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5-year note auction of 26 March 2025 (new issue)

The 5-year note sold $72.068 billion at a high yield of 4.100% on , with a bid-to-cover ratio of 2.33.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.100%

Median yield 4.040%

Bid-to-cover

2.33

▼ −0.07 since 27 Jan

Sold

$72.07 billion

$70 billion offered

Indirect bidders

75.8%

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 28 March 2022 to 26 March 2025; the latest at 4.100%.2.0%3.0%4.0%5.0%2022202320242025This auction, 4.100%High yield at the last 36 5-year note auctions36 auctions from 28 March 2022 to 26 March 2025; the latest at 4.100%.3.5%4.0%4.5%5.0%2023202420254.100%

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
4.1002.33
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
2.8602.46
3.2712.28
2.7362.44
2.7852.41
2.5432.53

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.4011 of 121 of 12
High yield4.1004.27810 of 122 of 12
Indirect bidders' share75.867.31 of 1211 of 12
Direct bidders' share11.018.511 of 121 of 12
Primary dealers' share13.213.36 of 126 of 12
High minus median, basis points6.06.46 of 125 of 12

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

Who bought the 5-year note?

Indirect bidders took 75.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 January 2025

Indirect bidders took 75.8% of the competitive bids acceptedIndirect bidders 75.8%, Direct bidders 11.0%, Primary dealers 13.2%Indirect bidders75.8%62.8%Direct bidders11.0%26.1%Primary dealers13.2%11.1%Indirect bidders took 75.8% of the competitive bids acceptedIndirect bidders 75.8%, Direct bidders 11.0%, Primary dealers 13.2%Indirect bidders75.8%62.8%Direct bidders11.0%26.1%Primary dealers13.2%11.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders75.862.8
Direct bidders11.026.1
Primary dealers13.211.1

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$164,843,294,400
Sold$72,067,530,900
Competitive bids accepted$69,765,065,500
Non-competitive bids accepted$134,936,500
Federal Reserve (SOMA) add-on$2,067,528,900
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %4.100
Median rate, %4.040
Low rate, %3.980
Interest rate (coupon), %4.000
Bids at the high rate filled, %62.95
Bid-to-cover ratio2.33
Indirect bidders accepted$52,908,549,000
Direct bidders accepted$7,652,000,000
Primary dealers accepted$9,204,516,500
Indirect bidders' share, % (ours)75.8
Direct bidders' share, % (ours)11.0
Primary dealers' share, % (ours)13.2
High minus median, basis points (ours)6.0
Treasury par yield curve, 5-year point, same day, %4.08
High yield minus that point, basis points (ours)2.0

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 ratio2.33Last 24 auctions22 of 242 of 242.41
Bid-to-cover ratio2.33Since 24 April 2008170 of 20129 of 2012.49
Bid-to-cover ratio2.33All 278 since 28 September 1994205 of 27870 of 2782.47
High yield4.100Last 24 auctions16 of 248 of 244.184
High yield4.100Since 24 April 200818 of 201183 of 2011.742
High yield4.100All 374 since 24 January 1991153 of 374221 of 3743.422
Indirect bidders' share75.8Last 24 auctions1 of 2423 of 2468.0
Indirect bidders' share75.8All 201 since 24 April 20081 of 201200 of 20157.2
Direct bidders' share11.0Last 24 auctions23 of 241 of 2418.2
Direct bidders' share11.0All 201 since 24 April 2008106 of 20195 of 20111.3
Primary dealers' share13.2Last 24 auctions14 of 2410 of 2413.4
Primary dealers' share13.2All 201 since 24 April 2008190 of 20111 of 20132.9
High minus median, basis points6.0Last 24 auctions15 of 247 of 246.8
High minus median, basis points6.0Since 24 April 200852 of 201141 of 2014.9
High minus median, basis points6.0All 374 since 24 January 199153 of 374311 of 3743.7

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

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 26 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250326_3.pdf. Compiled by 500metrics, "5-year note auction of 26 March 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2025-03-26.

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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