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10-year note auction of 9 September 2026 (reopening)

The 10-year note sold $39 billion at a high yield of 4.834% on , with a bid-to-cover ratio of 2.71.

Coupon
4.625%
Announced
Issued
Matures
Next 10-year note auction

High yield

4.834%

Median yield 4.769%

Bid-to-cover

2.71

▲ +0.18 since 12 Aug

Sold

$39.00 billion

$39 billion offered

Indirect bidders

79.2%

Of competitive bids accepted

The high yield was the highest for a 10-year note since 8 August 2007

High yield at each 10-year note auction, %

The high yield was the highest for a 10-year note since 8 August 200736 auctions from 11 October 2023 to 9 September 2026; the latest at 4.834%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.834%The high yield was the highest for a 10-year note since 8 August 200736 auctions from 11 October 2023 to 9 September 2026; the latest at 4.834%.4.0%4.3%4.5%4.8%5.0%202520264.834%

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
4.8342.71
4.6832.53
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

Against its own history

Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.712.500 of 1212 of 12
High yield4.8344.1970 of 1212 of 12
Indirect bidders' share79.269.92 of 1210 of 12
Direct bidders' share16.521.57 of 125 of 12
Primary dealers' share4.39.311 of 121 of 12
High minus median, basis points6.55.41 of 1211 of 12

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

  • Bid-to-cover ratio: Highest for a 10-year note since 21 June 2019 (87 auctions in between).

Who bought the 10-year note?

Indirect bidders took 79.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year note auction, 12 August 2026

Indirect bidders took 79.2% of the competitive bids acceptedIndirect bidders 79.2%, Direct bidders 16.5%, Primary dealers 4.3%Indirect bidders79.2%76.7%Direct bidders16.5%14.7%Primary dealers4.3%8.6%Indirect bidders took 79.2% of the competitive bids acceptedIndirect bidders 79.2%, Direct bidders 16.5%, Primary dealers 4.3%Indirect bidders79.2%76.7%Direct bidders16.5%14.7%Primary dealers4.3%8.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders79.276.7
Direct bidders16.514.7
Primary dealers4.38.6

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$105,812,590,000
Sold$39,000,040,000
Competitive bids accepted$38,901,890,000
Non-competitive bids accepted$98,150,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.834
Median rate, %4.769
Low rate, %4.000
Interest rate (coupon), %4.625
Bids at the high rate filled, %89.25
Bid-to-cover ratio2.71
Indirect bidders accepted$30,804,090,000
Direct bidders accepted$6,420,800,000
Primary dealers accepted$1,677,000,000
Indirect bidders' share, % (ours)79.2
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)4.3
High minus median, basis points (ours)6.5
Treasury par yield curve, 10-year point, same day, %4.83
High yield minus that point, basis points (ours)0.4

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 ratio2.71Last 24 auctions0 of 2424 of 242.54
Bid-to-cover ratio2.71Since 7 May 200851 of 224172 of 2242.56
Bid-to-cover ratio2.71All 278 since 10 November 199959 of 278218 of 2782.53
High yield4.834Last 24 auctions0 of 2424 of 244.296
High yield4.834Since 7 May 20080 of 224224 of 2242.664
High yield4.834All 360 since 31 October 197997 of 360263 of 3603.768
Indirect bidders' share79.2Last 24 auctions3 of 2421 of 2470.1
Indirect bidders' share79.2All 224 since 7 May 20084 of 224220 of 22459.5
Direct bidders' share16.5Last 24 auctions15 of 249 of 2419.7
Direct bidders' share16.5All 224 since 7 May 200874 of 224150 of 22413.6
Primary dealers' share4.3Last 24 auctions23 of 241 of 2410.6
Primary dealers' share4.3All 224 since 7 May 2008223 of 2241 of 22428.5
High minus median, basis points6.5Last 24 auctions3 of 2421 of 245.5
High minus median, basis points6.5Since 7 May 200849 of 224171 of 2244.9
High minus median, basis points6.5All 360 since 31 October 197954 of 360301 of 3604.0

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 September 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260909_2.pdf. Compiled by 500metrics, "10-year note auction of 9 September 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2026-09-09.

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

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