Auction result
10-Year Treasury Note auction result for May 12, 2026
The 10-Year Treasury Note held on May 12, 2026 recorded an official high rate of 4.468% and a bid-to-cover ratio of 2.40. Bid-to-cover decreased from 2.43 at the preceding comparable auction.
High yield
4.468%
Bid-to-cover
2.40
Direct bidders
19.4%
Primary dealers
9.6%
Comparable historical context
| Auction date | Series | Result | Bid-to-cover | Offering | Direct | Indirect | Dealers |
|---|---|---|---|---|---|---|---|
| 2026-05-12 | 10Y Note | High yield: 4.468% | 2.40 | $42.0B | 19.4% | 51.5% | 9.6% |
| 2026-04-08 | 9Y Note · reopening | High yield: 4.282% | 2.43 | $39.0B | 20.2% | 55.4% | 9.2% |
| 2026-03-11 | 9Y Note · reopening | High yield: 4.217% | 2.45 | $39.0B | 12.8% | 74.3% | 12.7% |
| 2026-02-11 | 10Y Note | High yield: 4.177% | 2.39 | $42.0B | 17.1% | 50.1% | 10.4% |
| 2026-01-12 | 9Y Note · reopening | High yield: 4.173% | 2.55 | $39.0B | 18.9% | 53.8% | 4.5% |
| 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% |