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

The 5-year note sold $78.81 billion at a high yield of 3.955% on , with a bid-to-cover ratio of 2.33.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.955%

Median yield 3.902%

Bid-to-cover

2.33

▲ +0.04 since 25 Mar

Sold

$78.81 billion

$70 billion offered

Indirect bidders

72.3%

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 24 May 2023 to 27 April 2026; the latest at 3.955%.3.5%4.0%4.5%5.0%2023202420252026This auction, 3.955%High yield at the last 36 5-year note auctions36 auctions from 24 May 2023 to 27 April 2026; the latest at 3.955%.3.5%4.0%4.5%5.0%2024202520263.955%

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
3.9552.33
3.9802.29
3.6152.32
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.369 of 123 of 12
High yield3.9553.7363 of 129 of 12
Indirect bidders' share72.361.61 of 1211 of 12
Direct bidders' share15.027.911 of 121 of 12
Primary dealers' share12.710.92 of 1210 of 12
High minus median, basis points5.35.68 of 123 of 12

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

Who bought the 5-year note?

Indirect bidders took 72.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 25 March 2026

Indirect bidders took 72.3% of the competitive bids acceptedIndirect bidders 72.3%, Direct bidders 15.0%, Primary dealers 12.7%Indirect bidders72.3%61.9%Direct bidders15.0%22.5%Primary dealers12.7%15.6%Indirect bidders took 72.3% of the competitive bids acceptedIndirect bidders 72.3%, Direct bidders 15.0%, Primary dealers 12.7%Indirect bidders72.3%61.9%Direct bidders15.0%22.5%Primary dealers12.7%15.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders72.361.9
Direct bidders15.022.5
Primary dealers12.715.6

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$171,885,521,000
Sold$78,810,010,600
Competitive bids accepted$69,875,552,600
Non-competitive bids accepted$124,455,100
Federal Reserve (SOMA) add-on$8,810,002,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.955
Median rate, %3.902
Low rate, %3.840
Interest rate (coupon), %3.875
Bids at the high rate filled, %61.04
Bid-to-cover ratio2.33
Indirect bidders accepted$50,513,063,000
Direct bidders accepted$10,499,000,000
Primary dealers accepted$8,863,489,600
Indirect bidders' share, % (ours)72.3
Direct bidders' share, % (ours)15.0
Primary dealers' share, % (ours)12.7
High minus median, basis points (ours)5.3
Treasury par yield curve, 5-year point, same day, %3.94
High yield minus that point, basis points (ours)1.5

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 ratio2.33Last 24 auctions19 of 244 of 242.38
Bid-to-cover ratio2.33Since 24 April 2008180 of 21532 of 2152.48
Bid-to-cover ratio2.33All 292 since 28 September 1994215 of 29273 of 2922.46
High yield3.955Last 24 auctions13 of 2411 of 243.982
High yield3.955Since 24 April 200827 of 215188 of 2151.813
High yield3.955All 388 since 24 January 1991167 of 388221 of 3883.514
Indirect bidders' share72.3Last 24 auctions3 of 2421 of 2464.5
Indirect bidders' share72.3All 215 since 24 April 20085 of 215210 of 21558.0
Direct bidders' share15.0Last 24 auctions21 of 243 of 2424.2
Direct bidders' share15.0All 215 since 24 April 200878 of 215137 of 21512.2
Primary dealers' share12.7Last 24 auctions9 of 2415 of 2411.7
Primary dealers' share12.7All 215 since 24 April 2008195 of 21520 of 21531.6
High minus median, basis points5.3Last 24 auctions18 of 244 of 245.8
High minus median, basis points5.3Since 24 April 200888 of 215121 of 2155.0
High minus median, basis points5.3All 388 since 24 January 199193 of 388288 of 3883.9

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 April 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260427_4.pdf. Compiled by 500metrics, "5-year note auction of 27 April 2026 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2026-04-27.

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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