10-Year Treasury Auction Draws 5.020%, Bid-to-Cover Falls to 2.46
Treasury sold $42 billion of new 10-year notes Nov. 10 at 5.020% with a 5% coupon. The 2.46 bid-to-cover was the lowest at a 10-year sale since May.
Why it matters
- Treasury sold $42 billion of new 10-year notes on Tuesday, Nov. 10, at a high yield of 5.020% and a 5.000% coupon, TreasuryDirect's results data show. The October reopening drew 5.300%, and the last new 10-year, in August, 4.683%.
- The bid-to-cover ratio fell to 2.46 from 2.77 in October, the lowest at a 10-year auction since 2.40 in May. Indirect bidders took 61.2% of competitive awards, the smallest share in at least a year, by our calculation.
- It was the highest yield at a new 10-year note's first auction since May 2006, TreasuryDirect's records show. The same day the 2-year Treasury yield rose 17 basis points, its biggest one-day rise of 2026, after October CPI.
Data Brief: a summary of published data, with our notes on what it shows.
The U.S. Treasury sold $42 billion of new 10-year notes on Tuesday, Nov. 10, at a high yield of 5.020%, according to TreasuryDirect's auction results data. The bid-to-cover ratio, the amount bid per dollar sold, fell to 2.46 from 2.77 at the October reopening, the lowest at a 10-year auction since May.
The note carries a 5.000% coupon, settles Monday, Nov. 16, and matures Nov. 15, 2036. It was the second of three refunding auctions, after Monday's 3-year sale and before $25 billion of 30-year bonds on Thursday, Nov. 12.
10-year auction results: November vs. earlier sales
| Measure | New 10-year, Nov. 10 | Reopening, Oct. 7 | Reopening, Sept. 9 | New 10-year, Aug. 12 |
|---|---|---|---|---|
| Amount offered | $42 billion | $39 billion | $39 billion | $42 billion |
| High yield | 5.020% | 5.300% | 4.834% | 4.683% |
| Bid-to-cover ratio | 2.46 | 2.77 | 2.71 | 2.53 |
| Indirect bidders' share | 61.2% | 80.3% | 79.2% | 76.7% |
| Direct bidders' share | 29.0% | 17.1% | 16.5% | 14.7% |
| Primary dealers' share | 9.8% | 2.5% | 4.3% | 8.6% |
| Allotted at the high yield | 95.17% | 57.60% | 89.25% | 65.27% |
Source: TreasuryDirect auction results data. Bidder shares are percentages of competitive awards, our calculation from Treasury's figures. Reopenings add to an existing 10-year note and are listed by TreasuryDirect with terms such as "9-year 10-month."
Tuesday's median yield was 4.961% and the low 4.500%, and the price was $99.843952 per $100. Investors tendered about $103.3 billion for the $42.0 billion sold. Of the $41.8 billion in competitive awards, indirect bidders took about $25.6 billion, direct bidders about $12.1 billion and primary dealers about $4.1 billion. The Fed's System Open Market Account was awarded about $8.5 billion more, outside the offering amount.
Was demand for the 10-year note weak?
By two measures it was softer. The 2.46 bid-to-cover ratio was below the roughly 2.60 average of the six previous 10-year sales, May through October, and the lowest since 2.40 on May 12, by our calculation. Indirect bidders' 61.2% share was the smallest of the 14 nominal 10-year auctions since October 2025, while direct bidders' 29.0% was the largest in that span. Dealers took 9.8%, up from 2.5% in October.
The high yield was the highest at a new 10-year note's first auction since 5.140% in May 2006, TreasuryDirect's records show, though October's reopening sold at 5.300%. Monday's 3-year sale also drew a low bid-to-cover and the largest direct-bidder share in TreasuryDirect's data since 2008; see our November 3-year auction brief. For how these terms work, see how Treasury auctions work, bid-to-cover and tails.
What moved yields on auction day?
The auction followed the October Consumer Price Index, which rose 0.4% on the month, with core up 0.3%, the Bureau of Labor Statistics said; see our October CPI report. Treasury's 2-year par yield rose 17 basis points to 4.73%, its largest one-day rise of 2026 and the largest since April 9, 2025, by our calculation from Treasury data. The 10-year closed at 4.98%, up 10 basis points. The Fed held its target range at 3.75% to 4% on Oct. 28 and next meets Dec. 8–9; see the FOMC meeting schedule for 2026 and 2027.
SIFMA recommends a full U.S. bond market close on Wednesday, Nov. 11, for Veterans Day.
Sources
- TreasuryDirect, auctioned securities data, last day, 10-year note result of Nov. 10 (accessed Nov. 10, 2026, afternoon)
- TreasuryDirect, note auctions, last 400 days and 10-year note auction history (accessed Nov. 10, 2026)
- TreasuryDirect, upcoming auctions data (accessed Nov. 10, 2026)
- U.S. Treasury, daily par yield curve rates, 2026 and 2025 (accessed Nov. 10, 2026; latest row Nov. 10)
- U.S. Bureau of Labor Statistics, Consumer Price Index – October 2026 (Nov. 10, 2026)
- Federal Reserve, FOMC statement, Oct. 28, 2026 and FOMC meeting calendars
- SIFMA, Fixed Income Market Close Recommendation for the U.S. Veterans Day Holiday (Oct. 28, 2026)
