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Treasury Auction

10-Year Note

May 6, 2025

B-

Key Metrics

Offered

$42B

Bid-to-Cover

2.60

90th percentile

High Yield

4.342%

Tail

-1.8bp

50th pct (higher=worse)

Indirect

71.2%

60th percentile

Dealer

8.9%

Recent 10-Year Auctions

DateB/CTailIndirectGrade
February 12, 20252.48+9.2bp71.5%D
November 5, 20242.58+3.7bp61.7%D
August 7, 20242.32+6.0bp66.2%F
May 8, 20242.49+1.3bp65.5%F
February 7, 20242.56+0.3bp71.0%D+

10-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History