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5-year note auction of 26 January 2026 (reopening)

The 5-year note sold $73.862 billion at a high yield of 3.580% on , with a bid-to-cover ratio of 2.75.

Coupon
3.500%
Announced
Issued
Matures

High yield

3.580%

Median yield 3.540%

Bid-to-cover

2.75

▲ +0.40 since 23 Dec

Sold

$73.86 billion

$69 billion offered

Indirect bidders

64.4%

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 25 January 2023 to 26 January 2026; the latest at 3.580%.3.5%4.0%4.5%5.0%2023202420252026This auction, 3.580%High yield at the last 36 5-year note auctions36 auctions from 25 January 2023 to 26 January 2026; the latest at 3.580%.3.5%4.0%4.5%5.0%2024202520263.580%

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
3.5802.75
3.7472.35
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.752.370 of 1212 of 12
High yield3.5803.93111 of 121 of 12
Indirect bidders' share64.463.45 of 127 of 12
Direct bidders' share28.325.54 of 128 of 12
Primary dealers' share7.311.112 of 120 of 12
High minus median, basis points4.05.612 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 5-year note since 23 February 2016 (114 auctions in between).
  • Primary dealers' share: Lowest of all 211 earlier 5-year note auctions we hold.
  • High minus median, basis points: Lowest for a 5-year note since 27 October 2021 (48 auctions in between).

Who bought the 5-year note?

Indirect bidders took 64.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 23 December 2025

Indirect bidders took 64.4% of the competitive bids acceptedIndirect bidders 64.4%, Direct bidders 28.3%, Primary dealers 7.3%Indirect bidders64.4%59.5%Direct bidders28.3%31.7%Primary dealers7.3%8.8%Indirect bidders took 64.4% of the competitive bids acceptedIndirect bidders 64.4%, Direct bidders 28.3%, Primary dealers 7.3%Indirect bidders64.4%59.5%Direct bidders28.3%31.7%Primary dealers7.3%8.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.459.5
Direct bidders28.331.7
Primary dealers7.38.8

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as2-Year, reopening
Offering amount$69,000,000,000
Bids received$194,579,247,800
Sold$73,862,272,800
Competitive bids accepted$68,645,358,000
Non-competitive bids accepted$349,661,200
Federal Reserve (SOMA) add-on$4,862,253,600
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.580
Median rate, %3.540
Low rate, %3.490
Interest rate (coupon), %3.500
Bids at the high rate filled, %52.25
Bid-to-cover ratio2.75
Indirect bidders accepted$44,206,733,000
Direct bidders accepted$19,407,500,000
Primary dealers accepted$5,031,125,000
Indirect bidders' share, % (ours)64.4
Direct bidders' share, % (ours)28.3
Primary dealers' share, % (ours)7.3
High minus median, basis points (ours)4.0
Treasury par yield curve, 2-year point, same day, %3.56
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 (2-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 ratio2.75Last 24 auctions0 of 2424 of 242.39
Bid-to-cover ratio2.75Since 24 April 200837 of 211172 of 2112.48
Bid-to-cover ratio2.75All 288 since 28 September 199445 of 288239 of 2882.46
High yield3.580Last 24 auctions22 of 242 of 244.063
High yield3.580Since 24 April 200835 of 211176 of 2111.796
High yield3.580All 384 since 24 January 1991184 of 384200 of 3843.495
Indirect bidders' share64.4Last 24 auctions14 of 2410 of 2465.4
Indirect bidders' share64.4All 211 since 24 April 200848 of 211163 of 21157.9
Direct bidders' share28.3Last 24 auctions4 of 2420 of 2419.4
Direct bidders' share28.3All 211 since 24 April 20085 of 211206 of 21111.7
Primary dealers' share7.3Last 24 auctions24 of 240 of 2412.3
Primary dealers' share7.3All 211 since 24 April 2008211 of 2110 of 21132.1
High minus median, basis points4.0Last 24 auctions24 of 240 of 246.0
High minus median, basis points4.0Since 24 April 2008157 of 21152 of 2115.0
High minus median, basis points4.0All 384 since 24 January 1991177 of 384196 of 3843.8

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 26 January 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260126_3.pdf. Compiled by 500metrics, "5-year note auction of 26 January 2026 (reopening)", https://500metrics.com/treasury/auctions/5-year-note/2026-01-26.

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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