# Treasury 10-Year Auction Posts Biggest Tail Since February By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/54368 Published: 2026-11-11T19:30:55.000Z Updated: 2026-11-11T19:30:55.000Z Section: Investing > Indirect bidders’ share fell to 61.2% from 80.3%, while direct bidders received 29% of awards. The latest U.S. Treasury 10-year note auction set a 5.020% high yield, one basis point above the 5.010% when-issued level, marking the largest tail since February. The high yield was down from October’s 5.317%. The bid-to-cover ratio fell to 2.468 from 2.771 in October, its lowest since May. The notes carried a 5% coupon, the highest since 2006. Indirect bidders received 61.2% of awards, down from 80.3% in October and the lowest share since October 2023. Direct bidders’ share rose to 29% from 17.1%, its highest since September 2013. Dealers took 9.77%, the largest share since May. The sale followed Monday’s [three-year note auction](), which set a 4.627% high yield and had a 2.53 bid-to-cover ratio, down from 2.62 in October. ## Links in this article - [three-year note auction](https://www.tokenpost.com/news/investing/53285)