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5-year note auction of 28 July 2025 (new issue)

The 5-year note sold $74.767 billion at a high yield of 3.983% on , with a bid-to-cover ratio of 2.31.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.983%

Median yield 3.920%

Bid-to-cover

2.31

▼ −0.05 since 25 Jun

Sold

$74.77 billion

$70 billion offered

Indirect bidders

58.3%

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 26 July 2022 to 28 July 2025; the latest at 3.983%.2.0%3.0%4.0%5.0%2022202320242025This auction, 3.983%High yield at the last 36 5-year note auctions36 auctions from 26 July 2022 to 28 July 2025; the latest at 3.983%.3.5%4.0%4.5%5.0%2023202420253.983%

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
3.9832.31
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
2.8602.46

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.312.4012 of 120 of 12
High yield3.9834.1109 of 123 of 12
Indirect bidders' share58.368.112 of 120 of 12
Direct bidders' share29.518.50 of 1212 of 12
Primary dealers' share12.212.06 of 126 of 12
High minus median, basis points6.36.04 of 128 of 12

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

  • Bid-to-cover ratio: Lowest for a 5-year note since 28 May 2024 (12 auctions in between).
  • Indirect bidders' share: Lowest for a 5-year note since 27 June 2022 (35 auctions in between).
  • Direct bidders' share: Highest for a 5-year note since 18 December 2012 (148 auctions in between).

Who bought the 5-year note?

Indirect bidders took 58.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 June 2025

Indirect bidders took 58.3% of the competitive bids acceptedIndirect bidders 58.3%, Direct bidders 29.5%, Primary dealers 12.2%Indirect bidders58.3%64.7%Direct bidders29.5%24.4%Primary dealers12.2%10.9%Indirect bidders took 58.3% of the competitive bids acceptedIndirect bidders 58.3%, Direct bidders 29.5%, Primary dealers 12.2%Indirect bidders58.3%64.7%Direct bidders29.5%24.4%Primary dealers12.2%10.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders58.364.7
Direct bidders29.524.4
Primary dealers12.210.9

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$166,761,520,600
Sold$74,766,753,000
Competitive bids accepted$69,878,752,400
Non-competitive bids accepted$117,282,000
Federal Reserve (SOMA) add-on$4,766,718,600
Foreign and international (FIMA) non-competitive$4,000,000
High yield, %3.983
Median rate, %3.920
Low rate, %3.800
Interest rate (coupon), %3.875
Bids at the high rate filled, %67.80
Bid-to-cover ratio2.31
Indirect bidders accepted$40,723,216,400
Direct bidders accepted$20,611,000,000
Primary dealers accepted$8,544,536,000
Indirect bidders' share, % (ours)58.3
Direct bidders' share, % (ours)29.5
Primary dealers' share, % (ours)12.2
High minus median, basis points (ours)6.3
Treasury par yield curve, 5-year point, same day, %3.96
High yield minus that point, basis points (ours)2.3

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 ratio2.31Last 24 auctions22 of 241 of 242.40
Bid-to-cover ratio2.31Since 24 April 2008180 of 20523 of 2052.49
Bid-to-cover ratio2.31All 282 since 28 September 1994217 of 28262 of 2822.46
High yield3.983Last 24 auctions20 of 244 of 244.184
High yield3.983Since 24 April 200823 of 205182 of 2051.760
High yield3.983All 378 since 24 January 1991162 of 378216 of 3783.440
Indirect bidders' share58.3Last 24 auctions24 of 240 of 2467.3
Indirect bidders' share58.3All 205 since 24 April 200893 of 205112 of 20557.3
Direct bidders' share29.5Last 24 auctions0 of 2424 of 2418.5
Direct bidders' share29.5All 205 since 24 April 20081 of 205204 of 20511.4
Primary dealers' share12.2Last 24 auctions16 of 248 of 2413.3
Primary dealers' share12.2All 205 since 24 April 2008194 of 20511 of 20532.9
High minus median, basis points6.3Last 24 auctions12 of 2412 of 246.4
High minus median, basis points6.3Since 24 April 200850 of 205155 of 2054.9
High minus median, basis points6.3All 378 since 24 January 199151 of 378327 of 3783.7

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 28 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250728_4.pdf. Compiled by 500metrics, "5-year note auction of 28 July 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2025-07-28.

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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