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Interest Rates · November 10, 2026 · 2 min read

Treasury sells $42 billion of new 10-year notes at a 5.020% high yield

By Econ Data Tools Editorial Team

Published November 10, 2026 • Updated November 10, 2026

Official November10 auction results show a 2.46 bid-to-cover ratio. The sale is a new issue, not a reopening; its clearing yield is not a live secondary-market quote or a Fed decision.

The U.S. Treasury sold $42 billion of new 10-year notes on November 10, 2026 at a high yield of 5.020%, according to its official auction results. The security is CUSIP 91282CRX1, with a 5% coupon, an issue date of November 16, 2026 and maturity on November 15, 2036. The official record identifies this as a new issue, not a reopening. The auction drew $103.303 billion of recognized bids inside the offering and awarded approximately $42.000 billion, producing a bid-to-cover ratio of 2.46. The results report a median accepted competitive yield of 4.961% and a low yield of 4.500%. Those are auction measures; they do not describe a continuous market price after the sale. Competitive awards inside the offering included about $4.081 billion to primary dealers, $12.110 billion to direct bidders and $25.567 billion to indirect bidders. These are the categories reported by Treasury. The indirect-bidder category should not be treated as an exact measure of foreign investors, and the dollar awards alone do not establish why each group bid. The report separately lists about $8.520 billion of noncompetitive awards to the Federal Reserve System Open Market Account outside the offering amount. Including those awards brings the reported grand total to about $50.520 billion. That distinction matters: the grand total is not evidence that the announced public offering was increased from $42 billion. Treasury had announced this $42 billion sale in its November 4 quarterly refunding statement, alongside $58 billion of three-year notes and $25 billion of thirty-year bonds. The ten-year auction was scheduled for 1 p.m. Eastern on November 10, with settlement on November 16. The auction results now provide the clearing terms for that scheduled sale. The 5.020% auction high yield should be kept separate from the 5% coupon and from any intraday secondary-market yield. The official results do not provide a when-issued comparison, a market-implied probability of a Federal Reserve move or proof that an inflation report caused a particular market change. Those claims require separate, time-matched evidence and are not inferred here.

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