U.S. Treasury 10-Year Auction Results

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The October 7, 2026 reopening of the 9-Year 10-Month U.S. Treasury Note (Series E-2036) cleared at a high yield of 5.300% and a discounted price of 94.864261 to award $39 billion in public debt. Overall demand was robust, characterized by an above-average bid-to-cover ratio of 2.77× (up from the previous 2.71×) and driven overwhelmingly by non-dealer end-investors who absorbed nearly all supply.



Key Takeaways: 
  • Above-Average Demand: The bid-to-cover ratio reached 2.77× ($108.07B tendered vs. $39.00B accepted), outpacing the prior auction's 2.71× and the 12-month average of 2.51×. 
  • Dominant Indirect Participation: Indirect bidders (foreign central banks and global funds) took down 80.34% ($31.06B) of competitive awards, highlighting strong international appetite. 
  • Minimal Dealer Burden: Primary dealers absorbed only 2.54% ($984M), a sign of genuine end-user absorption rather than forced balance-sheet warehousing. Pricing Metrics: Issued with a 4-5/8% coupon and a stop-out yield of 5.300% (allotted at 57.60% at the cutoff).

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