500metrics

All sources checked Checked

5-year note auction of 24 June 2026 (new issue)

The 5-year note sold $80.478 billion at a high yield of 4.200% on , with a bid-to-cover ratio of 2.35.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.200%

Median yield 4.135%

Bid-to-cover

2.35

▲ +0.01 since 27 May

Sold

$80.48 billion

$70 billion offered

Indirect bidders

61.6%

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 25 July 2023 to 24 June 2026; the latest at 4.200%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.200%The high yield was the highest for a 5-year note since 27 January 202536 auctions from 25 July 2023 to 24 June 2026; the latest at 4.200%.3.5%3.8%4.0%4.3%4.5%2024202520264.200%

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
4.2002.35
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.344 of 127 of 12
High yield4.2003.7360 of 1212 of 12
Indirect bidders' share61.661.66 of 126 of 12
Direct bidders' share25.527.97 of 125 of 12
Primary dealers' share12.911.51 of 1211 of 12
High minus median, basis points6.55.60 of 1212 of 12

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

  • High minus median, basis points: Highest for a 5-year note since 23 April 2025 (14 auctions in between).

Who bought the 5-year note?

Indirect bidders took 61.6% of the competitive bids accepted

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

Indirect bidders took 61.6% of the competitive bids acceptedIndirect bidders 61.6%, Direct bidders 25.5%, Primary dealers 12.9%Indirect bidders61.6%74.9%Direct bidders25.5%12.3%Primary dealers12.9%12.8%Indirect bidders took 61.6% of the competitive bids acceptedIndirect bidders 61.6%, Direct bidders 25.5%, Primary dealers 12.9%Indirect bidders61.6%74.9%Direct bidders25.5%12.3%Primary dealers12.9%12.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.674.9
Direct bidders25.512.3
Primary dealers12.912.8

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$175,050,703,900
Sold$80,478,403,400
Competitive bids accepted$69,854,999,700
Non-competitive bids accepted$140,118,100
Federal Reserve (SOMA) add-on$10,478,385,600
Foreign and international (FIMA) non-competitive$4,900,000
High yield, %4.200
Median rate, %4.135
Low rate, %4.085
Interest rate (coupon), %4.125
Bids at the high rate filled, %86.81
Bid-to-cover ratio2.35
Indirect bidders accepted$43,028,302,200
Direct bidders accepted$17,820,350,000
Primary dealers accepted$9,006,347,500
Indirect bidders' share, % (ours)61.6
Direct bidders' share, % (ours)25.5
Primary dealers' share, % (ours)12.9
High minus median, basis points (ours)6.5
Treasury par yield curve, 5-year point, same day, %4.17
High yield minus that point, basis points (ours)3.0

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 (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 ratio2.35Last 24 auctions14 of 248 of 242.37
Bid-to-cover ratio2.35Since 24 April 2008169 of 21743 of 2172.48
Bid-to-cover ratio2.35All 294 since 28 September 1994204 of 29485 of 2942.46
High yield4.200Last 24 auctions3 of 2421 of 243.968
High yield4.200Since 24 April 200812 of 217205 of 2171.820
High yield4.200All 390 since 24 January 1991147 of 390243 of 3903.520
Indirect bidders' share61.6Last 24 auctions18 of 246 of 2464.5
Indirect bidders' share61.6All 217 since 24 April 200873 of 217144 of 21758.1
Direct bidders' share25.5Last 24 auctions8 of 2416 of 2424.2
Direct bidders' share25.5All 217 since 24 April 200810 of 217207 of 21712.3
Primary dealers' share12.9Last 24 auctions6 of 2418 of 2411.7
Primary dealers' share12.9All 217 since 24 April 2008193 of 21724 of 21731.5
High minus median, basis points6.5Last 24 auctions4 of 2420 of 245.7
High minus median, basis points6.5Since 24 April 200843 of 217170 of 2175.0
High minus median, basis points6.5All 390 since 24 January 199144 of 390342 of 3903.9

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 24 June 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260624_3.pdf. Compiled by 500metrics, "5-year note auction of 24 June 2026 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2026-06-24.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.