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Treasury auctions · 5-Year Note

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

The 5-year note sold $78.448 billion at a high yield of 3.724% on , with a bid-to-cover ratio of 2.36.

High yield at each 5-year note auction

The last 36 auctions, this one last

High yield at each 5-year note auction, 24 Aug 2022 to 27 Aug 2025
High yield at each 5-year note auction, 28 Aug 2023 to 27 Aug 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, 24 Aug 2022 to 27 Aug 2025
Bid-to-cover ratio at each 5-year note auction, 28 Aug 2023 to 27 Aug 2025

Who bought the 5-year note of 27 Aug 2025

Shares of the competitive bids accepted

  • Indirect bidders 60.5%
  • Direct bidders 30.7%
  • Primary dealers 8.8%
This auction, 27 Aug 2025
  • Indirect bidders 58.3%
  • Direct bidders 29.5%
  • Primary dealers 12.2%
The 5-year note auction before, 28 Jul 2025

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 bidders60.5%
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
3.7242.36
3.9832.31
3.8792.36
4.0712.39
3.9952.41
4.1002.33
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

Observed .

Right now

The high yield of 3.724% on 27 August 2025 was the lowest for a 5-year note since 25 September 2024.

The direct bidders' share of 30.7% was the highest of all 206 earlier 5-year note auctions we hold.

The primary dealers' share of 8.8% was the lowest of all 206 earlier 5-year note auctions we hold.

Higher than 177 of the 206 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 primary dealers' share 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 60.5%
  • Direct bidders 30.7%
  • Primary dealers 8.8%

Size

Treasury sold $78.448 billion of the $70 billion offered.

Bids received came to $173.834 billion; the bid-to-cover ratio was 2.36.

Its bid-to-cover of 2.36 compares with the 24 auctions before it: lowest 2.30 on , highest 2.60 on ; 20.0% of the way from the low to the high.

2.36

Low 2.30 Midpoint 2.450 High 2.60

The security5-Year, new issue

Coupon
3.625%
Announced
Issued
Matures

It adds to the debt that matures in August 2030.

Understanding this result

Where it stands today

The high yield was 3.724% at this 5-year note auction, the median yield 3.667% and a bid-to-cover ratio of 2.36.

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$173,834,450,900
Sold$78,448,346,900
Competitive bids accepted$69,883,850,000
Non-competitive bids accepted$107,007,500
Federal Reserve (SOMA) add-on$8,448,289,400
Foreign and international (FIMA) non-competitive$9,200,000
High yield, %3.724
Median rate, %3.667
Low rate, %3.600
Interest rate (coupon), %3.625
Bids at the high rate filled, %84.43
Bid-to-cover ratio2.36
Indirect bidders accepted$42,264,749,000
Direct bidders accepted$21,480,101,000
Primary dealers accepted$6,139,000,000
Indirect bidders' share, % (ours)60.5
Direct bidders' share, % (ours)30.7
Primary dealers' share, % (ours)8.8
High minus median, basis points (ours)5.7
Treasury par yield curve, 5-year point, same day, %3.69
High yield minus that point, basis points (ours)3.4
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 ratio2.362.409 of 122 of 12
High yield3.7244.08610 of 122 of 12
Indirect bidders' share60.567.311 of 121 of 12
Direct bidders' share30.719.50 of 1212 of 12
Primary dealers' share8.811.812 of 120 of 12
High minus median, basis points5.76.08 of 124 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 ratio2.36Last 24 auctions17 of 245 of 242.40
Bid-to-cover ratio2.36Since 24 April 2008159 of 20641 of 2062.49
Bid-to-cover ratio2.36All 283 since 28 September 1994194 of 28383 of 2832.46
High yield3.724Last 24 auctions22 of 242 of 244.184
High yield3.724Since 24 April 200829 of 206177 of 2061.772
High yield3.724All 379 since 24 January 1991173 of 379206 of 3793.440
Indirect bidders' share60.5Last 24 auctions23 of 241 of 2466.5
Indirect bidders' share60.5All 206 since 24 April 200877 of 206129 of 20657.5
Direct bidders' share30.7Last 24 auctions0 of 2424 of 2418.5
Direct bidders' share30.7All 206 since 24 April 20080 of 206206 of 20611.4
Primary dealers' share8.8Last 24 auctions24 of 240 of 2413.3
Primary dealers' share8.8All 206 since 24 April 2008206 of 2060 of 20632.7
High minus median, basis points5.7Last 24 auctions17 of 247 of 246.2
High minus median, basis points5.7Since 24 April 200869 of 206136 of 2065.0
High minus median, basis points5.7All 379 since 24 January 199172 of 379306 of 3793.7

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 August 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250827_3.pdf. Compiled by 500metrics, "5-year note auction of 27 August 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2025-08-27.

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