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5-year note auction of 27 January 2026 (new issue)

The 5-year note sold $74.933 billion at a high yield of 3.823% on , with a bid-to-cover ratio of 2.34.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.823%

Median yield 3.770%

Bid-to-cover

2.34

▼ −0.41 since 26 Jan

Sold

$74.93 billion

$70 billion offered

Indirect bidders

60.7%

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 22 February 2023 to 27 January 2026; the latest at 3.823%.3.5%4.0%4.5%5.0%2023202420252026This auction, 3.823%High yield at the last 36 5-year note auctions36 auctions from 22 February 2023 to 27 January 2026; the latest at 3.823%.3.5%4.0%4.5%5.0%2024202520263.823%

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
3.8232.34
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.379 of 122 of 12
High yield3.8233.8136 of 126 of 12
Indirect bidders' share60.763.48 of 124 of 12
Direct bidders' share28.526.94 of 128 of 12
Primary dealers' share10.811.07 of 125 of 12
High minus median, basis points5.35.68 of 124 of 12

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

Who bought the 5-year note?

Indirect bidders took 60.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 26 January 2026

Indirect bidders took 60.7% of the competitive bids acceptedIndirect bidders 60.7%, Direct bidders 28.5%, Primary dealers 10.8%Indirect bidders60.7%64.4%Direct bidders28.5%28.3%Primary dealers10.8%7.3%Indirect bidders took 60.7% of the competitive bids acceptedIndirect bidders 60.7%, Direct bidders 28.5%, Primary dealers 10.8%Indirect bidders60.7%64.4%Direct bidders28.5%28.3%Primary dealers10.8%7.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.764.4
Direct bidders28.528.3
Primary dealers10.87.3

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$168,535,155,600
Sold$74,932,771,600
Competitive bids accepted$69,853,052,000
Non-competitive bids accepted$141,998,600
Federal Reserve (SOMA) add-on$4,932,721,000
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %3.823
Median rate, %3.770
Low rate, %3.710
Interest rate (coupon), %3.750
Bids at the high rate filled, %27.68
Bid-to-cover ratio2.34
Indirect bidders accepted$42,388,836,000
Direct bidders accepted$19,887,000,000
Primary dealers accepted$7,577,216,000
Indirect bidders' share, % (ours)60.7
Direct bidders' share, % (ours)28.5
Primary dealers' share, % (ours)10.8
High minus median, basis points (ours)5.3
Treasury par yield curve, 5-year point, same day, %3.81
High yield minus that point, basis points (ours)1.3

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 ratio2.34Last 24 auctions19 of 244 of 242.39
Bid-to-cover ratio2.34Since 24 April 2008174 of 21233 of 2122.48
Bid-to-cover ratio2.34All 289 since 28 September 1994209 of 28975 of 2892.46
High yield3.823Last 24 auctions16 of 248 of 244.063
High yield3.823Since 24 April 200827 of 212185 of 2121.798
High yield3.823All 385 since 24 January 1991170 of 385215 of 3853.500
Indirect bidders' share60.7Last 24 auctions20 of 244 of 2464.9
Indirect bidders' share60.7All 212 since 24 April 200879 of 212133 of 21257.9
Direct bidders' share28.5Last 24 auctions4 of 2420 of 2420.0
Direct bidders' share28.5All 212 since 24 April 20085 of 212207 of 21211.8
Primary dealers' share10.8Last 24 auctions19 of 245 of 2412.1
Primary dealers' share10.8All 212 since 24 April 2008205 of 2127 of 21232.0
High minus median, basis points5.3Last 24 auctions18 of 245 of 246.0
High minus median, basis points5.3Since 24 April 200886 of 212121 of 2125.0
High minus median, basis points5.3All 385 since 24 January 199191 of 385288 of 3853.9

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 27 January 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260127_2.pdf. Compiled by 500metrics, "5-year note auction of 27 January 2026 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2026-01-27.

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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