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

The 5-year note sold $80.328 billion at a high yield of 4.182% on , with a bid-to-cover ratio of 2.34.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.182%

Median yield 4.125%

Bid-to-cover

2.34

▲ +0.01 since 27 Apr

Sold

$80.33 billion

$70 billion offered

Indirect bidders

74.9%

Of competitive bids accepted

The high yield was the highest for a 5-year note since 27 January 2025

High yield at each 5-year note auction, %

The high yield was the highest for a 5-year note since 27 January 202536 auctions from 27 June 2023 to 27 May 2026; the latest at 4.182%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.182%The high yield was the highest for a 5-year note since 27 January 202536 auctions from 27 June 2023 to 27 May 2026; the latest at 4.182%.3.5%3.8%4.0%4.3%4.5%2024202520264.182%

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
4.1822.34
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.346 of 124 of 12
High yield4.1823.7360 of 1212 of 12
Indirect bidders' share74.961.60 of 1212 of 12
Direct bidders' share12.327.912 of 120 of 12
Primary dealers' share12.811.02 of 1210 of 12
High minus median, basis points5.75.63 of 127 of 12

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

  • Indirect bidders' share: Highest for a 5-year note since 28 May 2025 (12 auctions in between).
  • Direct bidders' share: Lowest for a 5-year note since 26 March 2025 (14 auctions in between).

Who bought the 5-year note?

Indirect bidders took 74.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 27 April 2026

Indirect bidders took 74.9% of the competitive bids acceptedIndirect bidders 74.9%, Direct bidders 12.3%, Primary dealers 12.8%Indirect bidders74.9%72.3%Direct bidders12.3%15.0%Primary dealers12.8%12.7%Indirect bidders took 74.9% of the competitive bids acceptedIndirect bidders 74.9%, Direct bidders 12.3%, Primary dealers 12.8%Indirect bidders74.9%72.3%Direct bidders12.3%15.0%Primary dealers12.8%12.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.972.3
Direct bidders12.315.0
Primary dealers12.812.7

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$174,152,552,000
Sold$80,328,049,000
Competitive bids accepted$69,746,462,500
Non-competitive bids accepted$153,591,500
Federal Reserve (SOMA) add-on$10,327,995,000
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %4.182
Median rate, %4.125
Low rate, %4.070
Interest rate (coupon), %4.125
Bids at the high rate filled, %75.22
Bid-to-cover ratio2.34
Indirect bidders accepted$52,207,838,100
Direct bidders accepted$8,609,059,400
Primary dealers accepted$8,929,565,000
Indirect bidders' share, % (ours)74.9
Direct bidders' share, % (ours)12.3
Primary dealers' share, % (ours)12.8
High minus median, basis points (ours)5.7
Treasury par yield curve, 5-year point, same day, %4.17
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 ratio2.34Last 24 auctions16 of 246 of 242.37
Bid-to-cover ratio2.34Since 24 April 2008174 of 21636 of 2162.48
Bid-to-cover ratio2.34All 293 since 28 September 1994209 of 29378 of 2932.46
High yield4.182Last 24 auctions5 of 2419 of 243.968
High yield4.182Since 24 April 200814 of 216202 of 2161.816
High yield4.182All 389 since 24 January 1991149 of 389240 of 3893.519
Indirect bidders' share74.9Last 24 auctions3 of 2421 of 2464.5
Indirect bidders' share74.9All 216 since 24 April 20084 of 216212 of 21658.1
Direct bidders' share12.3Last 24 auctions22 of 242 of 2424.2
Direct bidders' share12.3All 216 since 24 April 2008107 of 216109 of 21612.3
Primary dealers' share12.8Last 24 auctions8 of 2416 of 2411.7
Primary dealers' share12.8All 216 since 24 April 2008194 of 21622 of 21631.5
High minus median, basis points5.7Last 24 auctions11 of 2411 of 245.7
High minus median, basis points5.7Since 24 April 200870 of 216143 of 2165.0
High minus median, basis points5.7All 389 since 24 January 199173 of 389313 of 3893.9

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 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260527_3.pdf. Compiled by 500metrics, "5-year note auction of 27 May 2026 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2026-05-27.

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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