What Happened
The U.S. Treasury sold $42 billion of 10-Year notes (CUSIP 91282CRX1) at auction on November 10, 2026, at a high yield of 5.020%. The securities issue on November 16, 2026 and mature on November 15, 2036.
Bids totaled 2.46 times the amount offered. Of the competitive bids accepted, indirect bidders were awarded 61.2%, direct bidders 29.0%, and primary dealers 9.8%.
At the previous 10-Year note auction on October 7, 2026, the high yield was 5.300%, the bid-to-cover ratio was 2.77, and primary dealers were awarded 2.5% of accepted competitive bids.
Why It Matters
The high yield was 28 basis points lower than at the previous auction, which lowers the government's fixed borrowing cost at this maturity. Because Treasury yields at this maturity are the base rate over which corporate bonds and loans are priced, the lower clearing level also reduces that benchmark for borrowers and lenders.
The bid-to-cover ratio of 2.46 was below the 2.60 average of the previous 6 comparable auctions, which means bids covered the offering by a smaller multiple than recent norms; thinner coverage can leave less demand in reserve for investors absorbing new supply.
Primary dealers, who are required to bid, took a larger share than at the previous auction (9.8% versus 2.5%). That means less of the issue went directly to end investors at auction, and dealers typically finance that inventory until it is placed in the secondary market.
Recent comparable auctions
October 7, 2026: high yield 5.300%, bid-to-cover 2.77, primary dealers 2.5%.
September 9, 2026: high yield 4.834%, bid-to-cover 2.71, primary dealers 4.3%.
August 12, 2026: high yield 4.683%, bid-to-cover 2.53, primary dealers 8.6%.
July 8, 2026: high yield 4.580%, bid-to-cover 2.59, primary dealers 7.8%.
June 10, 2026: high yield 4.538%, bid-to-cover 2.57, primary dealers 9.5%.
May 12, 2026: high yield 4.468%, bid-to-cover 2.40, primary dealers 12.0%.
Source and timing
Figures are from the U.S. Treasury's published auction results for November 10, 2026 and prior comparable auctions back to May 12, 2026. Award shares are calculated from competitive awards to indirect bidders, direct bidders, and primary dealers. These comparisons describe auction results only; they do not identify a cause or predict future auctions.