10-Year Treasury Note Auction: Results, Schedule & History
{
"tenor": "10-year-note",
"date": "2026-08-12",
"offering_usd": 42000000000,
"high_yield": 4.683,
"tail_bps": 0.1,
"bid_to_cover": 2.53,
"indirect_pct": 76.7,
"verdict": "IN LINE"
}The 10-Year Treasury Note auction on Aug 12, 2026 put $42B on offer and stopped at a high yield of 4.683%, stopping on the screws against the when-issued yield, with a bid-to-cover of 2.53 against a 2.48 twelve-month average. Indirects took 76.7%, directs 14.7% and primary dealers 8.6%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 10-year is the world's benchmark risk-free rate. It prices mortgages, corporate debt, and equity discount rates, so its auctions are macro events in their own right. Tails and indirect take here are read as referendums on foreign demand for US duration and on term-premium repricing around fiscal supply.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRF0 | New | $42B | 4.683% | +0.1bp | 2.53 | 76.7% | 14.7% | 8.6% | IN LINE → | |
| 91282CRE3 | New | $21B | 2.438% | — | 2.30 | 65.2% | 25.0% | 9.9% | IN LINE → | |
| 91282CQQ7 | Reopen | $39B | 4.580% | -0.6bp | 2.59 | 81.5% | 10.7% | 7.8% | STRONG → | |
| 91282CQQ7 | Reopen | $39B | 4.538% | — | 2.57 | 78.2% | 12.3% | 9.5% | — | |
| 91282CQQ7 | New | $42B | 4.468% | — | 2.40 | 64.0% | 24.1% | 12.0% | — | |
| 91282CPZ8 | Reopen | $39B | 4.282% | — | 2.43 | 65.3% | 23.9% | 10.8% | — | |
| 91282CPZ8 | Reopen | $39B | 4.217% | — | 2.45 | 74.5% | 12.8% | 12.7% | — | |
| 91282CPZ8 | New | $42B | 4.177% | — | 2.39 | 64.5% | 22.1% | 13.4% | — | |
| 91282CPJ4 | Reopen | $39B | 4.173% | — | 2.55 | 69.6% | 24.5% | 5.8% | — | |
| 91282CPJ4 | Reopen | $39B | 4.175% | — | 2.55 | 70.2% | 21.0% | 8.8% | — | |
| 91282CPJ4 | New | $42B | 4.074% | — | 2.43 | 67.0% | 22.6% | 10.5% | — | |
| 91282CNT4 | Reopen | $39B | 4.117% | — | 2.48 | 66.8% | 24.1% | 9.1% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · 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.