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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.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.330%

Median yield 4.285%

Bid-to-cover

2.40

▬ Unchanged since 24 Dec

Sold

$73.89 billion

$70 billion offered

Indirect bidders

62.8%

Of competitive bids accepted

High yield at the last 36 5-year note auctions

High yield at each 5-year note auction, %

High yield at the last 36 5-year note auctions36 auctions from 23 February 2022 to 27 January 2025; the latest at 4.330%.1.0%2.0%3.0%4.0%5.0%2022202320242025This auction, 4.330%High yield at the last 36 5-year note auctions36 auctions from 23 February 2022 to 27 January 2025; the latest at 4.330%.3.5%4.0%4.5%5.0%2023202420254.330%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
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

Against its own history

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

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  • Direct bidders' share: Highest for a 5-year note since 18 December 2012 (143 auctions in between).
  • Primary dealers' share: Lowest for a 5-year note since 24 May 2023 (19 auctions in between).
  • High minus median, basis points: Lowest for a 5-year note since 27 October 2021 (37 auctions in between).

Who bought the 5-year note?

Indirect bidders took 62.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 December 2024

Indirect bidders took 62.8% of the competitive bids acceptedIndirect bidders 62.8%, Direct bidders 26.1%, Primary dealers 11.1%Indirect bidders62.8%67.3%Direct bidders26.1%20.3%Primary dealers11.1%12.5%Indirect bidders took 62.8% of the competitive bids acceptedIndirect bidders 62.8%, Direct bidders 26.1%, Primary dealers 11.1%Indirect bidders62.8%67.3%Direct bidders26.1%20.3%Primary dealers11.1%12.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.867.3
Direct bidders26.120.3
Primary dealers11.112.5

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

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

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

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.

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 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.

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

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Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

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

Source: U.S. Treasury, Daily Treasury par yield curve rates. 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.

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, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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