Reopening
10-Year Treasury Inflation-Protected Security auction result for November 20, 2025
The 10-Year Treasury Inflation-Protected Security reopening held on November 20, 2025 recorded an official high rate of 1.843% and a bid-to-cover ratio of 2.41. Bid-to-cover increased from 2.20 at the preceding comparable auction.
High yield
1.843%
Bid-to-cover
2.41
Direct bidders
23.7%
Primary dealers
14.8%
Comparable historical context
| Auction date | Series | Result | Bid-to-cover | Offering | Direct | Indirect | Dealers |
|---|---|---|---|---|---|---|---|
| 2025-11-20 | 9Y Note · reopening | High yield: 1.843% | 2.41 | $19.0B | 23.7% | 61.4% | 14.8% |
| 2025-09-18 | 9Y Note · reopening | High yield: 1.734% | 2.20 | $19.0B | 24.7% | 53.0% | 16.8% |
| 2025-07-24 | 10Y Note | High yield: 1.985% | 2.41 | $21.0B | 29.8% | 58.5% | 5.0% |
| 2025-05-22 | 9Y Note · reopening | High yield: 2.220% | 2.36 | $18.0B | 16.6% | 71.1% | 11.9% |
| 2025-03-20 | 9Y Note · reopening | High yield: 1.935% | 2.35 | $18.0B | 22.5% | 65.2% | 9.1% |
| 2025-01-23 | 10Y Note | High yield: 2.243% | 2.48 | $20.0B | 21.9% | 62.5% | 9.5% |
| 2024-11-21 | 9Y Note · reopening | High yield: 2.071% | 2.35 | $17.0B | 16.6% | 69.0% | 14.0% |
| 2024-09-19 | 9Y Note · reopening | High yield: 1.592% | 2.44 | $17.0B | 21.0% | 70.3% | 6.4% |
| 2024-07-18 | 10Y Note | High yield: 1.883% | 2.38 | $19.0B | 22.0% | 64.8% | 7.5% |
| 2024-05-23 | 9Y Note · reopening | High yield: 2.184% | 2.33 | $16.0B | 15.2% | 65.7% | 13.2% |
| 2024-03-21 | 9Y Note · reopening | High yield: 1.932% | 2.35 | $16.0B | 16.0% | 71.8% | 11.9% |
| 2024-01-18 | 10Y Note | High yield: 1.810% | 2.62 | $18.0B | 17.4% | 79.0% | 3.2% |
| 2023-11-21 | 9Y Note · reopening | High yield: 2.180% | 2.32 | $15.0B | 16.0% | 69.1% | 13.4% |
| 2023-09-21 | 9Y Note · reopening | High yield: 2.094% | 2.44 | $15.0B | 21.8% | 71.0% | 6.8% |
| 2023-07-20 | 10Y Note | High yield: 1.495% | 2.51 | $17.0B | 12.5% | 84.9% | 1.5% |
| 2023-05-18 | 9Y Note · reopening | High yield: 1.395% | 2.31 | $15.0B | 13.3% | 64.2% | 6.5% |
| 2023-03-23 | 9Y Note · reopening | High yield: 1.182% | 2.28 | $15.0B | 15.9% | 73.0% | 10.9% |
| 2023-01-19 | 10Y Note | High yield: 1.220% | 2.79 | $17.0B | 13.1% | 78.8% | 7.6% |
| 2022-11-17 | 9Y Note · reopening | High yield: 1.485% | 2.25 | $15.0B | 14.5% | 67.0% | 8.5% |
| 2022-09-22 | 9Y Note · reopening | High yield: 1.248% | 2.54 | $15.0B | 21.3% | 70.6% | 7.9% |
| 2022-07-21 | 10Y Note | High yield: 0.630% | 2.18 | $17.0B | 17.0% | 66.7% | 15.8% |
| 2022-05-19 | 9Y Note · reopening | High yield: 0.232% | 2.24 | $14.0B | 9.9% | 61.4% | 15.5% |
| 2022-03-24 | 9Y Note · reopening | High yield: -0.589% | 2.43 | $14.0B | 18.1% | 57.1% | 8.9% |
| 2022-01-20 | 10Y Note | High yield: -0.540% | 2.30 | $16.0B | 13.6% | 60.1% | 13.0% |
10-Year TIPS history page is not yet available · Official result document