of 2420.2
Direct bidders' share10.7All 222 since 7 May 2008147 of 22275 of 22213.6
Primary dealers' share7.8Last 24 auctions22 of 242 of 2410.8
Primary dealers' share7.8All 222 since 7 May 2008218 of 2224 of 22228.6
High minus median, basis points5.0Last 24 auctions17 of 247 of 245.6
High minus median, basis points5.0Since 7 May 2008102 of 222113 of 2224.9
High minus median, basis points5.0All 358 since 31 October 1979110 of 358239 of 3584.0

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 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260708_2.pdf. Compiled by 500metrics, "10-year note auction of 8 July 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2026-07-08.

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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