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5-year note auction of 26 August 2026 (new issue)

The 5-year note sold $78.999 billion at a high yield of 4.393% on , with a bid-to-cover ratio of 2.37.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.393%

Median yield 4.340%

Bid-to-cover

2.37

▲ +0.09 since 27 Jul

Sold

$79.00 billion

$70 billion offered

Indirect bidders

61.5%

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 27 September 2023 to 26 August 2026; the latest at 4.393%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.393%High yield at the last 36 5-year note auctions36 auctions from 27 September 2023 to 26 August 2026; the latest at 4.393%.3.5%3.8%4.0%4.3%4.5%202520264.393%

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
4.3932.37
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

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.372.343 of 129 of 12
High yield4.3933.7851 of 1211 of 12
Indirect bidders' share61.561.77 of 125 of 12
Direct bidders' share28.426.43 of 129 of 12
Primary dealers' share10.012.39 of 123 of 12
High minus median, basis points5.35.67 of 123 of 12

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

Who bought the 5-year note?

Indirect bidders took 61.5% of the competitive bids accepted

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

Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 28.4%, Primary dealers 10.0%Indirect bidders61.5%59.2%Direct bidders28.4%27.2%Primary dealers10.0%13.5%Indirect bidders took 61.5% of the competitive bids acceptedIndirect bidders 61.5%, Direct bidders 28.4%, Primary dealers 10.0%Indirect bidders61.5%59.2%Direct bidders28.4%27.2%Primary dealers10.0%13.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.559.2
Direct bidders28.427.2
Primary dealers10.013.5

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$174,996,487,800
Sold$78,998,947,800
Competitive bids accepted$69,797,539,000
Non-competitive bids accepted$202,507,900
Federal Reserve (SOMA) add-on$8,998,900,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.393
Median rate, %4.340
Low rate, %4.280
Interest rate (coupon), %4.375
Bids at the high rate filled, %19.22
Bid-to-cover ratio2.37
Indirect bidders accepted$42,935,179,000
Direct bidders accepted$19,848,750,000
Primary dealers accepted$7,013,610,000
Indirect bidders' share, % (ours)61.5
Direct bidders' share, % (ours)28.4
Primary dealers' share, % (ours)10.0
High minus median, basis points (ours)5.3
Treasury par yield curve, 5-year point, same day, %4.37
High yield minus that point, basis points (ours)2.3

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 ratio2.37Last 24 auctions11 of 2413 of 242.36
Bid-to-cover ratio2.37Since 24 April 2008160 of 21957 of 2192.48
Bid-to-cover ratio2.37All 296 since 28 September 1994193 of 29699 of 2962.46
High yield4.393Last 24 auctions2 of 2422 of 243.968
High yield4.393Since 24 April 20088 of 219211 of 2191.824
High yield4.393All 392 since 24 January 1991136 of 392256 of 3923.520
Indirect bidders' share61.5Last 24 auctions17 of 247 of 2464.1
Indirect bidders' share61.5All 219 since 24 April 200876 of 219143 of 21958.1
Direct bidders' share28.4Last 24 auctions5 of 2419 of 2424.6
Direct bidders' share28.4All 219 since 24 April 20086 of 219213 of 21912.3
Primary dealers' share10.0Last 24 auctions19 of 245 of 2411.7
Primary dealers' share10.0All 219 since 24 April 2008212 of 2197 of 21929.8
High minus median, basis points5.3Last 24 auctions17 of 244 of 245.7
High minus median, basis points5.3Since 24 April 200891 of 219121 of 2195.0
High minus median, basis points5.3All 392 since 24 January 199196 of 392288 of 3924.0

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 26 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260826_3.pdf. Compiled by 500metrics, "5-year note auction of 26 August 2026 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2026-08-26.

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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