Historical tail data for 10-Year Treasury auctions, updated after each auction. The most recent value is 6.7 bps as of February 11, 2026. The tail is the difference between the auction high yield and the pre-auction when-issued yield, measured in basis points. A negative tail (through) signals strong demand; a positive tail signals weak demand.
The auction tail is the difference between the high yield (stop-out rate) and the when-issued yield at the time of the auction. A positive tail means the Treasury had to offer a higher yield than the market expected, signaling weak demand. Conversely, a negative tail (or "through") means buyers were willing to accept a lower yield. For 10-Year Treasuries, persistent tailing can indicate that investors are demanding additional compensation for duration or supply risk.
| Date | Tail | Grade | Composite |
|---|---|---|---|
| 05/08/2024 | 6.1 bps | C- | C+ |
| 08/07/2024 | 7.2 bps | D | C |
| 11/05/2024 | 5.7 bps | C | B- |
| 02/12/2025 | 7.2 bps | D | C |
| 05/06/2025 | 6.1 bps | C- | B- |
| 07/24/2025 | 5.3 bps | C+ | B- |
| 08/06/2025 | 6.0 bps | C- | C+ |
| 11/12/2025 | 4.6 bps | B- | B- |
| 01/22/2026 | 6.0 bps | C- | C+ |
| 02/11/2026 | 6.7 bps | D+ | C+ |
| Mean | Std Dev | Min | Max | Count |
|---|---|---|---|---|
| 5.3 | 1.8 | 1.7 | 10.8 | 74 |