US 10-Year Auction Yields 4.683%, Highest Since 2007
The U. S. Treasury sold $42 billion in 10-year notes on August 12, 2026, at a high yield of 4.683%, the highest since 2007. The yield exceeded the pre-auction level of 4.682%, marking the first tail since May. The bid-to-cover ratio was 2.53, down from 2.59 last month but above the six-month average of 2.47. Indirect bidders took 76.73%, direct bidders 14.67%, and dealers 8.6%.
The U. S. Treasury auctioned $42 billion in new 10-year notes on August 12, 2026, at a high yield of 4.683%, the highest level since 2007. The yield was above the pre-auction trading level of 4.682%, marking the first time since May that the auction yield exceeded the pre-auction level.
Compared with last month's second reopening auction, the high yield rose from 4.580%. The bid-to-cover ratio was 2.53 times, down from 2.59 times last month but above the six-month average of 2.47 times. In terms of bid distribution, indirect bidders (international buyers) took 76.73% of the issue, down from 81.49% last month but above the recent average of 71.33%. Direct bidders took 14.67%, up from 10.73% last month. Dealers held 8.6%, a historically low level.