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5-year note auction of 23 April 2025 (new issue)

The 5-year note sold $74.794 billion at a high yield of 3.995% on , with a bid-to-cover ratio of 2.41.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.995%

Median yield 3.928%

Bid-to-cover

2.41

▲ +0.08 since 26 Mar

Sold

$74.79 billion

$70 billion offered

Indirect bidders

64.0%

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 27 April 2022 to 23 April 2025; the latest at 3.995%.2.0%3.0%4.0%5.0%2022202320242025This auction, 3.995%High yield at the last 36 5-year note auctions36 auctions from 27 April 2022 to 23 April 2025; the latest at 3.995%.3.5%4.0%4.5%5.0%2023202420253.995%

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
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
2.8602.46
3.2712.28
2.7362.44
2.7852.41

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.401 of 129 of 12
High yield3.9954.21610 of 122 of 12
Indirect bidders' share64.068.111 of 121 of 12
Direct bidders' share24.818.01 of 1211 of 12
Primary dealers' share11.113.212 of 120 of 12
High minus median, basis points6.76.04 of 127 of 12

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

  • Primary dealers' share: Lowest for a 5-year note since 24 May 2023 (21 auctions in between).

Who bought the 5-year note?

Indirect bidders took 64.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 March 2025

Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 24.8%, Primary dealers 11.1%Indirect bidders64.0%75.8%Direct bidders24.8%11.0%Primary dealers11.1%13.2%Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 24.8%, Primary dealers 11.1%Indirect bidders64.0%75.8%Direct bidders24.8%11.0%Primary dealers11.1%13.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.075.8
Direct bidders24.811.0
Primary dealers11.113.2

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$173,209,913,300
Sold$74,793,623,100
Competitive bids accepted$69,884,341,800
Non-competitive bids accepted$110,745,200
Federal Reserve (SOMA) add-on$4,793,536,100
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.995
Median rate, %3.928
Low rate, %3.800
Interest rate (coupon), %3.875
Bids at the high rate filled, %76.41
Bid-to-cover ratio2.41
Indirect bidders accepted$44,753,632,000
Direct bidders accepted$17,362,633,800
Primary dealers accepted$7,768,076,000
Indirect bidders' share, % (ours)64.0
Direct bidders' share, % (ours)24.8
Primary dealers' share, % (ours)11.1
High minus median, basis points (ours)6.7
Treasury par yield curve, 5-year point, same day, %4.00
High yield minus that point, basis points (ours)-0.5

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 ratio2.41Last 24 auctions10 of 2411 of 242.41
Bid-to-cover ratio2.41Since 24 April 2008129 of 20265 of 2022.49
Bid-to-cover ratio2.41All 279 since 28 September 1994161 of 279110 of 2792.47
High yield3.995Last 24 auctions18 of 246 of 244.184
High yield3.995Since 24 April 200821 of 202181 of 2021.749
High yield3.995All 375 since 24 January 1991159 of 375216 of 3753.430
Indirect bidders' share64.0Last 24 auctions20 of 244 of 2468.0
Indirect bidders' share64.0All 202 since 24 April 200848 of 202154 of 20257.3
Direct bidders' share24.8Last 24 auctions1 of 2423 of 2418.2
Direct bidders' share24.8All 202 since 24 April 20083 of 202199 of 20211.3
Primary dealers' share11.1Last 24 auctions23 of 241 of 2413.4
Primary dealers' share11.1All 202 since 24 April 2008199 of 2023 of 20232.9
High minus median, basis points6.7Last 24 auctions12 of 2411 of 246.8
High minus median, basis points6.7Since 24 April 200837 of 202163 of 2024.9
High minus median, basis points6.7All 375 since 24 January 199138 of 375335 of 3753.7

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 23 April 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250423_3.pdf. Compiled by 500metrics, "5-year note auction of 23 April 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2025-04-23.

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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