Reopening
10-Year Treasury Note auction result for December 9, 2025
The 10-Year Treasury Note reopening held on December 9, 2025 recorded an official high rate of 4.175% and a bid-to-cover ratio of 2.55. Bid-to-cover increased from 2.43 at the preceding comparable auction.
High yield
4.175%
Bid-to-cover
2.55
Direct bidders
20.9%
Primary dealers
8.8%
Comparable historical context
| Auction date | Series | Result | Bid-to-cover | Offering | Direct | Indirect | Dealers |
|---|---|---|---|---|---|---|---|
| 2025-12-09 | 9Y Note · reopening | High yield: 4.175% | 2.55 | $39.0B | 20.9% | 70.1% | 8.8% |
| 2025-11-12 | 10Y Note | High yield: 4.074% | 2.43 | $42.0B | 19.4% | 57.8% | 9.0% |
| 2025-10-08 | 9Y Note · reopening | High yield: 4.117% | 2.48 | $39.0B | 23.6% | 65.5% | 8.9% |
| 2025-09-10 | 9Y Note · reopening | High yield: 4.033% | 2.65 | $39.0B | 12.6% | 82.9% | 4.2% |
| 2025-08-06 | 10Y Note | High yield: 4.255% | 2.35 | $42.0B | 14.6% | 47.8% | 12.0% |
| 2025-07-09 | 9Y Note · reopening | High yield: 4.362% | 2.61 | $39.0B | 21.1% | 58.3% | 9.7% |
| 2025-06-11 | 9Y Note · reopening | High yield: 4.421% | 2.52 | $39.0B | 20.1% | 69.1% | 8.8% |
| 2025-05-06 | 10Y Note | High yield: 4.342% | 2.60 | $42.0B | 14.6% | 52.4% | 6.6% |
| 2025-04-09 | 9Y Note · reopening | High yield: 4.435% | 2.67 | $39.0B | 1.2% | 75.1% | 9.1% |
| 2025-03-12 | 9Y Note · reopening | High yield: 4.310% | 2.59 | $39.0B | 19.1% | 66.1% | 12.8% |
| 2025-02-12 | 10Y Note | High yield: 4.632% | 2.48 | $42.0B | 10.6% | 55.8% | 11.6% |
| 2025-01-07 | 9Y Note · reopening | High yield: 4.680% | 2.53 | $39.0B | 18.8% | 50.2% | 12.8% |
| 2024-12-11 | 9Y Note · reopening | High yield: 4.235% | 2.70 | $39.0B | 19.3% | 69.4% | 10.4% |
| 2024-11-05 | 10Y Note | High yield: 4.347% | 2.58 | $42.0B | 18.9% | 49.4% | 11.8% |
| 2024-10-09 | 9Y Note · reopening | High yield: 4.066% | 2.48 | $39.0B | 8.3% | 76.4% | 13.7% |
| 2024-09-11 | 9Y Note · reopening | High yield: 3.648% | 2.64 | $39.0B | 13.6% | 75.2% | 10.1% |
| 2024-08-07 | 10Y Note | High yield: 3.960% | 2.32 | $42.0B | 13.4% | 55.4% | 15.0% |
| 2024-07-10 | 9Y Note · reopening | High yield: 4.276% | 2.58 | $39.0B | 17.9% | 58.1% | 9.9% |
| 2024-06-11 | 9Y Note · reopening | High yield: 4.438% | 2.67 | $39.0B | 13.4% | 72.1% | 11.2% |
| 2024-05-08 | 10Y Note | High yield: 4.483% | 2.49 | $42.0B | 16.6% | 58.0% | 13.9% |
| 2024-04-10 | 9Y Note · reopening | High yield: 4.560% | 2.34 | $39.0B | 14.0% | 60.7% | 23.5% |
| 2024-03-12 | 9Y Note · reopening | High yield: 4.166% | 2.51 | $39.0B | 18.6% | 64.2% | 17.0% |
| 2024-02-07 | 10Y Note | High yield: 4.093% | 2.56 | $42.0B | 14.9% | 65.8% | 12.0% |
| 2024-01-10 | 9Y Note · reopening | High yield: 4.024% | 2.56 | $37.0B | 18.7% | 66.0% | 15.1% |