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Treasury Auction

10-Year Note

November 12, 2025

C

Key Metrics

Offered

$42B

Bid-to-Cover

2.43

29th percentile

High Yield

4.074%

Tail

bp

Indirect

67.0%

57th percentile

Dealer

10.4%

Recent 10-Year Auctions

DateB/CTailIndirectGrade
August 6, 20252.35+3.5bp64.2%F
May 6, 20252.60-1.8bp71.2%B-
February 12, 20252.48+9.2bp71.5%D
November 5, 20242.58+3.7bp61.7%D
August 7, 20242.32+6.0bp66.2%F

10-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History