Treasury auctions · 5-year note
How did the latest 5-year Treasury note auction go?
The last 5-year note auction, on , sold at a high yield of 5.033% with a bid-to-cover of 2.21.
High yield at each 5-year note auction
Bid-to-cover ratio at each 5-year note auction
Who bought each 5-year note auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders54.3%
- Direct bidders29.9%
- Primary dealers15.8%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
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Inspect and compare dates
The latest 5-year note auction beside the one before it and the nearest ones a year, five and ten years earlier.
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Observed .
Right now
The high yield of 5.033% on 23 September 2026 was the highest for a 5-year note since 28 June 2006.
The bid-to-cover ratio of 2.21 was the lowest for a 5-year note since 26 December 2018, with 89 auctions in between.
The indirect bidders' share of 54.3% was the lowest for a 5-year note since 25 March 2020, with 76 auctions in between.
Its own history
Against the previous 24 5-year note auctions, the high yield, the primary dealers' share and the high minus median were higher than all 24.
The bid-to-cover ratio and the indirect bidders' share were lower than all 24.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 23 Sep 2026 auction.
- Indirect bidders 54.3%
- Direct bidders 29.9%
- Primary dealers 15.8%
Size
Treasury offered $70 billion and sold $80.539 billion on 23 Sep 2026.
Next
Treasury has announced no 5-year note auction yet; its tentative schedule names these dates.
- Tentative
- Tentative
- Tentative
Understanding the 5-year note auction
Where it stands today
The high yield was 5.033% at the 5-year note auction of , with a bid-to-cover ratio of 2.21.
What do these figures measure?
The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.
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What these figures cannot tell
- Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
- The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
- Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
- Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.
The numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
- Bid-to-cover ratio: Lowest for a 5-year note since 26 December 2018 (89 auctions in between).
- High yield: Highest for a 5-year note since 28 June 2006 (241 auctions in between).
- Indirect bidders' share: Lowest for a 5-year note since 25 March 2020 (76 auctions in between).
- Primary dealers' share: Highest for a 5-year note since 28 May 2024 (27 auctions in between).
- High minus median, basis points: Highest for a 5-year note since 27 September 2022 (47 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.21 | Last 12 auctions | 12 of 12 | 0 of 12 | 2.34 |
| Bid-to-cover ratio | 2.21 | Last 24 auctions | 24 of 24 | 0 of 24 | 2.36 |
| Bid-to-cover ratio | 2.21 | Since 24 April 2008 | 210 of 220 | 9 of 220 | 2.48 |
| Bid-to-cover ratio | 2.21 | All 297 since 28 September 1994 | 258 of 297 | 37 of 297 | 2.46 |
| High yield | 5.033 | Last 12 auctions | 0 of 12 | 12 of 12 | 3.889 |
| High yield | 5.033 | Last 24 auctions | 0 of 24 | 24 of 24 | 3.982 |
| High yield | 5.033 | Since 24 April 2008 | 0 of 220 | 220 of 220 | 1.826 |
| High yield | 5.033 | All 393 since 24 January 1991 | 101 of 393 | 292 of 393 | 3.520 |
| Indirect bidders' share | 54.3 | Last 12 auctions | 12 of 12 | 0 of 12 | 61.7 |
| Indirect bidders' share | 54.3 | Last 24 auctions | 24 of 24 | 0 of 24 | 63.4 |
| Indirect bidders' share | 54.3 | All 220 since 24 April 2008 | 134 of 220 | 86 of 220 | 58.1 |
| Direct bidders' share | 29.9 | Last 12 auctions | 1 of 12 | 11 of 12 | 26.4 |
| Direct bidders' share | 29.9 | Last 24 auctions | 2 of 24 | 22 of 24 | 24.8 |
| Direct bidders' share | 29.9 | All 220 since 24 April 2008 | 3 of 220 | 217 of 220 | 12.4 |
| Primary dealers' share | 15.8 | Last 12 auctions | 0 of 12 | 12 of 12 | 11.9 |
| Primary dealers' share | 15.8 | Last 24 auctions | 0 of 24 | 24 of 24 | 11.4 |
| Primary dealers' share | 15.8 | All 220 since 24 April 2008 | 179 of 220 | 41 of 220 | 29.8 |
| High minus median, basis points | 8.3 | Last 12 auctions | 0 of 12 | 12 of 12 | 5.4 |
| High minus median, basis points | 8.3 | Last 24 auctions | 0 of 24 | 24 of 24 | 5.7 |
| High minus median, basis points | 8.3 | Since 24 April 2008 | 6 of 220 | 213 of 220 | 5.0 |
| High minus median, basis points | 8.3 | All 393 since 24 January 1991 | 6 of 393 | 386 of 393 | 4.0 |
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What were the results of every 5-year note auction?Page 1 of 2: 200 auctions, newest first
394 5-year note auctions with results since 24 January 1991; this page holds 200 of them, newest first.
Show 188 more rows
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When are the next 5-year note auctions?Treasury's tentative schedule, from its quarterly refunding
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| New issue | |||
| New issue |
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 23 September 2026. Compiled by 500metrics, "How did the latest 5-year Treasury note auction go?", https://500metrics.com/treasury/auctions/5-year-note.
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