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
5.033%
Bid-to-cover
2.21
Sold
$80.54 billion
Indirect bidders
54.3%
When is the next 5-year note auction?
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| New issue | |||
| New issue | |||
| New issue |
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 5-year note auctions; the latest was 2.21
Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
High yield of the last 36 5-year note auctions; the latest was 5.033%
High yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chart
The latest auction against its own history
- 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 |
The table scrolls sideways; the first column stays in place.
What this number cannot tell you
- 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.
Every 5-year note auction, page 1 of 2
Show 188 more rows
The table scrolls sideways; the first column stays in place.
Sources and licence
Sources and licence
- U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
- U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government
Our text and compilation: CC BY 4.0. How to reuse and cite this page.