10Y Auction Closes Strongly, Marking Robust Kickoff for 2026 Treasury Offerings

Strong Start for 2026 10-Year Treasury Auction

Following a robust three-year Treasury auction earlier in the year, the initial sale of benchmark 10-year notes for 2026 also delivered impressive results. The U.S. Treasury issued $39 billion in 10-year bonds, which were priced at 4.173% shortly after 1 p.m. ET. This yield was nearly identical to December’s 4.175%, indicating a lack of significant movement in longer-term rates.

With the When Issued yield at 4.180%, the auction cleared 0.7 basis points below that level, marking the strongest performance for a 10-year auction since September. chart

Stability continued in other metrics as well: the bid-to-cover ratio stood at 2.554, almost matching last month’s 2.550 and remaining slightly above the recent average.