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5-year note auction of 24 September 2025 (new issue)

The 5-year note sold $73.865 billion at a high yield of 3.710% on , with a bid-to-cover ratio of 2.34.

Coupon
3.625%
Announced
Issued
Matures

High yield

3.710%

Median yield 3.654%

Bid-to-cover

2.34

▼ −0.02 since 27 Aug

Sold

$73.87 billion

$70 billion offered

Indirect bidders

59.4%

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 September 2022 to 24 September 2025; the latest at 3.710%.3.5%4.0%4.5%5.0%2022202320242025This auction, 3.710%High yield at the last 36 5-year note auctions36 auctions from 27 September 2022 to 24 September 2025; the latest at 3.710%.3.5%4.0%4.5%5.0%202420253.710%

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
3.7102.34
3.7242.36
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.3910 of 122 of 12
High yield3.7104.03310 of 122 of 12
Indirect bidders' share59.466.011 of 121 of 12
Direct bidders' share28.622.32 of 1210 of 12
Primary dealers' share11.911.45 of 127 of 12
High minus median, basis points5.66.08 of 123 of 12

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

Who bought the 5-year note?

Indirect bidders took 59.4% of the competitive bids accepted

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

Indirect bidders took 59.4% of the competitive bids acceptedIndirect bidders 59.4%, Direct bidders 28.6%, Primary dealers 11.9%Indirect bidders59.4%60.5%Direct bidders28.6%30.7%Primary dealers11.9%8.8%Indirect bidders took 59.4% of the competitive bids acceptedIndirect bidders 59.4%, Direct bidders 28.6%, Primary dealers 11.9%Indirect bidders59.4%60.5%Direct bidders28.6%30.7%Primary dealers11.9%8.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.460.5
Direct bidders28.630.7
Primary dealers11.98.8

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$167,966,846,900
Sold$73,865,290,100
Competitive bids accepted$69,898,797,200
Non-competitive bids accepted$96,206,000
Federal Reserve (SOMA) add-on$3,865,286,900
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.710
Median rate, %3.654
Low rate, %3.600
Interest rate (coupon), %3.625
Bids at the high rate filled, %41.92
Bid-to-cover ratio2.34
Indirect bidders accepted$41,534,274,000
Direct bidders accepted$20,016,676,800
Primary dealers accepted$8,347,846,400
Indirect bidders' share, % (ours)59.4
Direct bidders' share, % (ours)28.6
Primary dealers' share, % (ours)11.9
High minus median, basis points (ours)5.6
Treasury par yield curve, 5-year point, same day, %3.70
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 ratio2.34Last 24 auctions20 of 244 of 242.40
Bid-to-cover ratio2.34Since 24 April 2008170 of 20733 of 2072.49
Bid-to-cover ratio2.34All 284 since 28 September 1994205 of 28475 of 2842.46
High yield3.710Last 24 auctions22 of 242 of 244.168
High yield3.710Since 24 April 200830 of 207177 of 2071.785
High yield3.710All 380 since 24 January 1991174 of 380206 of 3803.440
Indirect bidders' share59.4Last 24 auctions23 of 241 of 2466.5
Indirect bidders' share59.4All 207 since 24 April 200889 of 207118 of 20757.6
Direct bidders' share28.6Last 24 auctions2 of 2422 of 2418.5
Direct bidders' share28.6All 207 since 24 April 20083 of 207204 of 20711.5
Primary dealers' share11.9Last 24 auctions16 of 248 of 2413.2
Primary dealers' share11.9All 207 since 24 April 2008196 of 20711 of 20732.6
High minus median, basis points5.6Last 24 auctions17 of 246 of 246.0
High minus median, basis points5.6Since 24 April 200871 of 207134 of 2075.0
High minus median, basis points5.6All 380 since 24 January 199174 of 380303 of 3803.7

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 24 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250924_3.pdf. Compiled by 500metrics, "5-year note auction of 24 September 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2025-09-24.

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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