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Treasury auctions · 5-Year Note

5-year note auction of 27 January 2025 (new issue)

The 5-year note sold $73.887 billion at a high yield of 4.330% on , with a bid-to-cover ratio of 2.40.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 23 Feb 2022 to 27 Jan 2025
High yield at each 5-year note auction, 22 Feb 2023 to 27 Jan 2025

Bid-to-cover ratio at each 5-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 5-year note auction, 23 Feb 2022 to 27 Jan 2025
Bid-to-cover ratio at each 5-year note auction, 22 Feb 2023 to 27 Jan 2025

Who bought the 5-year note of 27 Jan 2025

Shares of the competitive bids accepted

  • Indirect bidders 62.8%
  • Direct bidders 26.1%
  • Primary dealers 11.1%
This auction, 27 Jan 2025
  • Indirect bidders 67.3%
  • Direct bidders 20.3%
  • Primary dealers 12.5%
The 5-year note auction before, 24 Dec 2024

Each point is one 5-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders62.8%
Inspect and compare dates
High yield and bid-to-cover of the last 36 5-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
4.3302.40
4.4782.40
4.1972.43
4.1382.39
3.5192.38
3.6452.41
4.1212.40
4.3312.35
4.5532.30
4.6592.39
4.2352.41
4.3202.41
4.0552.31
3.8012.50
4.4202.46
4.8992.36
4.6592.52
4.4002.54
4.1702.60
4.0192.52
3.7492.58
3.5002.54
3.6652.48
4.1092.48
3.5302.64
3.9732.46
3.9742.39
4.1922.48
4.2282.27
3.2302.30
2.8602.46
3.2712.28
2.7362.44
2.7852.41
2.5432.53
1.8802.49

Observed .

Right now

The high yield was 4.330% on 27 January 2025, down from 4.478% at the auction before.

The direct bidders' share of 26.1% was the highest for a 5-year note since 18 December 2012, with 143 auctions in between.

The primary dealers' share of 11.1% was the lowest for a 5-year note since 24 May 2023, with 19 auctions in between.

Higher than 192 of the 200 since 24 April 2008

Its own history

Against the previous 24 5-year note auctions, the direct bidders' share was higher than all 24.

The high minus median was lower than all 24.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 62.8%
  • Direct bidders 26.1%
  • Primary dealers 11.1%

Size

Treasury sold $73.887 billion of the $70 billion offered.

Bids received came to $171.62 billion; the bid-to-cover ratio was 2.40.

Its bid-to-cover of 2.40 compares with the 24 auctions before it: lowest 2.30 on , highest 2.64 on ; 29.4% of the way from the low to the high.

2.40

Low 2.30 Midpoint 2.470 High 2.64

The security5-Year, new issue

Coupon
4.250%
Announced
Issued
Matures

It adds to the debt that matures in January 2030.

Understanding this result

Where it stands today

The high yield was 4.330% at this 5-year note auction, the median yield 4.285% and a bid-to-cover ratio of 2.40.

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.

Read more

How does it compare with the par yield curve?

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (5-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

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

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as5-Year, new issue
Offering amount$70,000,000,000
Bids received$171,620,082,100
Sold$73,887,058,300
Competitive bids accepted$69,613,545,200
Non-competitive bids accepted$306,461,000
Federal Reserve (SOMA) add-on$3,887,052,100
Foreign and international (FIMA) non-competitive$80,000,000
High yield, %4.330
Median rate, %4.285
Low rate, %4.240
Interest rate (coupon), %4.250
Bids at the high rate filled, %52.61
Bid-to-cover ratio2.40
Indirect bidders accepted$43,713,023,700
Direct bidders accepted$18,161,665,000
Primary dealers accepted$7,738,856,500
Indirect bidders' share, % (ours)62.8
Direct bidders' share, % (ours)26.1
Primary dealers' share, % (ours)11.1
High minus median, basis points (ours)4.5
Treasury par yield curve, 5-year point, same day, %4.32
High yield minus that point, basis points (ours)1.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.404 of 126 of 12
High yield4.3304.2164 of 128 of 12
Indirect bidders' share62.867.311 of 121 of 12
Direct bidders' share26.118.50 of 1212 of 12
Primary dealers' share11.113.712 of 120 of 12
High minus median, basis points4.56.812 of 120 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 5-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.40Last 24 auctions15 of 247 of 242.42
Bid-to-cover ratio2.40Since 24 April 2008137 of 20059 of 2002.49
Bid-to-cover ratio2.40All 277 since 28 September 1994169 of 277104 of 2772.47
High yield4.330Last 24 auctions8 of 2416 of 244.154
High yield4.330Since 24 April 20088 of 200192 of 2001.740
High yield4.330All 373 since 24 January 1991138 of 373235 of 3733.415
Indirect bidders' share62.8Last 24 auctions22 of 242 of 2468.3
Indirect bidders' share62.8All 200 since 24 April 200855 of 200145 of 20057.2
Direct bidders' share26.1Last 24 auctions0 of 2424 of 2418.2
Direct bidders' share26.1All 200 since 24 April 20081 of 200199 of 20011.3
Primary dealers' share11.1Last 24 auctions21 of 243 of 2413.4
Primary dealers' share11.1All 200 since 24 April 2008197 of 2003 of 20033.1
High minus median, basis points4.5Last 24 auctions24 of 240 of 246.8
High minus median, basis points4.5Since 24 April 2008116 of 20079 of 2004.9
High minus median, basis points4.5All 373 since 24 January 1991128 of 373237 of 3733.7

The table scrolls sideways; the first column stays in place.

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 27 January 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250127_4.pdf. Compiled by 500metrics, "5-year note auction of 27 January 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2025-01-27.

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