10-Year Treasury Note Auction: Results, Schedule & History

Name: 10-Year Treasury Note Treasury auction results history
Creator: Helious
License: https://helious.io/about

High yield

5.300%

Oct 7, 2026

Tail

-1.7bp

stopped through

Bid to cover

2.77

12m avg 2.51

Indirects

80.3%

12m avg 71.9%

Ask Helious about the 10-Year Treasury Note auction

Tail, last 4 auctions. Below the line is a stop-through

0-1.7bp

2026-07-082026-10-07

Last result · Oct 7, 2026

5.3%

tail -1.7bp · b/c 2.77 · indirects 80.3% STRONG

{
  "tenor": "10-year-note",
  "date": "2026-10-07",
  "offering_usd": 39000000000,
  "high_yield": 5.3,
  "tail_bps": -1.7,
  "bid_to_cover": 2.77,
  "indirect_pct": 80.3,
  "verdict": "STRONG"
}

The 10-Year Treasury Note auction on Oct 7, 2026 put $39B on offer and stopped at a high yield of 5.3%, 1.7bp through the when-issued yield. The bid-to-cover was 2.77, against a twelve-month average of 2.51. Indirects took 80.3%, directs 17.1% and primary dealers 2.5%. That stop is 46.6bp above the Sep 9, 2026 auction, and the highest 10-year note stop since November 2000. Helious captured the result live as it crossed and graded it STRONG.

Mortgages, corporate debt and the discount rate on equities all take their cue from the 10-year, the world's benchmark risk-free rate. That is why an auction in it is a macro event in its own right. Traders read the tail and the indirect share two ways: as a verdict on whether foreign buyers still want US duration, and as a signal that term premium, the extra yield investors want for lending longer, is repricing against how much the Treasury has to sell.

NEXT AUCTION

Auctioned monthly: second week (typically wednesday); new issue at feb/may/aug/nov refundings, reopenings other months; results cross ~13:00 ET.

Recent auction results

DATE	CUSIP	ISSUE	OFFERED	HIGH YIELD	TAIL	B/C	INDIRECTS	DIRECTS	DEALERS	DESK RECAP
Oct 7, 2026Oct 7 ’26	91282CRF0	Reopen	$39B	5.300%	-1.7bp	2.77	80.3%	17.1%	2.5%	STRONG →
Sep 9, 2026Sep 9 ’26	91282CRF0	Reopen	$39B	4.834%	-1.5bp	2.71	79.2%	16.5%	4.3%	STRONG →
Aug 12, 2026Aug 12 ’26	91282CRF0	New	$42B	4.683%	+0.1bp	2.53	76.7%	14.7%	8.6%	IN LINE →
Jul 8, 2026Jul 8 ’26	91282CQQ7	Reopen	$39B	4.580%	-0.6bp	2.59	81.5%	10.7%	7.8%	STRONG →
Jun 10, 2026Jun 10 ’26	91282CQQ7	Reopen	$39B	4.538%	—	2.57	78.2%	12.3%	9.5%	—
May 12, 2026May 12 ’26	91282CQQ7	New	$42B	4.468%	—	2.40	64.0%	24.1%	12.0%	—
Apr 8, 2026Apr 8 ’26	91282CPZ8	Reopen	$39B	4.282%	—	2.43	65.3%	23.9%	10.8%	—
Mar 11, 2026Mar 11 ’26	91282CPZ8	Reopen	$39B	4.217%	—	2.45	74.5%	12.8%	12.7%	—
Feb 11, 2026Feb 11 ’26	91282CPZ8	New	$42B	4.177%	—	2.39	64.5%	22.1%	13.4%	—
Jan 12, 2026Jan 12 ’26	91282CPJ4	Reopen	$39B	4.173%	—	2.55	69.6%	24.5%	5.8%	—
Dec 9, 2025Dec 9 ’25	91282CPJ4	Reopen	$39B	4.175%	—	2.55	70.2%	21.0%	8.8%	—
Nov 12, 2025Nov 12 ’25	91282CPJ4	New	$42B	4.074%	—	2.43	67.0%	22.6%	10.5%	—

The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.

The desk captures each result and backfills the rest from the full auction record · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.

FAQ

What did the last 10-Year Treasury Note auction come in at?

When is the next 10-Year Treasury Note auction?

Treasury has not announced the next 10-Year Treasury Note auction yet. It is auctioned monthly: second week (typically Wednesday); new issue at Feb/May/Aug/Nov refundings, reopenings other months. This page lists the date the moment it is announced, and the recap posts within seconds of the result.

How should a 10-Year Treasury Note auction result be read?

Read it against the tenor's own twelve-month averages: a bid-to-cover of 2.51, indirects at 71.88%, directs at 18.65%, a dealer take of 9.47%. Cover and indirects above the average with a small dealer take mean real-money demand absorbed the paper. A negative tail means the auction stopped through the when-issued yield, which is strong. A positive tail means it had to concede yield to clear. Helious graded the latest one STRONG.

Watch the next auction live →