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Rates & Fed · October 10, 2026 · 2 min read

Treasury October 7 reopening clears at 5.30%; coupon and auction yield are different

By Econ Data Tools Editorial Team

Published October 10, 2026 • Updated October 10, 2026

Reviewed by Instinct editorial QC

The $39 billion offering reopens an August-issued note with a 4.625% coupon. Indirect bidders received about 80.3% of competitive awards, not a measured foreign-only allocation.

Treasury's October 7 auction reopened an existing 10-year note and cleared at a high yield of 5.300 percent, according to its auction data. The offering amount was $39 billion. This is the outcome of a particular Treasury auction, not a live secondary-market yield or a forecast for another sale. The security has CUSIP 91282CRF0 and an August 15, 2036 maturity. Its original issue was in August 2026, and the October auction is marked as a reopening. The data list October 15 as the issue date for this reopened amount. A reopening adds to an existing security rather than creating an entirely new maturity. The note's stated interest rate, or coupon, is 4.625 percent, while the auction high yield is 5.300 percent. Treasury lists a price of 94.864261 per $100 of principal. Coupon, purchase price and yield are different measures; the higher auction yield does not change the existing security's coupon. Indirect bidders received $31,063,238,000 of accepted competitive bids, compared with $38,665,438,000 accepted competitively overall. Dividing those figures gives about 80.3 percent. This calculation uses competitive awards as its denominator, not the offering amount or Treasury's broader total-accepted field. The auction record gives a bid-to-cover ratio of 2.77. It also separates primary-dealer, direct-bidder, indirect-bidder and noncompetitive fields. An indirect-bidder total should not be relabeled as a directly measured foreign-only allocation: the cited record does not identify each underlying investor's nationality. Limits: this dated result does not establish the highest yield since a particular year, explain investor motives or prove that demand will keep future borrowing costs stable. The draft's secondary-market close, Federal Reserve runoff assumptions and policy-meeting probabilities were removed because they require separate sources. The confirmed result is the October 7 reopening, with its yield, coupon and allocation measures kept distinct.

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