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5-year note auction of 25 November 2025 (new issue)

The 5-year note sold $78.005 billion at a high yield of 3.562% on , with a bid-to-cover ratio of 2.41.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.562%

Median yield 3.515%

Bid-to-cover

2.41

▲ +0.03 since 27 Oct

Sold

$78.00 billion

$70 billion offered

Indirect bidders

61.4%

Of competitive bids accepted

The high yield was the lowest for a 5-year note since 25 September 2024

High yield at each 5-year note auction, %

The high yield was the lowest for a 5-year note since 25 September 202436 auctions from 21 November 2022 to 25 November 2025; the latest at 3.562%.3.5%4.0%4.5%5.0%202320242025This auction, 3.562%The high yield was the lowest for a 5-year note since 25 September 202436 auctions from 21 November 2022 to 25 November 2025; the latest at 3.562%.3.5%4.0%4.5%5.0%202420253.562%

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
3.5622.41
3.6252.38
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.381 of 1210 of 12
High yield3.5624.03312 of 120 of 12
Indirect bidders' share61.464.49 of 123 of 12
Direct bidders' share27.624.53 of 129 of 12
Primary dealers' share11.011.28 of 124 of 12
High minus median, basis points4.76.011 of 121 of 12

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

Who bought the 5-year note?

Indirect bidders took 61.4% of the competitive bids accepted

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

Indirect bidders took 61.4% of the competitive bids acceptedIndirect bidders 61.4%, Direct bidders 27.6%, Primary dealers 11.0%Indirect bidders61.4%66.8%Direct bidders27.6%23.9%Primary dealers11.0%9.3%Indirect bidders took 61.4% of the competitive bids acceptedIndirect bidders 61.4%, Direct bidders 27.6%, Primary dealers 11.0%Indirect bidders61.4%66.8%Direct bidders27.6%23.9%Primary dealers11.0%9.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.466.8
Direct bidders27.623.9
Primary dealers11.09.3

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$176,973,538,600
Sold$78,004,683,600
Competitive bids accepted$69,800,167,000
Non-competitive bids accepted$94,877,200
Federal Reserve (SOMA) add-on$8,004,639,400
Foreign and international (FIMA) non-competitive$105,000,000
High yield, %3.562
Median rate, %3.515
Low rate, %3.460
Interest rate (coupon), %3.500
Bids at the high rate filled, %9.22
Bid-to-cover ratio2.41
Indirect bidders accepted$42,822,922,000
Direct bidders accepted$19,272,500,000
Primary dealers accepted$7,704,745,000
Indirect bidders' share, % (ours)61.4
Direct bidders' share, % (ours)27.6
Primary dealers' share, % (ours)11.0
High minus median, basis points (ours)4.7
Treasury par yield curve, 5-year point, same day, %3.55
High yield minus that point, basis points (ours)1.2

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 auctions3 of 2417 of 242.39
Bid-to-cover ratio2.41Since 24 April 2008129 of 20971 of 2092.48
Bid-to-cover ratio2.41All 286 since 28 September 1994161 of 286116 of 2862.46
High yield3.562Last 24 auctions23 of 241 of 244.110
High yield3.562Since 24 April 200834 of 209175 of 2091.791
High yield3.562All 382 since 24 January 1991183 of 382199 of 3823.465
Indirect bidders' share61.4Last 24 auctions20 of 244 of 2465.6
Indirect bidders' share61.4All 209 since 24 April 200873 of 209136 of 20957.7
Direct bidders' share27.6Last 24 auctions3 of 2421 of 2418.9
Direct bidders' share27.6All 209 since 24 April 20084 of 209205 of 20911.6
Primary dealers' share11.0Last 24 auctions20 of 244 of 2413.0
Primary dealers' share11.0All 209 since 24 April 2008202 of 2097 of 20932.4
High minus median, basis points4.7Last 24 auctions22 of 241 of 246.0
High minus median, basis points4.7Since 24 April 2008115 of 20990 of 2095.0
High minus median, basis points4.7All 382 since 24 January 1991127 of 382251 of 3823.8

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 25 November 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251125_4.pdf. Compiled by 500metrics, "5-year note auction of 25 November 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2025-11-25.

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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