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

The 5-year note sold $77.739 billion at a high yield of 4.408% on , with a bid-to-cover ratio of 2.28.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.408%

Median yield 4.343%

Bid-to-cover

2.28

▼ −0.07 since 24 Jun

Sold

$77.74 billion

$70 billion offered

Indirect bidders

59.2%

Of competitive bids accepted

The high yield was the highest for a 5-year note since 24 December 2024

High yield at each 5-year note auction, %

The high yield was the highest for a 5-year note since 24 December 202436 auctions from 28 August 2023 to 27 July 2026; the latest at 4.408%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.408%The high yield was the highest for a 5-year note since 24 December 202436 auctions from 28 August 2023 to 27 July 2026; the latest at 4.408%.3.5%3.8%4.0%4.3%4.5%2024202520264.408%

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
4.4082.28
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.282.3412 of 120 of 12
High yield4.4083.7360 of 1212 of 12
Indirect bidders' share59.261.712 of 120 of 12
Direct bidders' share27.226.66 of 126 of 12
Primary dealers' share13.511.51 of 1211 of 12
High minus median, basis points6.55.60 of 1211 of 12

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

  • Bid-to-cover ratio: Lowest for a 5-year note since 27 September 2022 (45 auctions in between).
  • Indirect bidders' share: Lowest for a 5-year note since 28 July 2025 (12 auctions in between).

Who bought the 5-year note?

Indirect bidders took 59.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 24 June 2026

Indirect bidders took 59.2% of the competitive bids acceptedIndirect bidders 59.2%, Direct bidders 27.2%, Primary dealers 13.5%Indirect bidders59.2%61.6%Direct bidders27.2%25.5%Primary dealers13.5%12.9%Indirect bidders took 59.2% of the competitive bids acceptedIndirect bidders 59.2%, Direct bidders 27.2%, Primary dealers 13.5%Indirect bidders59.2%61.6%Direct bidders27.2%25.5%Primary dealers13.5%12.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.261.6
Direct bidders27.225.5
Primary dealers13.512.9

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$167,491,570,900
Sold$77,739,280,900
Competitive bids accepted$69,805,215,000
Non-competitive bids accepted$144,786,500
Federal Reserve (SOMA) add-on$7,739,279,400
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %4.408
Median rate, %4.343
Low rate, %4.290
Interest rate (coupon), %4.375
Bids at the high rate filled, %51.71
Bid-to-cover ratio2.28
Indirect bidders accepted$41,354,505,000
Direct bidders accepted$19,003,000,000
Primary dealers accepted$9,447,710,000
Indirect bidders' share, % (ours)59.2
Direct bidders' share, % (ours)27.2
Primary dealers' share, % (ours)13.5
High minus median, basis points (ours)6.5
Treasury par yield curve, 5-year point, same day, %4.40
High yield minus that point, basis points (ours)0.8

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 ratio2.28Last 24 auctions24 of 240 of 242.37
Bid-to-cover ratio2.28Since 24 April 2008200 of 21815 of 2182.48
Bid-to-cover ratio2.28All 295 since 28 September 1994240 of 29549 of 2952.46
High yield4.408Last 24 auctions1 of 2423 of 243.968
High yield4.408Since 24 April 20086 of 218212 of 2181.822
High yield4.408All 391 since 24 January 1991134 of 391257 of 3913.520
Indirect bidders' share59.2Last 24 auctions23 of 241 of 2464.3
Indirect bidders' share59.2All 218 since 24 April 2008100 of 218118 of 21858.1
Direct bidders' share27.2Last 24 auctions7 of 2417 of 2424.5
Direct bidders' share27.2All 218 since 24 April 20088 of 218210 of 21812.3
Primary dealers' share13.5Last 24 auctions3 of 2421 of 2411.7
Primary dealers' share13.5All 218 since 24 April 2008188 of 21830 of 21830.7
High minus median, basis points6.5Last 24 auctions4 of 2419 of 245.7
High minus median, basis points6.5Since 24 April 200843 of 218170 of 2185.0
High minus median, basis points6.5All 391 since 24 January 199144 of 391342 of 3913.9

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 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260727_3.pdf. Compiled by 500metrics, "5-year note auction of 27 July 2026 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2026-07-27.

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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