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Treasury auctions · 9-Year 10-Month Note, reopening

10-year note auction of 7 October 2026 (reopening)

The 10-year note sold $39.926 billion at a high yield of 5.300% on , with a bid-to-cover ratio of 2.77.

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High yield at each 10-year note auction

The last 36 auctions, this one last

High yield at each 10-year note auction, 8 Nov 2023 to 7 Oct 2026
High yield at each 10-year note auction, 9 Oct 2024 to 7 Oct 2026

Bid-to-cover ratio at each 10-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 10-year note auction, 8 Nov 2023 to 7 Oct 2026
Bid-to-cover ratio at each 10-year note auction, 9 Oct 2024 to 7 Oct 2026

Who bought the 10-year note of 7 Oct 2026

Shares of the competitive bids accepted

  • Indirect bidders 80.3%
  • Direct bidders 17.1%
  • Primary dealers 2.5%
This auction, 7 Oct 2026
  • Indirect bidders 79.2%
  • Direct bidders 16.5%
  • Primary dealers 4.3%
The 10-year note auction before, 9 Sep 2026

Each point is one 10-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders80.3%
Inspect and compare dates
High yield and bid-to-cover of the last 36 10-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
5.3002.77
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

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Right now

The high yield of 5.300% on 7 October 2026 was the highest for a 10-year note since 8 November 2000.

The bid-to-cover ratio of 2.77 was the highest for a 10-year note since 21 June 2019, with 88 auctions in between.

The primary dealers' share of 2.5% was the lowest of all 225 earlier 10-year note auctions we hold.

Higher than all 225 since 7 May 2008

Its own history

Against the previous 24 10-year note auctions, the bid-to-cover ratio and the high yield were higher than all 24.

The primary dealers' share was lower than all 24.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 80.3%
  • Direct bidders 17.1%
  • Primary dealers 2.5%

Size

Treasury sold $39.926 billion of the $39 billion offered.

Bids received came to $108.995 billion; the bid-to-cover ratio was 2.77.

The security9-Year 10-Month, reopening

Coupon
4.625%
Announced
Issued
Matures

It adds to the debt that matures in August 2036.

Understanding this result

Where it stands today

The high yield was 5.300% at this 10-year note auction, the median yield 5.255% and a bid-to-cover ratio of 2.77.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$39,000,000,000
Bids received$108,995,289,900
Sold$39,926,321,900
Competitive bids accepted$38,665,438,000
Non-competitive bids accepted$334,593,700
Federal Reserve (SOMA) add-on$926,290,200
Foreign and international (FIMA) non-competitive$0
High yield, %5.300
Median rate, %5.255
Low rate, %4.300
Interest rate (coupon), %4.625
Bids at the high rate filled, %57.60
Bid-to-cover ratio2.77
Indirect bidders accepted$31,063,238,000
Direct bidders accepted$6,618,200,000
Primary dealers accepted$984,000,000
Indirect bidders' share, % (ours)80.3
Direct bidders' share, % (ours)17.1
Primary dealers' share, % (ours)2.5
High minus median, basis points (ours)4.5
Treasury par yield curve, 10-year point, same day, %5.28
High yield minus that point, basis points (ours)2.0

Treasury's own files: announcement (PDF) · results (PDF)

How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 10-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.772.500 of 1212 of 12
High yield5.3004.2500 of 1212 of 12
Indirect bidders' share80.369.91 of 1211 of 12
Direct bidders' share17.121.57 of 125 of 12
Primary dealers' share2.59.312 of 120 of 12
High minus median, basis points4.55.512 of 120 of 12

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

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 ratio2.77Last 24 auctions0 of 2424 of 242.54
Bid-to-cover ratio2.77Since 7 May 200844 of 225179 of 2252.56
Bid-to-cover ratio2.77All 279 since 10 November 199951 of 279226 of 2792.53
High yield5.300Last 24 auctions0 of 2424 of 244.326
High yield5.300Since 7 May 20080 of 225225 of 2252.670
High yield5.300All 361 since 31 October 197985 of 361276 of 3613.783
Indirect bidders' share80.3Last 24 auctions3 of 2421 of 2470.1
Indirect bidders' share80.3All 225 since 7 May 20083 of 225222 of 22559.5
Direct bidders' share17.1Last 24 auctions15 of 249 of 2419.7
Direct bidders' share17.1All 225 since 7 May 200869 of 225156 of 22513.6
Primary dealers' share2.5Last 24 auctions24 of 240 of 2410.6
Primary dealers' share2.5All 225 since 7 May 2008225 of 2250 of 22528.4
High minus median, basis points4.5Last 24 auctions21 of 241 of 245.5
High minus median, basis points4.5Since 7 May 2008127 of 22585 of 2254.9
High minus median, basis points4.5All 361 since 31 October 1979139 of 361208 of 3614.0

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

Where do the figures come from, and how to cite them?

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.

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 7 October 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20261007_2.pdf. Compiled by 500metrics, "10-year note auction of 7 October 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-note/2026-10-07.

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Figures for .

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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